Legacy claims processes that require manual intervention can increase cycle costs and times. Furthermore, human error can impact accuracy, resolution time and result in poor customer experience. Technology can help improve consistency through automation, rules-based work allocation, and data-driven reporting.
FREMONT, CA: Today’s insurance industry is undergoing a large-scale digital transformation that positively impacts the entire value chain. Industry stakeholders suggest that integrating emerging technologies and new software into claims workflows can help insurers reduce claim management costs as well as increase efficiency significantly.
Let us look at some technology trends boosting claims transformation:
Automation: Legacy claims processes that require manual intervention can increase cycle costs and times. Furthermore, human error can impact accuracy, resolution time and result in poor customer experience. Technology can help improve consistency through automation, rules-based work allocation, and data-driven reporting.
Enterprise Mobility: With the evolving demographics of insureds, more policyholders are expecting easy-to-use, intuitive interactions with insurance companies, particularly in regards to reporting a claim. Technologies such as call centers, interactive voice response (IVR), mobile apps, and web portals are becoming trendy.
Data and Analytics: As fraudulent claims incidents increase, insurance organizations can utilize data and analytics to enhance fraud detection and payout calculations, determine optimal reserves, detect claim leakage, identify claims that pose the possibility of litigation, and reduce the costs of claims associated with human errors. The application of data sciences and analytics to the claims management process can increase efficiencies and cost savings.
Image Recognition: Technology providers, such as EagleView, are utilizing aerial imagery and geographic information systems in order to take quality pictures of properties across the US before and after hurricanes. When manual field assessments are replaced with automated assessments performed by drones, it improves efficiency and reduces human risks while decreasing turnaround times and costs, particularly after catastrophic events. Likewise, image recognition software and analytics engines can be used to assess the damage and accelerate payout in case of accidents.