Claims 2030: Dream or reality?

By McKinsey & Company

Over the next decade, next-generation capabilities have the potential to completely transform the claims process. What will the insurance industry look like in 2030?

“Technology will continue to evolve at breakneck pace. The Internet of Things (IoT), connected homes and businesses, self-driving vehicles, and wearable computers will promote instantaneous data sharing across ecosystems. Insurers will know more than ever about customer risk profiles and behaviors. They will recognize fraud more easily and adjust claims faster and more accurately. Digital advances and powerful new analytics will help carriers intervene at the right moments to launch marketing, make sales calls, reduce risks, prevent losses, and tailor products and services to meet specific clients’ needs.”

Specifically, what does this mean for claims? Carriers should focus on four areas to unlock value:

1) Mastering the balance: The digitally enabled human touch to utilize both artificial and human intelligence for a combined role in the claims process – eliminating the “blind spots” in both with analytic tools that allow for human intervention.
2) Redefining proactivity: insurers will be communicating solutions more proactively to improve customer experience and also reducing redundancies so that human agents may handle the more complex claims work.
3) Reimagining the insurer role: The power of prevention – the relationship between insurance companies and the customer will change with the use of telematics in conjunction with connected devices for the insurer to be there to have a role before the loss or accident.
4) Evolving the claims ecosystem: A collaborative model for insurers – aggregating data and insights by the “myriad third-party providers and insurtechs” utilizing their infrastructure.

Read more here.

09 Apr 2019

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