By now, youre likely familiar with the term “insurtech,” which refers to the use of technology to create efficiencies in the traditional insurance model. Mostly weve witnessed these efficiencies on the underwriting side of the house, but were now beginning to experience it in claims.Technology
Many startup and traditional insurance companies are seeking to improve ancillary and primary claims services, and change the claims paradigm altogether through the use of technology.
When it comes to thinking about implementing technology in the claims process, there are several things to consider when answering the who, what, when, how, and why.
Among the many considerations, the three most critical variables are user experience; efficiency gain; and resources.
It seems that every new entrant into the insurtech space is accompanied by the boast of some “cutting-edge” innovation designed to either automate or eliminate certain parts of the claims process. Conceptually, these innovations seem customer-focused, well-intentioned, and just flat-out cool.