It is no secret that technology is continuing to disrupt the auto casualty and workers compensation industries.TechnologyWorkers' CompensationLiability
Further digitizing the claims process can provide a variety of benefits for payors and claimants alike, including improving the consumer experience, boosting efficiencies, reducing fraud and allowing for adjusters and other claims handlers to focus on what matters mosthelping restore claimants lives after a challenging event.
Additionally, a McKinsey study found that by digitizing their current business, large insurance companies could more than double profits over a five-year period.
As claims organizations continue to build and enhance their global digitization strategies, especially in the midst of the COVID-19 pandemic, there are many opportunities and areas to apply technology across the entire auto and workers compensation insurance ecosystem, from using mobile apps to push safety warnings to drivers to automating the settlement process.
When it comes to claims processing operations specifically, one immediate opportunity for payors is digitizing the medical billing and payments process.