Life insurance\u00a0claims processes could be transformed if insurers invest more in technology, according to a report from the UK.<\/p>\n
The report, which drew on evidence from 119 insurance companies across 23 countries, contends that the claims function needs to be reinvented through the use of technology.<\/p>\n
“Insurers are dealing with increasingly demanding consumers who are much better informed and thus more powerful than in the past,” said UK consultant, Karin Lloyd<\/strong>. \u00a0“By combining the power of technology in business and healthcare with the ‘connectedness’ of modern society – via the web and ever more sophisticated mobile phones – there is the opportunity to process claims more quickly and conveniently, and to raise levels of service to those found in other industries.”<\/p>\n According to the report, over the last decade insurers have made significant investment in front-office capabilities including underwriting automation, straight-through processing, tele-underwriting, and adviser-focused customer relationship management (CRM) systems.<\/p>\n However, investment in claims capabilities and technologies over the same period has remained modest.\u00a0 ‘Siloed mainframe-based legacy claims systems supplemented by Access and Excel databases (and many manual procedures) remain the norm,’ the report stated.<\/p>\n The report predicts that insurers will seek to differentiate themselves over the next five years through their approach to claims capabilities and systems.<\/p>\n The authors of the report suggest that this increased focus on technology in claims processing will be driven by a number of factors, including:<\/p>\n “There is so much more insurers could do in terms of speed of service, consistency in claim handling, and collection and analysis of data,” said Susie Cour-Palais<\/strong> of SelectX.\u00a0 “Our report should be the impetus for new, innovative strategies that give real competitive advantage – and deliver real benefits to customers.”<\/p>\n","protected":false},"excerpt":{"rendered":" Life insurance\u00a0claims processes could be transformed if insurers invest more in technology, according to a report from the UK.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8294,7],"tags":[7],"class_list":["post-12679","post","type-post","status-publish","format-standard","category-claims","category-technology","tag-technology"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=12679"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12679\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=12679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=12679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=12679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}… insurers will seek to differentiate themselves over the next five years through their approach to claims capabilities<\/h6>\n
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