The research reveals improving the claims process and enhancing customer experience are top digital transformation priorities, making them the primary levers driving adoption and implementation of digital tech
NEW YORK, July 25, 2024 /PRNewswire-PRWeb/ -- New research from Digital Insurance, Arizent's leading information resource serving senior executives in the insurance sector, analyzes how organizations are using technology to improve the claims process and where professionals still see room for improvement. Sponsored by Origami Risk, the Advancements in Insurance Claims Technology report reveals improving the claims process and enhancing customer experience are top digital transformation priorities for insurers, making them the primary levers driving adoption and implementation of digital tech.
A shift in customer expectations toward greater transparency throughout the claims process has been a key driver of change. The report indicates nearly half of all respondents (47%) say the biggest change in customer expectations over the past two to three years is an increased expectation for transparency.
"Claims and customer service are inherently intertwined, since the customer's experience during the claims process is critical to how they view the value of their insurance," says Janet King, VP of Research for Arizent. "It could be the deciding factor in whether a customer stays loyal and recommends the company to others, or takes their business elsewhere and publicly pans it."
One tactic where positive movement is happening involves empowering customers to play a more active role in the overall claims experience by taking pictures and uploading information digitally. More than half of respondents see this leading to reduced costs in the claims management process and more transparency for claimants.
However, less than one-third of all respondents say they are doing "very well" at keeping up with changing customer expectations around the claims process.
The most pervasive barrier holding respondents back is a general inability to automate processes. Related issues include cumbersome legacy infrastructure and an inability to access data in real time to support decision-making and product development.
Looking forward, all respondents expect AI, communications and big data/analytics to have the greatest impact on claims management over the coming 12 to 18 months.
For AI, the most common use cases include improving the customer experience, flagging fraudulent claims and streamlining the collection of information from policyholders. Other areas include creating and reviewing estimates, expediting underwriting and improving communications either internally or externally.
"Anything insurers can do to improve their claims processes sets the stage for wide-ranging benefits," continues King. "In addition to promoting loyalty and creating a competitive advantage, upgrades can generate back-office efficiencies, produce data-driven insights to advance business goals and help identify inaccurate or fraudulent claims."
For more details about how insurers are planning to leverage technology to streamline the claims process and find operational efficiencies, download the full report here: https://www.dig-in.com/research-report/modernizing-claims-technology
Research methodology:
This research was conducted online by Digital Insurance (an Arizent brand) between April and May 2024, among 107 leaders across the insurance sector. All respondents have significant knowledge of or direct involvement with their organization's claims process.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
janet.king@arizent.com
M 207-807-4806
About Digital Insurance
Digital Insurance is the essential resource for senior executives leading the digital transformation of the insurance industry. Across events and member forums, original research reports, and editorial news and analysis, Digital Insurance examines business-critical topics in technology innovation, data advancements, insurtech market trends, and transformation strategies. The brand convenes the community around these transformational ideas and insights they need to stay ahead of the competition and the real-world examples of impact that they can bring back to their companies.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About Origami Risk
Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety
for insurers, managing general agents (MGAs), program administrators, third party claims
administrators (TPAs), risk pools, brokers, and more. Origami delivers its highly configurable and completely scalable integrated insurance core system, risk management, and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app.
Visit origamirisk.com/insurance or contact us at info@origamirisk.com to learn more.
Media Contact
Janet King, Arizent, 212-803-8500, janet.king@arizent.com, www.Arizent.com
SOURCE Arizent
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