Articles - The Answer is Multiple Choice


A truly innovative claims process puts customers first. Technology is an important enabler for innovative claims but understanding how, when, why and where the customer wants human interaction and having the skills to deliver it is often the critical last mile. Insurance Nexus, part of Reuters Events asked three industry leaders to reveal their unique take on insurance claims innovation.

  
  
 What does innovation mean for you? Is it about incremental improvements in current technologies or process? Perhaps innovation should be more radical, the only true innovation being the wholesale disruption of a service or sector?
  
 Certainly, there’s no lack of examples of either of these in the insurance sector. On the one hand, improvements in data management, technology integrations and a mobile-first approach has made all sorts of activities from generating quotes to claims reimbursement faster and more hassle-free than ever.
  
 On the other, new services are springing up to tackle previously unmet customer needs, services that look unlike any model the insurance sector has seen before. Services such as Lemonade, which boasts the industry’s fastest end-to-end claims process. Settlements in a matter of not weeks or days, not even hours, but seconds. Or Metromile, which allows microinsurance at scale, allowing customers to insure only their small part in the growing sharing economy.
  
 But experts have more recently suggested that the true innovation isn’t in the apps or platforms themselves, but in the way carriers choose to deploy them. And choice is the operative word. Technology shouldn’t be helping carriers dictate new ways of claims management. Instead, it should be opening up a whole landscape of choice around where, when and how customers want to manage their claim, in some cases subverting even the most current thinking around what it means to be a modern, tech-driven insurer.
  
  
 Do not hesitate to get in touch to further the conversation.
  
 Graham Proud
 Global Head of Connected Insurance Research, Insurance Nexus
 Reuters Events
 Tel: +44 (0)20 7375 7221
 graham.proud@insurancenexus.com
  

Back to Index


Similar News to this Story

Longer working lives require more flexible pension support
This year, 6 April marked the date from which the state pension age started to rise to 67. Over the next two years the age will steadily rise to reach
Without a design shift Life Insurance risks irrelevance
Life insurance was always designed around one moment: death, and for much of its history, that made perfect sense. Families were often built around a
Car insurance rollercoaster: Is 2025 simply momentary relief
While 2025 was a welcome period of relative stability for UK motor insurance, the latest cycle is faster and more extreme – better cycle management is

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.