Matthew Lehman takes a look at the major ways the shift to digital will affect the insurance industry, from customer relationships to the very processes that drive the claims organization.

Over the past 30 years, Accenture has systematically tracked the performance of insurance claims organizations with a goal of helping our clients improve their claims performance. During that time it has become abundantly clear that digital capabilities are driving differentiation in claims. It’s also become clear that insurers aiming for high performance in their claims operations need to adopt a new vision—one that enables a claims service that is timely and transparent, can adapt to new technologies and can meet customers’ liquid expectations.

For claims organizations, long-term profitability depends not just on addressing customer expectations today. It also requires the agility to respond to changes in the future, which is why in my next few posts, I’ll delve into four major drivers of change, and the opportunities and challenges they present for insurance companies.

In this series, we’ll examine:

  • The Customer Experience. We’ll explore how the demand for self service capabilities can differentiate and strengthen overall claims service from First Notice of Loss through the entire process.
  • Technology. We’ll take a look at the incredibly rapid pace of change in technology—such as the proliferation of mobile devices, the Internet of Things, and advancements in FinTech—and the opportunities technology creates for claims organizations, particularly those that embrace InsurTech.
  • The Data Deluge. Data and analytics techniques are creating opportunities that have not existed before, enabling carriers to make better and faster decisions, and changing the way insurance companies approach the claims process.
  • The New Workforce. The three trends above combined will revolutionize nearly every role in the claims organization, and offer carriers an unprecedented opportunity to transform their talent. We’ll take a closer look at what future roles might look like.

In my next post, we’ll take a closer look at the customer experience, and how the customer’s desire for a more active role in the process will shape every aspect of insurance claims.

In the meantime, register to download Digital Transformation in the Age of the Customer: A Spotlight on Insurance.

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