Future Is Already Here In Claims

A perfect storm of macro factors has supercharged several trends in the insurance industry, producing almost touchless processes for claims and enabling cycle times of seconds, minutes and hours instead of days and weeks.

Advancements in areas such as machine learning, robotics and connected IoT devices will continue to bring a dramatic shift in the way claims are processed, managed and reported and will result in better operational performance and improved customer satisfaction.

Traditionally, insurance companies were organized into several distinct and separate operating verticals; product and underwriting, sales and marketing, claims, finance and investment.

Adding to the complexity, the property and casualty segment of the industry was further divided into personal auto and home, commercial auto, property and liability, specialty lines and workers’ compensation.

The mountains of information needed to enable a meaningful digital transformation of these enterprises were trapped inside numerous vertical silos and resided on a wide variety of separate storage systems and architectures.