New technologies offer insurers tremendous opportunities to better handle claims, address customer needs and empower talent—but technology itself isn’t the answer. Success depends on identifying and implementing the right technology, and leveraging it quickly to meet changing needs and preferences in the market. In short, insurers need to embrace technology that helps them become more agile.

The Digital Insurer: Unleashing the Potential of Social Media in Insurance
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Agility is especially important in today’s data deluge. Connected devices (homes, cars, businesses) via the Internet of Things can provide insurers with rich sources of data that have contextualized, real-time information to drive better claims results. But the plethora of new data sources means that insurers must take a strategic look at which data matters most—prioritizing the data that enables the claims function to realize tangible benefits, such as reduced losses, faster claims resolution and more effective use of handlers’ time.

Within an insurer’s organization, the claims function is unique in its reliance on numerous third parties, including towing companies, repair shops, rental agencies, investigators, consultants and more. Tools are available now to help these parties work together more effectively. Collaborative platforms, social networks and mobile apps can enable more seamless interactions between insurer, third parties and customer—again, to facilitate claims agility.

Next week, I’ll talk more about the claims workforce, and how people fit into the claims agility equation.

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