Hyper-Personalization within Claims

Organizations must serve their customers intuitively with exactly what they want, where and when they want it to stay ahead of the competition. Drive long-term value by embracing hyper-personalization

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.

UPPTEC The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have created the ultimate guide to claims automation.   Download

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

 

A whole new level of claims The future of insurance will be digital - and we’re here to help you future-proof your business.  Contact us <>

 

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.

 

Hyper-Personalization within Claims

Organizations must serve their customers intuitively with exactly what they want, where and when they want it to stay ahead of the competition. Drive long-term value by embracing hyper-personalization

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.

UPPTEC The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have created the ultimate guide to claims automation.   Download

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

 

A whole new level of claims The future of insurance will be digital - and we’re here to help you future-proof your business.  Contact us <>

 

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.

 

Hyper-Personalization within Claims

Organizations must serve their customers intuitively with exactly what they want, where and when they want it to stay ahead of the competition. Drive long-term value by embracing hyper-personalization

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.

UPPTEC The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have created the ultimate guide to claims automation.   Download

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

 

A whole new level of claims The future of insurance will be digital - and we’re here to help you future-proof your business.  Contact us <>

 

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.

 

Hyper-Personalization within Claims

Organizations must serve their customers intuitively with exactly what they want, where and when they want it to stay ahead of the competition. Drive long-term value by embracing hyper-personalization

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.

UPPTEC The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have created the ultimate guide to claims automation.   Download

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

 

A whole new level of claims The future of insurance will be digital - and we’re here to help you future-proof your business.  Contact us <>

 

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.

 

How to keep up with Megatrends through claims automation

By embracing new ways of interacting with customers while working with employees in well-defined areas much can be done in a short time frame.

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.
UPPTEC  The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have  created the ultimate guide to claims automation.    Download

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.

 
A whole new level of claims The future of insurance will be digital - and we’re here to help you future-proof your business.  Contact us <>
 

How to keep up with Megatrends through claims automation

By embracing new ways of interacting with customers while working with employees in well-defined areas much can be done in a short time frame.

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.
UPPTEC  The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have  created the ultimate guide to claims automation.    Download

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.

 
A whole new level of claims The future of insurance will be digital - and we’re here to help you future-proof your business.  Contact us <>
 

How to keep up with Megatrends through claims automation

By embracing new ways of interacting with customers while working with employees in well-defined areas much can be done in a short time frame.

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.
UPPTEC  The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have  created the ultimate guide to claims automation.    Download

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.

 
A whole new level of claims The future of insurance will be digital - and we’re here to help you future-proof your business.  Contact us <>
 

How to keep up with Megatrends through claims automation

By embracing new ways of interacting with customers while working with employees in well-defined areas much can be done in a short time frame.

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.
UPPTEC  The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have  created the ultimate guide to claims automation.    Download

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.

 
A whole new level of claims The future of insurance will be digital - and we’re here to help you future-proof your business.  Contact us <>
 

How to keep up with Megatrends through claims automation

By embracing new ways of interacting with customers while working with employees in well-defined areas much can be done in a short time frame.

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.
UPPTEC  The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have  created the ultimate guide to claims automation.    Download

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.

 
A whole new level of claims The future of insurance will be digital - and we’re here to help you future-proof your business.  Contact us <>