Claims

Straight-through processing of claims is likely to become more common, especially in personal lines and individual life.

The secret is to unlock the potential of the large quantities of unstructured data streaming through the claims function.

With automated claims processing, the turnaround time for settlement will be measured in minutes rather than days or weeks.

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.