Chief Prod­uct Of­fi­cer

Digital Insurance - - CLAIMS - Con­tact In­for­ma­tion In­surity (514)-289-9090 Mitchell.Wasserman@in­surity

What is the role of claims in the cus­tomer ex­pe­ri­ence? Is a dig­i­tal claims process the lynch­pin to meet­ing new cus­tomer ex­pec­ta­tions?

For many in­sur­ers, the claims process is the most in­ten­sive en­gage­ment with a cus­tomer.

How­ever, there is an in­her­ent fric­tion that comes af­ter ini­ti­at­ing a claim. NAIC data shows that claims make up 60% of cus­tomer com­plaints. There is also a cor­re­la­tion be­tween un­hap­pi­ness and re­ten­tion; A study from Ac­cen­ture found more than 80% of cus­tomers dis­ap­pointed with their claims ex­pe­ri­ence had ei­ther switched in­sur­ers or was plan­ning to do so. Dig­i­tal ca­pa­bil­i­ties are a key driver of in­surer re­ten­tion and are more likely to keep their cus­tomers by of­fer­ing sim­ple, fair and fast pro­cess­ing.

How will ar­ti­fi­cial in­tel­li­gence, ma­chine learn­ing and re­lated tech­nolo­gies rev­o­lu­tion­ize the claims process? How should in­sur­ers try and stay abreast of this curve?

From an in­ter­nal work­flow stand­point, Ar­ti­fi­cial In­tel­li­gence and Ma­chine Learn­ing en­hance the speed and trans­parency in­sur­ers de­liver to their cus­tomers when a claim has been filed, by pulling in data from ex­ter­nal re­sources and cus­tomer­gen­er­ated data (i.e. video up­loaded claims) and then an­a­lyz­ing it to make ac­tion­able de­ci­sions. On the front end, Gart­ner es­ti­mates cus­tomers will have more in­ter­ac­tions with chat­bots than peo­ple by 2020. ML and AI have un­par­al­leled abil­ity to en­hance cus­tomer sat­is­fac­tion and en­gage­ment in a claims en­vi­ron­ment. AI and ML are among the cut­ting-edge tech­nolo­gies that in­sur­ers should fo­cus on to re­duce fric­tion in claims pro­cess­ing.

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