The research reveals improving the claims process and enhancing
customer experience are top digital transformation priorities,
making them the primary levers driving adoption and implementation
of digital tech
NEW
YORK, July 25, 2024 /PRNewswire-PRWeb/ -- New
research from Digital Insurance, Arizent's leading information
resource serving senior executives in the insurance sector,
analyzes how organizations are using technology to improve the
claims process and where professionals still see room for
improvement. Sponsored by Origami Risk, the Advancements in
Insurance Claims Technology report reveals improving the claims
process and enhancing customer experience are top digital
transformation priorities for insurers, making them the primary
levers driving adoption and implementation of digital tech.
"Claims and customer service are
intertwined, since the customer's experience during the claims
process is critical to how they view the value of their insurance.
It could be the deciding factor in whether a customer stays loyal
and recommends the company, or takes their business
elsewhere."
A shift in customer expectations toward greater transparency
throughout the claims process has been a key driver of change. The
report indicates nearly half of all respondents (47%) say the
biggest change in customer expectations over the past two to three
years is an increased expectation for transparency.
"Claims and customer service are inherently intertwined, since
the customer's experience during the claims process is critical to
how they view the value of their insurance," says Janet King, VP of Research for Arizent. "It
could be the deciding factor in whether a customer stays loyal and
recommends the company to others, or takes their business elsewhere
and publicly pans it."
One tactic where positive movement is happening involves
empowering customers to play a more active role in the overall
claims experience by taking pictures and uploading information
digitally. More than half of respondents see this leading to
reduced costs in the claims management process and more
transparency for claimants.
However, less than one-third of all respondents say they are
doing "very well" at keeping up with changing customer expectations
around the claims process.
The most pervasive barrier holding respondents back is a general
inability to automate processes. Related issues include cumbersome
legacy infrastructure and an inability to access data in real time
to support decision-making and product development.
Looking forward, all respondents expect AI, communications and
big data/analytics to have the greatest impact on claims management
over the coming 12 to 18 months.
For AI, the most common use cases include improving the customer
experience, flagging fraudulent claims and streamlining the
collection of information from policyholders. Other areas include
creating and reviewing estimates, expediting underwriting and
improving communications either internally or externally.
"Anything insurers can do to improve their claims processes sets
the stage for wide-ranging benefits," continues King. "In addition
to promoting loyalty and creating a competitive advantage, upgrades
can generate back-office efficiencies, produce data-driven insights
to advance business goals and help identify inaccurate or
fraudulent claims."
For more details about how insurers are planning to leverage
technology to streamline the claims process and find operational
efficiencies, download the full report here:
https://www.dig-in.com/research-report/modernizing-claims-technology
Research methodology:
This research was conducted online by Digital Insurance (an Arizent
brand) between April and May 2024,
among 107 leaders across the insurance sector. All respondents have
significant knowledge of or direct involvement with their
organization's claims process.
For more information on this survey or other Arizent research,
contact:
Janet King
Vice President, Research
Arizent
janet.king@arizent.com
M 207-807-4806
About Digital Insurance
Digital Insurance is the essential resource for senior
executives leading the digital transformation of the insurance
industry. Across events and member forums, original research
reports, and editorial news and analysis, Digital Insurance
examines business-critical topics in technology innovation, data
advancements, insurtech market trends, and transformation
strategies. The brand convenes the community around these
transformational ideas and insights they need to stay ahead of the
competition and the real-world examples of impact that they can
bring back to their companies.
About Arizent
Arizent is a business information company that advances
professional communities by providing insights and analysis and
convening industry leaders. The company uses deep industry
expertise and a data-driven platform to deliver its services, which
include subscriptions, marketing services, live events and access
to Leaders, an executive forum. Arizent also connects business
communities through leading financial services brands like American
Banker, The Bond Buyer, Financial Planning and National Mortgage
News, as well as professional services brands like Accounting
Today, Employee Benefit News and Digital Insurance.
About Origami Risk
Origami Risk provides integrated SaaS solutions that simplify
insurance, risk, and safety
for insurers, managing general agents (MGAs), program
administrators, third party claims
administrators (TPAs), risk pools, brokers, and more. Origami
delivers its highly configurable and completely scalable
integrated insurance core system, risk management, and
safety solutions from a secure, multi-tenant platform
accessible via web browser and mobile app.
Visit origamirisk.com/insurance or contact us at
info@origamirisk.com to learn more.
Media Contact
Janet
King, Arizent, 212-803-8500, janet.king@arizent.com,
www.Arizent.com
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SOURCE Arizent