A perfect storm of industry dreamers, innovators and rebels has decided there are better ways to sell, service and underwrite insurance. What does it mean for the claims function?

It was only a matter of time before disruption came to insurance—and has it ever. In 2015, investors closed more than $2.5 billion in deals with almost 100 Insurtech startups, and that doesn’t even include companies that are self-funded, have traditional financing or work with angel investors. Those investments have gone into every part of the insurance value chain, including claims.

The big question for claims leaders is: How will Insurtech influence incumbents’ claims functions? My colleague Darcy Dague and I address that question in the video below.

There’s no question that digital has fundamentally changed the insurance industry. Throughout this series, we’ve examined how we serve our customers, how we drive positive claims outcomes and as discussed here, how we deal with disruption from new entrants. Open innovation, agility and a willingness to embrace new ways of working are critical to weathering the storm—and indeed, the inevitable storms that will follow.

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