As customer expectations continue to change, insurers must reimagine the role of claims. This requires an end-to-end design thinking approach, embracing digital and collaborating with innovative InsurTech startups.
Customers expect more efficiency and transparency with claims, and they expect to have several channels for submitting and settling claims. Insurers can use automation, artificial intelligence and advanced analytics to transform the claims process and identify trends and potential problems.
InsurTech and disruptive technologies are rising to the opportunity to improve claims. Carriers and startups can form mutually beneficial partnerships—startups benefit from insurers’ experience, and insurers benefit from startups’ innovation and flexibility—to integrate more services into the claims function.