The Future Of Claims Is Touchless (Insurance Thought Leadership )

The Future Of Claims Is Touchless

  Thursday, February 23rd, 2023 Source: Insurance Thought Leadership

Touchless claims aren’t just the future of the insurance industry -- they’re the present.

Customers today have shifted from being familiar with doing business online to largely preferring it in many cases, and that ripple effect has been felt and registered by insurance companies globally. But the industry at large has some catching up to do to meet this demand.

Recent statistics from Price Waterhouse Coopers indicate that 41% of insurance customers are likely to switch insurance providers due to dissatisfaction with their carrier’s digital capabilities.

The problem isn’t that insurance companies refuse to update old technology. It’s that technology is only a component of a successful touchless claims implementation. And having the best, latest tools won’t help if you don’t allow processes to evolve and leverage the full capabilities offered.

My daughter was involved in an automotive insurance claim last year. Because I have some experience working with insurance claims, I offered to help her through the process. My experience with this claim in 2022 was essentially identical to how it would have been handled in 1995. Situations like this aren’t uncommon, but it is worth examining why they’re happening.

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