Five Tech Upgrades Insurance Carriers Must Make in 2016
by James Allen
June 8, 2016
I’d like to share a recent “Property Casualty 360 News” article, which points out that there are many new business challenges, opportunities and technology upgrades for insurers to consider in 2016. The author states: “Insurers operate in an increasingly complex world of disparate state regulations, evolving customer preferences, heightened competition and continuously expanding multi-faceted data. While these industry trends challenge traditional carriers, they also create significant opportunities to build and maintain a sustainable competitive advantage.”
The article spotlights five key areas where technology upgrades can help insurers grow their business. In my opinion one of the most important areas discussed in the article is using technology to enable smarter claims processing. Using social media, customers can easily air their grievances to thousands of people on Twitter and Facebook if their claim was handled poorly. According to the article: “As a result, insurers are investing in call center enhancements, as well as technologies that expedite the claims handling process.” Regarding this critical point, I suggest insurers include using data analytics to help ensure they are reaping the benefits of their technology investments.
The article cites examples such as using mobility as a real-time platform enabling insurers to see what customers see during a “first notice of loss” phone call. This can accelerate processing a claim from several days to only a matter of hours.
If you’re interested in learning more about technology upgrades that can improve claims processing, feel free to visit the Insurance Services page of our website, which offers insights on industry best practices as well as case histories, whitepapers and more.