Adjusting To The Next Generation Of Claims Handling

 Monday, January 13, 2020

 CLM Magazine

By now, you’re likely familiar with the term “insurtech,” which refers to the use of technology to create efficiencies in the traditional insurance model. Mostly we’ve witnessed these efficiencies on the underwriting side of the house, but we’re now beginning to experience it in claims.

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.