What is the future of claims and the role of technology in insurance claims?

We worked with Intelligent Insurer to survey 300+ insurance executives to get their take on the future of claims. Download the results, shown in 22 infographics.

Some key stats from the report:

• 91% agreed that customer experience is a primary goal
• Claims is the function with the greatest potential to be transformed by technology (closely followed by underwriting)
• 42% say that navigating legacy systems and interoperability remain ongoing challenges
• Serving changing customer needs is the top challenge resulting from COVID-19 at 61%
• How the future of claims process automation is developing 

Repositioning claims at the heart of the customer experience

The last 12 months have created new challenges for insurance companies and an increased urgency to step up to the plate on digital transformation. The reputation of the industry as a whole has taken a hit, although behind the scenes most companies have found a way to provide continuity of customer service and cope with fluctuations in claims demand. 

There may even have been some good outcomes, with customer retention being seen as positively impacted by the pandemic. 

As the results of this claims survey reveal, customer experience is more important as a business driver than ever, and an empathetic approach to handling claims is essential. However, operational efficiency is on par with customer experience as a primary objective, which means technology must be placed at heart of any transformation in order to achieve both.

Insurance companies and brokers must therefore invest in technology which can be leveraged across the end-to-end customer journey and which connects claims into the wider business.

In most cases, legacy systems and processes are challenges still to be overcome but smart use of technology such as automation can bridge the gap and ensure that the old and the new are working seamlessly together.

Claims can no longer operate in a silo, because the vital role it plays in building customer loyalty and trust means it must be central to any business growth strategy.

Download the infographic for the full data set