The ability to submit claims through dedicated microsites or mobile apps can slash claim intimation lead times and help insurers in subsequent claims processing without the need to deploy additional human resources.
Varsha Gujarathi, Chief Customer Officer, Universal Sompo General Insurance
As insurers strive to provide superior customer service while controlling costs, they are increasingly leveraging advanced technologies to reimagine the future of claims management.
This is especially true for general insurance where automation is already improving claims efficiency while providing policyholders with self-service capabilities that
empower them to file and manage claims from the comfort of their homes.
As we look ahead, the future of claims management and the subsequent experience will undoubtedly be more simplified, smarter and seamless for general insurance customers.
Ability to file and manage claims through omni-channel self-service portals
Considering the fact that policyholders directly interact with their insurers while filing for a claim, a tedious claims process can negatively affect their perception and lead to permanent dissatisfaction.
Recognising this aspect, insurance companies are differentiating themselves by building both offline and online self-service portals that allow policyholders to submit a claim without having to interact with agents.
Likewise, by leveraging third-party data sources,insurers are reducing the amount of documents that are needed to be submitted during the claim intimation stage; thereby reducing the time and effort involved in the process.
As insurance companies progress towards a paperless claims management progress, policyholders can expect a future where claims are completely processed online; with clear and transparent communications facilitating pleasant claims experiences. In the same vein, the ability to submit claims through dedicated microsites or mobile apps can slash claim intimation lead times and help insurers in subsequent claims processing without the need to deploy additional human resources.
Ultimately, policyholders will be able to file, view, track and manage claims at the mere
touch of a button, in turn elevating the overall insurance experience to levels never seen before.
Instant claims processing powered by automated features
In the current digitalisation era, insurance workflows are getting increasingly streamlined due to increasing technology integration. Insurance companies are leveraging advanced technologies like Intelligent Data Processing (IDP),Machine Learning (ML) and Artificial Intelligence (AI) to read and process claim documents; with further processing being done by efficient algorithms that allow ‘straight-through’ workflows for low-risk claims without the need for manual intervention. These automated workflows are helping insurers in moving from the first notice of loss (FNOL) stage towards claim assessment and further decisioning in a matter of a few hours rather than days.
These advancements are reducing the time taken to reach the payout stage for valid claims, with only high-risk claims being sent ahead to human evaluators and expert underwriters for further analysis.
With policyholders now submitting documents, photos and incident details through their smartphones and computing devices; the near future will see claim decisions being conveyed almost instantly through virtual assistants and chatbots offering a delightful claims experience.
Similarly, with AI agents performing tasks such as damage assessment, coverage validation and automatically routing claims for further digital payouts, claims process will be prompt and seamless.
Increasing IoT integration for proactive claims management
With vehicles, homes and even machinery getting increasingly embedded with sensors that can relay information in a matter of seconds, the insurance claims management process is moving from a reactive model to one where insurers can proactively detect and inform policyholders of potential risks that could otherwise cause irreparable damages to
insured assets in real time.
Thus, with increasing Internet of Things (IoT) integration, insurers can transition from being
risk financiers to becoming risk-management partners; thereby reducing claim frequency and rewarding good behaviour with lower premiums or other allied benefits for enhanced customer retention.
At the back end, insurance companies can utilise telematics data and other inputs captured by cameras or sensors to collect objective evidences for instant claim assessment, in turn doing away with the need for any additional steps to be performed by the insured for further claims management.
While on one side, by deploying predictive analytics, using AI & ML algorithms, fraudulent claims are being flagged, on another side targeted prevention could be enabled by sending personalised warnings, maintenance recommendation as well as safety tips to encourage policyholders in preventing losses.
In this way, claims management will be driven by digital self-service capabilities, more automation features and increasing IoT integration for more simplified customer journeys in the foreseeable future. This should result in greater satisfaction levels among policyholders, even as insurance companies deploy automated workflows for reduced operational expenses and lower insurance costs.