Digitalization in Insurance Industry
Published on March 15, 2019 | 1 min read
Insurance claims are a prime candidate to benefit from the digitalization of the insurance industry.
In this well written McKinsey article, the authors list three major benefits one can expect from successful digital claims transformation:
- Reducing claims expense by 25-30%
- Increasing customer satisfaction by ~20%
- Improving claims handling accuracy (impacting cost and satisfaction)
As you would expect, to deliver those benefits, a comprehensive and systematic approach is suggested throughout an extended customer journey:
- Claims prevention
- Digital first notification of loss
- Automated claims management
- Digital loss assessment and repair
- Automated settlement
Of course, not all areas are maturing at the same pace and there are clearly a multitude of possible approaches to test and adopt, as demonstrated by the wide range of examples listed.
At in4mo, we focus on helping property and casualty insurers make the building claims journey as effective as possible for their policy holders, the insurance company itself and its damage restoration partners. We are already adopting a policyholder-centric view and bring optimisation in 4 of the 5 areas listed.