Vice Pres­i­dent of Sales & Mar­ket­ing, SIMS Claims

Digital Insurance - - CLAIMS -

How does a dig­i­tal claims sys­tem help im­prove cus­tomer ac­qui­si­tion and re­ten­tion? What are the risks of not adopt­ing a dig­i­tal sys­tem?

With com­pa­nies like Uber, Ama­zon and Square, cus­tomers have come to ex­pect trans­ac­tions driven by dig­i­tal tech­nol­ogy. Not ac­com­mo­dat­ing this trend is akin to turn­ing one’s back on the fu­ture; in­sur­ers risk los­ing prospects as well as ex­ist­ing cus­tomers to more ad­vanced car­ri­ers that of­fer speed and con­ve­nience. How­ever, by us­ing dig­i­tal sys­tems, in­sur­ers can de­ploy many of the func­tions cus­tomers are de­mand­ing. For ex­am­ple, a dig­i­tal claims sys­tem can lever­age web-based por­tals that en­able in­sureds to re­port claims. With map­ping tech­nol­ogy, in­sureds can be di­rected to nearby ser­vice providers, such as a body shop for car re­pairs, and when it comes time to re­ceive a claim pay­out, they can be prompted via a cell phone to au­tho­rize and re­ceive a dig­i­tal pay­ment di­rectly into their ac­counts.

How does a dig­i­tal claims process ben­e­fit from bet­ter busi­ness in­tel­li­gence and pre­dic­tive an­a­lyt­ics?

Cus­tomers are un­der tremen­dous pres­sure to re­duce claims costs. To­day, dig­i­tal claims sys­tems lever­age web ser­vices and APIs to bring to­gether a plethora of in­for­ma­tion from var­i­ous sources in­clud­ing telem­at­ics and smart fa­cil­i­ties. With in­te­grated busi­ness in­tel­li­gence (BI), a claims sys­tem can com­pile this data, trans­form it into stun­ning vi­su­als and use pre­dic­tive an­a­lyt­ics to iden­tify ar­eas of claims es­ca­la­tion. With BI tools at their dis­posal, in­sur­ers can dis­trib­ute var­i­ous stew­ard­ship re­ports to pol­i­cy­hold­ers. In com­mer­cial lines, a pol­i­cy­holder could, in turn, make its stake­hold­ers aware of trends and get ev­ery­one fo­cused on the same goals through per­for­mance met­rics. For ex­am­ple, a depart­ment store may want to re­duce slip-and-fall in­ci­dents that im­pact work­ers’ comp and gen­eral li­a­bil­ity costs and use BI to mon­i­tor progress to­ward this ob­jec­tive.

Con­tact In­for­ma­tion

[email protected]­

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.