The Claims Revolution Is Underway, But Still A Long Way To Go

To improve claims processes across the insurance and reinsurance industry and deliver higher customer satisfaction, technology must be embraced, and modern software tools integrated into company processes, Jeff Saye, Global Practice Leader for Insurance Claims, Genpact told us in an interview.

Discussing the need for a digital-first, future-focused approach to claims, Saye highlighted the importance that the customer comes first.

‘Even though we have seen great strides in the industry toward a more digital process over the last two years, the claims process is still lengthy and costly,’ Saye explained to us, adding, ‘We still see a lot of manual, human labor-intensive transactions across the claim lifecycle.’

‘Optimal claim processes will allow insurers to improve the customer experience while protecting loss outcomes and reducing expense,’ Saye told Reinsurance News.

The claims side of the industry’s processes has often been overlooked and in recent years the wave of interest in insurtechs has often focused on the sales and distribution piece of the insurance and reinsurance market chain.