Simple, fast and smart

The future policyholder will want a contents claims process that is user-friendly, fast and. They will expect digital claims automation technology that can accurately assess and process their claim quickly, without the need for extensive paperwork or human intervention. Additionally, policyholders will expect transparency throughout the process, with real-time updates and communication from the insurance company. Overall, the future policyholder will want a seamless, hassle-free claims experience that is tailored to their needs and preferences.

And you know, the *real* truth bomb is – that even though offering claims automation can be really hard to do with legacy systems… customers don’t care.

It doesn’t even occur to them that your team might be working overtime and over budget just to get an easier version of your claims process out the door… they just go with whoever is easiest to work with on the confines of their mobile phone + internet connection.

When a full 60% of insurance customers out there say that insurers are falling short of their customer expectations… you know something needs to be fixed.

Automated self-service, straight-through-processing, and chatbots drive productivity and customer satisfaction. By re-designing customer journeys, insurance organizations can profoundly change how they interact with their customers to deliver insurance experiences that meet modern demands.

The insurance industry is constantly evolving, and as technology advances, policyholders’ expectations also change. In the future, contents claims policyholders will expect a seamless and hassle-free claims experience that is tailored to their individual needs and preferences. Let’s take a closer look at what the future contents claims policyholder will expect from their insurance company.

1. Fast and Efficient Claims Process

The future contents claims policyholder will expect a fast and efficient claims process. They want their claim to be processed quickly and accurately, without the need for extensive paperwork or human intervention. With digital claims automation technology, insurance companies can provide a streamlined and automated claims process, reducing the time it takes to settle a claim.

2. Digital Claims Management Tools

In the future, contents claims policyholders will expect digital claims management tools that provide them with real-time updates and communication from their insurance company. With mobile apps, online portals, and chatbots, policyholders can track the progress of their claim and receive instant updates on any changes or developments.

3. Personalized Customer Service

Personalized customer service will be a key expectation for future contents claims policyholders. They want an insurance company that understands their individual needs and preferences and can provide personalized support throughout the claims process. With AI and machine learning, insurance companies can analyze data to better understand their customers’ preferences and provide tailored customer service.

4. Transparency and Communication

Transparency and communication will be critical for future contents claims policyholders. They want an insurance company that is transparent about the claims process and communicates with them every step of the way. By providing regular updates and clear communication, insurance companies can build trust with their policyholders and improve their overall experience.

5. Easy and Convenient Payment Options

The future contents claims policyholder will expect easy and convenient payment options. They want to be able to receive their settlement quickly and easily, whether through direct deposit, electronic payment, or other digital payment options. Insurance companies that provide flexible and convenient payment options can improve the policyholder’s experience and increase their satisfaction with the claims process.

In conclusion, the future contents claims policyholder will expect a fast, efficient, and personalized claims experience that is tailored to their individual needs and preferences. Insurance companies that invest in digital claims automation technology, provide personalized customer service, and prioritize transparency and communication will be better equipped to meet these expectations and remain competitive in the market.

Claims valuation vs Claims Automation

Claims valuation and claims automation are two different aspects of the insurance claims process.

Claims valuation refers to the process of assessing the value of an insurance claim. This involves determining the amount of money that the insurer should pay out to the policyholder for their covered loss. Claims valuation typically involves a combination of factors, such as the severity of the loss, the policy terms and conditions, and any applicable deductibles.

Claims automation, on the other hand, refers to the use of technology to streamline and automate the claims process. This can involve using machine learning and artificial intelligence to quickly process claims, reducing the need for manual intervention. Claims automation can also include the use of self-service tools, such as online portals or chatbots, which allow policyholders to report and track their claims without the need for human interaction.

While both claims valuation and claims automation are important aspects of the claims process, they serve different purposes. Claims valuation focuses on accurately assessing the value of the claim, while claims automation aims to improve the efficiency and speed of the claims process through the use of technology.

What are the future trends within contents claims automation?

Contents claims automation is an emerging area in the insurance industry, with several trends expected to shape its future. Some of the key future trends within contents claims automation are:

1. Increased adoption of AI and machine learning: Insurance companies are increasingly using artificial intelligence (AI) and machine learning (ML) algorithms to automate contents claims processing. These technologies can analyze data from various sources, including photos, videos, and IoT devices, to quickly and accurately assess the value of the claim.
2. Use of chatbots and virtual assistants: Chatbots and virtual assistants are becoming more common in the insurance industry to help policyholders with the claims process. These tools can provide instant assistance, answer questions, and guide customers through the claims process, reducing the need for human intervention.
3. Integration with IoT devices: The use of IoT devices such as sensors, cameras, and smart home devices is increasing in the insurance industry. Contents claims automation can leverage these devices to collect data and evidence to speed up the claims process.
4. Improved customer experience: Automation is expected to improve the customer experience by reducing the time taken to process claims, increasing transparency, and improving communication.
5. Enhanced fraud detection: Automation can help insurance companies to identify potential fraudulent claims by analyzing data patterns and detecting anomalies. This can help to reduce losses and improve the accuracy of claims processing.

Overall, contents claims automation is expected to play a significant role in the insurance industry’s future by improving efficiency, reducing costs, and enhancing the customer experience.

Focus on what really matters, and DON’T hold back

Customer experiences were high before 2020 but that’s nothing compared to today. The exposure to digital services has turbo-charged a necessary response from service providers. Research shows that the majority of insurers plan to execute hyper-personalization strategies as early as next year, the only question is why are the rest holding back?

Based on results from an Insurance Innovators’ survey of over 150 insurance executives showed;

“95% of senior insurance executives surveyed agreed the point of claim is where insurers have the greatest opportunity to win loyalty, but also the greatest risk of losing it.”

What is Hyper-Personalization?

But what exactly is hyper-personalization? Well, we would describe it as being able to respond to customers in ways that recognize their context. Taking into consideration their unique circumstances and responding in an empathetic and relevant manner. It’s not about knowing your customer’s contact details and purchase history but how they live their life and being able to respond appropriately whenever they reach out.

The Lack of Hyper-Personalization in Insurance

Insurance companies have always offered personalized service, as customers are offered policies at a particular price based on a measurement of risk. However, they have not kept pace and are being chased by new entrants with smoother capabilities that compete for market share. 

Additionally, the insurance industry suffers from trust deficits. As research shows policyholders are worried that their insurers won’t deliver what they expect when it’s time to make a claim. A lack of trust from customers can hurt legacy insurers in the long run since whenever the decision of changing or staying with the current provider comes up, there is a new choice to be made. And today that change is easier than ever. Disruptors that appeal to disaffected customers have the potential to grow faster.

The Need for Personalization and Transparency in Insurance

Creating easy, quick, and trustworthy routes to the settlement has shown to be what customers value the most. Personalization and transparency might still sound like buzzwords to many but the fact is they might bridge the gap between discontent and mistrustful customer. So what does the customer want?

• Quick, easy and seamless processing
• Fast settlements
• Feeling known and understood

How Claims Automation Support Hyper-Personalization

The most frequent interactions customers have with their insurers are mostly about claims. Consequently it presents itself as an obvious area to start with. The customer journey has to be radically streamlined and demystified to keep policyholders’ trust. They need to get what they want when they want. If that’s not possible they need to understand why and feel they have been treated with empathy and fairness.

What to do:

• Invest in your data, it is the life-blood of modern decision-making. This means making data-driven decisions for consistent and unbiased claims valuation.
• Reduce customer efforts by deploying the right technology. For claims this means automation. Focus on your policy holders, not your products.
• Personalize customer journeys. For claims, it means built-in flexibility between manual and automated claims processing. The majority should go straight through (STP) whereas some cases might require human touch. 

Ultimately, insurers can only drive long-term value by embracing hyper-personalization and understanding the shift from a product-centric approach to a data-driven, customer-centric approach.

Focus on what really matters, and DON’T hold back

Customer experiences were high before 2020 but that’s nothing compared to today. The exposure to digital services has turbo-charged a necessary response from service providers. Research shows that the majority of insurers plan to execute hyper-personalization strategies as early as next year, the only question is why are the rest holding back?

Based on results from an Insurance Innovators’ survey of over 150 insurance executives showed;

“95% of senior insurance executives surveyed agreed the point of claim is where insurers have the greatest opportunity to win loyalty, but also the greatest risk of losing it.”

What is Hyper-Personalization?

But what exactly is hyper-personalization? Well, we would describe it as being able to respond to customers in ways that recognize their context. Taking into consideration their unique circumstances and responding in an empathetic and relevant manner. It’s not about knowing your customer’s contact details and purchase history but how they live their life and being able to respond appropriately whenever they reach out.

The Lack of Hyper-Personalization in Insurance

Insurance companies have always offered personalized service, as customers are offered policies at a particular price based on a measurement of risk. However, they have not kept pace and are being chased by new entrants with smoother capabilities that compete for market share. 

Additionally, the insurance industry suffers from trust deficits. As research shows policyholders are worried that their insurers won’t deliver what they expect when it’s time to make a claim. A lack of trust from customers can hurt legacy insurers in the long run since whenever the decision of changing or staying with the current provider comes up, there is a new choice to be made. And today that change is easier than ever. Disruptors that appeal to disaffected customers have the potential to grow faster.

The Need for Personalization and Transparency in Insurance

Creating easy, quick, and trustworthy routes to the settlement has shown to be what customers value the most. Personalization and transparency might still sound like buzzwords to many but the fact is they might bridge the gap between discontent and mistrustful customer. So what does the customer want?

• Quick, easy and seamless processing
• Fast settlements
• Feeling known and understood

How Claims Automation Support Hyper-Personalization

The most frequent interactions customers have with their insurers are mostly about claims. Consequently it presents itself as an obvious area to start with. The customer journey has to be radically streamlined and demystified to keep policyholders’ trust. They need to get what they want when they want. If that’s not possible they need to understand why and feel they have been treated with empathy and fairness.

What to do:

• Invest in your data, it is the life-blood of modern decision-making. This means making data-driven decisions for consistent and unbiased claims valuation.
• Reduce customer efforts by deploying the right technology. For claims this means automation. Focus on your policy holders, not your products.
• Personalize customer journeys. For claims, it means built-in flexibility between manual and automated claims processing. The majority should go straight through (STP) whereas some cases might require human touch. 

Ultimately, insurers can only drive long-term value by embracing hyper-personalization and understanding the shift from a product-centric approach to a data-driven, customer-centric approach.

Focus on what really matters, and DON’T hold back

Customer experiences were high before 2020 but that’s nothing compared to today. The exposure to digital services has turbo-charged a necessary response from service providers. Research shows that the majority of insurers plan to execute hyper-personalization strategies as early as next year, the only question is why are the rest holding back?

Based on results from an Insurance Innovators’ survey of over 150 insurance executives showed;

“95% of senior insurance executives surveyed agreed the point of claim is where insurers have the greatest opportunity to win loyalty, but also the greatest risk of losing it.”

What is Hyper-Personalization?

But what exactly is hyper-personalization? Well, we would describe it as being able to respond to customers in ways that recognize their context. Taking into consideration their unique circumstances and responding in an empathetic and relevant manner. It’s not about knowing your customer’s contact details and purchase history but how they live their life and being able to respond appropriately whenever they reach out.

The Lack of Hyper-Personalization in Insurance

Insurance companies have always offered personalized service, as customers are offered policies at a particular price based on a measurement of risk. However, they have not kept pace and are being chased by new entrants with smoother capabilities that compete for market share. 

Additionally, the insurance industry suffers from trust deficits. As research shows policyholders are worried that their insurers won’t deliver what they expect when it’s time to make a claim. A lack of trust from customers can hurt legacy insurers in the long run since whenever the decision of changing or staying with the current provider comes up, there is a new choice to be made. And today that change is easier than ever. Disruptors that appeal to disaffected customers have the potential to grow faster.

The Need for Personalization and Transparency in Insurance

Creating easy, quick, and trustworthy routes to the settlement has shown to be what customers value the most. Personalization and transparency might still sound like buzzwords to many but the fact is they might bridge the gap between discontent and mistrustful customer. So what does the customer want?

• Quick, easy and seamless processing
• Fast settlements
• Feeling known and understood

How Claims Automation Support Hyper-Personalization

The most frequent interactions customers have with their insurers are mostly about claims. Consequently it presents itself as an obvious area to start with. The customer journey has to be radically streamlined and demystified to keep policyholders’ trust. They need to get what they want when they want. If that’s not possible they need to understand why and feel they have been treated with empathy and fairness.

What to do:

• Invest in your data, it is the life-blood of modern decision-making. This means making data-driven decisions for consistent and unbiased claims valuation.
• Reduce customer efforts by deploying the right technology. For claims this means automation. Focus on your policy holders, not your products.
• Personalize customer journeys. For claims, it means built-in flexibility between manual and automated claims processing. The majority should go straight through (STP) whereas some cases might require human touch. 

Ultimately, insurers can only drive long-term value by embracing hyper-personalization and understanding the shift from a product-centric approach to a data-driven, customer-centric approach.

Focus on what really matters, and DON’T hold back

Customer experiences were high before 2020 but that’s nothing compared to today. The exposure to digital services has turbo-charged a necessary response from service providers. Research shows that the majority of insurers plan to execute hyper-personalization strategies as early as next year, the only question is why are the rest holding back?

Based on results from an Insurance Innovators’ survey of over 150 insurance executives showed;

“95% of senior insurance executives surveyed agreed the point of claim is where insurers have the greatest opportunity to win loyalty, but also the greatest risk of losing it.”

What is Hyper-Personalization?

But what exactly is hyper-personalization? Well, we would describe it as being able to respond to customers in ways that recognize their context. Taking into consideration their unique circumstances and responding in an empathetic and relevant manner. It’s not about knowing your customer’s contact details and purchase history but how they live their life and being able to respond appropriately whenever they reach out.

The Lack of Hyper-Personalization in Insurance

Insurance companies have always offered personalized service, as customers are offered policies at a particular price based on a measurement of risk. However, they have not kept pace and are being chased by new entrants with smoother capabilities that compete for market share. 

Additionally, the insurance industry suffers from trust deficits. As research shows policyholders are worried that their insurers won’t deliver what they expect when it’s time to make a claim. A lack of trust from customers can hurt legacy insurers in the long run since whenever the decision of changing or staying with the current provider comes up, there is a new choice to be made. And today that change is easier than ever. Disruptors that appeal to disaffected customers have the potential to grow faster.

The Need for Personalization and Transparency in Insurance

Creating easy, quick, and trustworthy routes to the settlement has shown to be what customers value the most. Personalization and transparency might still sound like buzzwords to many but the fact is they might bridge the gap between discontent and mistrustful customer. So what does the customer want?

• Quick, easy and seamless processing
• Fast settlements
• Feeling known and understood

How Claims Automation Support Hyper-Personalization

The most frequent interactions customers have with their insurers are mostly about claims. Consequently it presents itself as an obvious area to start with. The customer journey has to be radically streamlined and demystified to keep policyholders’ trust. They need to get what they want when they want. If that’s not possible they need to understand why and feel they have been treated with empathy and fairness.

What to do:

• Invest in your data, it is the life-blood of modern decision-making. This means making data-driven decisions for consistent and unbiased claims valuation.
• Reduce customer efforts by deploying the right technology. For claims this means automation. Focus on your policy holders, not your products.
• Personalize customer journeys. For claims, it means built-in flexibility between manual and automated claims processing. The majority should go straight through (STP) whereas some cases might require human touch. 

Ultimately, insurers can only drive long-term value by embracing hyper-personalization and understanding the shift from a product-centric approach to a data-driven, customer-centric approach.

Small changes can make a big difference

Identifying the potential for change is a key driver of decision-making and the awareness of megatrends is as crucial to the insurance industry as it is to many other organizations. Megatrends are structural shifts that are longer term in nature and have irreversible consequences for the world around us.

The pandemic saw increased incorporation of digital tools stretching across multiple industries. Tech companies strengthened their position among a wide array of customers and communication through digital platforms became even more pronounced. The frequency of interactions and the level of personalization have dramatically changed. The risk of disruptors from once only vaguely related industries has increased and new competitors might be hard to identify. 

“Several megatrends are shaping a new operating environment for insurers that is hugely disruptive and that challenges traditional ways of value creation” according to a report by McKinsey & Company.

Customers today demand mobile yet personal as well as quick but sustainable processing from companies in most sectors, the insurance industry included. Additional IT investments are needed to digitalize and automate processes to stay in the game. To create these solutions insurers need to attract the right talent, especially in areas such as cloud computing. However, Deloitte’s global survey found that it’s getting harder to acquire the candidates needed which could undermine transformation efforts.  

By adopting new models for interaction that adhere to the desires of both customers and employees, the insurance companies could improve operational efficiency and customer experience simultaneously.

Besides the quick and ever-growing developments in tech, customers today are increasingly aware of how climate change may impact their daily life and the planet as a whole. Therefore customers find both user experience and sustainability to be self-evident also when purchasing services such as insurance. As a medium to large insurance company, it can seem daunting to revisit established processes and tools to keep up with these profound developments. But there are ways to deal with it.

Start small

As “Insuretechs are driving digital innovation and disruption in the industry (…) enabling them to solve customer pain points through a digitally enhanced client experience could pose a competitive threat to incumbents.” – McKinsey & Company

By starting small and prioritizing important pain points with big potential such as the areas of customer experience, employee satisfaction and sustainability outlined above much can be achieved. Maybe building on the various digital adaptations implemented during the pandemic to support the virtual workplace and customer engagement environment by refining and scaling the technology could be one way to go.

By embracing new ways of interacting with customers and working with employees in well-defined areas with a clear prospect of ROI, much can be achieved in a short time frame without losing out on long-term potential.

At the core of every carrier’s operation, claims handling provides plenty of potential for automation and simplification. Both customers and employees greatly benefit from quicker and more efficient claims processing, reducing time-consuming manual tasks. Internally new technology should be considered a helping hand that let employees focus more on personal customer service to increase the feeling of human connection when needed and preferred. In other words, a win-win type of situation for both employees and customers.

Also, implementing low-barrier ways of settling claims sustainably enables the insurance provider to cost-effectively achieve ESG related goals and support marketing initiatives. 

Megatrends are not equal to mega change

To summarize, it’s not easy to dissect megatrends or know where to start. But responding to megatrends doesn’t necessarily have to mean organizational mega change. 

As a hands-on approach to some of these most prominent transformational forces of our time, providing claims departments with cloud-based tools that assist adjusters with quick, transparent and accurate claims valuation including sustainable claims settlement seems like low hanging fruit in context.

Small changes can make a big difference

Identifying the potential for change is a key driver of decision-making and the awareness of megatrends is as crucial to the insurance industry as it is to many other organizations. Megatrends are structural shifts that are longer term in nature and have irreversible consequences for the world around us.

The pandemic saw increased incorporation of digital tools stretching across multiple industries. Tech companies strengthened their position among a wide array of customers and communication through digital platforms became even more pronounced. The frequency of interactions and the level of personalization have dramatically changed. The risk of disruptors from once only vaguely related industries has increased and new competitors might be hard to identify. 

“Several megatrends are shaping a new operating environment for insurers that is hugely disruptive and that challenges traditional ways of value creation” according to a report by McKinsey & Company.

Customers today demand mobile yet personal as well as quick but sustainable processing from companies in most sectors, the insurance industry included. Additional IT investments are needed to digitalize and automate processes to stay in the game. To create these solutions insurers need to attract the right talent, especially in areas such as cloud computing. However, Deloitte’s global survey found that it’s getting harder to acquire the candidates needed which could undermine transformation efforts.  

By adopting new models for interaction that adhere to the desires of both customers and employees, the insurance companies could improve operational efficiency and customer experience simultaneously.

Besides the quick and ever-growing developments in tech, customers today are increasingly aware of how climate change may impact their daily life and the planet as a whole. Therefore customers find both user experience and sustainability to be self-evident also when purchasing services such as insurance. As a medium to large insurance company, it can seem daunting to revisit established processes and tools to keep up with these profound developments. But there are ways to deal with it.

Start small

As “Insuretechs are driving digital innovation and disruption in the industry (…) enabling them to solve customer pain points through a digitally enhanced client experience could pose a competitive threat to incumbents.” – McKinsey & Company

By starting small and prioritizing important pain points with big potential such as the areas of customer experience, employee satisfaction and sustainability outlined above much can be achieved. Maybe building on the various digital adaptations implemented during the pandemic to support the virtual workplace and customer engagement environment by refining and scaling the technology could be one way to go.

By embracing new ways of interacting with customers and working with employees in well-defined areas with a clear prospect of ROI, much can be achieved in a short time frame without losing out on long-term potential.

At the core of every carrier’s operation, claims handling provides plenty of potential for automation and simplification. Both customers and employees greatly benefit from quicker and more efficient claims processing, reducing time-consuming manual tasks. Internally new technology should be considered a helping hand that let employees focus more on personal customer service to increase the feeling of human connection when needed and preferred. In other words, a win-win type of situation for both employees and customers.

Also, implementing low-barrier ways of settling claims sustainably enables the insurance provider to cost-effectively achieve ESG related goals and support marketing initiatives. 

Megatrends are not equal to mega change

To summarize, it’s not easy to dissect megatrends or know where to start. But responding to megatrends doesn’t necessarily have to mean organizational mega change. 

As a hands-on approach to some of these most prominent transformational forces of our time, providing claims departments with cloud-based tools that assist adjusters with quick, transparent and accurate claims valuation including sustainable claims settlement seems like low hanging fruit in context.

Small changes can make a big difference

Identifying the potential for change is a key driver of decision-making and the awareness of megatrends is as crucial to the insurance industry as it is to many other organizations. Megatrends are structural shifts that are longer term in nature and have irreversible consequences for the world around us.

The pandemic saw increased incorporation of digital tools stretching across multiple industries. Tech companies strengthened their position among a wide array of customers and communication through digital platforms became even more pronounced. The frequency of interactions and the level of personalization have dramatically changed. The risk of disruptors from once only vaguely related industries has increased and new competitors might be hard to identify. 

“Several megatrends are shaping a new operating environment for insurers that is hugely disruptive and that challenges traditional ways of value creation” according to a report by McKinsey & Company.

Customers today demand mobile yet personal as well as quick but sustainable processing from companies in most sectors, the insurance industry included. Additional IT investments are needed to digitalize and automate processes to stay in the game. To create these solutions insurers need to attract the right talent, especially in areas such as cloud computing. However, Deloitte’s global survey found that it’s getting harder to acquire the candidates needed which could undermine transformation efforts.  

By adopting new models for interaction that adhere to the desires of both customers and employees, the insurance companies could improve operational efficiency and customer experience simultaneously.

Besides the quick and ever-growing developments in tech, customers today are increasingly aware of how climate change may impact their daily life and the planet as a whole. Therefore customers find both user experience and sustainability to be self-evident also when purchasing services such as insurance. As a medium to large insurance company, it can seem daunting to revisit established processes and tools to keep up with these profound developments. But there are ways to deal with it.

Start small

As “Insuretechs are driving digital innovation and disruption in the industry (…) enabling them to solve customer pain points through a digitally enhanced client experience could pose a competitive threat to incumbents.” – McKinsey & Company

By starting small and prioritizing important pain points with big potential such as the areas of customer experience, employee satisfaction and sustainability outlined above much can be achieved. Maybe building on the various digital adaptations implemented during the pandemic to support the virtual workplace and customer engagement environment by refining and scaling the technology could be one way to go.

By embracing new ways of interacting with customers and working with employees in well-defined areas with a clear prospect of ROI, much can be achieved in a short time frame without losing out on long-term potential.

At the core of every carrier’s operation, claims handling provides plenty of potential for automation and simplification. Both customers and employees greatly benefit from quicker and more efficient claims processing, reducing time-consuming manual tasks. Internally new technology should be considered a helping hand that let employees focus more on personal customer service to increase the feeling of human connection when needed and preferred. In other words, a win-win type of situation for both employees and customers.

Also, implementing low-barrier ways of settling claims sustainably enables the insurance provider to cost-effectively achieve ESG related goals and support marketing initiatives. 

Megatrends are not equal to mega change

To summarize, it’s not easy to dissect megatrends or know where to start. But responding to megatrends doesn’t necessarily have to mean organizational mega change. 

As a hands-on approach to some of these most prominent transformational forces of our time, providing claims departments with cloud-based tools that assist adjusters with quick, transparent and accurate claims valuation including sustainable claims settlement seems like low hanging fruit in context.