How digitization is revolutionizing claims management in the insurance industry
At the dawn of the 21st century, a wave of digital changes has swept across economic horizons, profoundly reshaping industries’ operational methods and their interaction with customers. In this vast transformation, the insurance sector has stood out, creating fertile ground where technology has woven new perspectives and processes, particularly in the realm of claims management.
Automation of procedures, artificial intelligence, the power of telematics and the Internet of Things, along with instant access to real-time information, have enhanced the efficiency, transparency, and speed of the claims management process.
Current challenges
According to the “Connected Claims Report” published by Insurance Nexus in 2019—a study conducted among 600 insurance professionals worldwide, including 39% in Europe—barely 22% of insurers believe their claims management processes are leading compared to their competitors. A significant majority (53%), on the other hand, see their methods as merely average.
It’s also interesting to note that one in seven policyholders expresses a sense of unjustified prolongation in the duration of their claims processing. This perception is often attributed to a lack of transparency in the process, which frequently results in undermining trust and generating dissatisfaction with the responsible insurance company.
The Digital Revolution of Claims Management
In this ever-evolving landscape, digital technology is now at the forefront of claims management. The boundaries between insurers and policyholders are blurring, giving the latter unprecedented flexibility and simplicity. Thus, the filing of a claim, once complex and subject to delays, can now be done in a few clicks, at any time. This digital transformation goes beyond process optimization. It also enhances the customer experience by placing the policyholder’s needs at the forefront.
Meeting rising policyholder expectations
In a competitive economic environment, policyholders have high expectations of their insurance companies. They seek personalized and agile services to quickly address their claims needs. Claims management has evolved to meet these growing expectations.
Human-Machine synergy in service of the policyholder
In a competitive economic environment, policyholders have high expectations of their insurance companies. They seek personalized and agile services to quickly address their claims needs. Claims management has evolved to meet these growing expectations. Human-Machine Synergy in Service of the Policyholder Today, claims managers must rely on technologies that save them time and enable informed decisions to enhance their credibility with customers. Automating minor claims management provides them the opportunity to refocus their efforts on cases requiring more advanced human expertise. The use of Artificial Intelligence undoubtedly makes a difference by, for example, facilitating the integration of a photo of the claim, automatically detecting damages, estimating associated amounts, and even analyzing emotions to identify dissatisfied clients.
Digital transformation of claims management: Strategic levers for Insurers
The digitization of claims management offers insurers an array of undeniable strategic advantages, thus reconfiguring the contours of the insurance industry.
Increased productivity
Opting for online claims management gives insurers a powerful lever to increase their operational productivity. This decentralized approach delegates the responsibility of claims reporting to policyholders themselves.
Simultaneously, the potential for full process automation represents a radical transformation. Automation not only reduces costs related to human resources but also minimizes the human errors often inherent in manual processes.
Enhanced data traceability and analysis
One cornerstone of digitization is the integrated traceability at each step of the claims management process. Every action, every interaction is meticulously recorded, providing transparent and comprehensive traceability. This traceability offers a wealth of valuable data that insurers can leverage to improve their understanding of claims trends, optimize internal processes, and even anticipate potential issues.
Smart Claim: Our auto claims management solution
In response to the major challenges of the insurance industry, our “Smart Claim” solution stands as a beacon in the quest for complete digitization of claims-related services. More than just a simple plugin, Smart Claim represents a true revolution by offering a comprehensive and complementary approach to digitize the relationship between policyholders, insurance companies, and experts, through a seamless and flexible journey accessible via various channels and devices
A fully digital policyholder journey
- đź—¸ Geolocation of the claim location.
- đź—¸Easy tracking of the case.
- 🗸 Interaction with the insurance company/expert.
- đź—¸ Visibility of case progress (notifications, alerts…).
- đź—¸ Visibility of compensation amount and date.
A Fraud Control Engine
- đź—¸ Control of supporting documents provided by the insured.
- đź—¸ Detection of falsified documents.
- đź—¸ Dashboard for tracking and visualizing KPIs.
- đź—¸ Evaluation of clients and service providers: experts, mechanics, etc.
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Smart Claim embodies the future of claims management, skillfully merging cutting-edge technology and exceptional user experience.
Your journey towards smarter and more efficient claims management starts here. Try Smart Claim Today!
