Claims

The future of insurance as-a-service, especially for claims, requires an action-based model that leverages on-demand support.

There is a general lack of strategic insight in managing claims litigation, a huge spending bucket.

Claims management must be part and parcel of the other core administrative systems required to keep the insurance carrier operating.

The extraordinary events of 2020 have accelerated four themes: automating operations; AI for insight; augmenting experts; and new ecosystems.

A recent survey found that 42% of consumers would be more likely to stay with an insurer that pays approved claims within minutes.

A job description with “acquire AI superpowers” might appeal to millennials more than “study policy footnotes and calculate claim reserves.”

Paying claims needs to be the default, with AI and analytics ensuring that adjusters spend their time more valuably and have more interesting work.

Those that solve for the dynamics of the many opportunities are likely to be the future industry leaders.