Claims

Investment in insurance technology has reached $3.4 billion since 2010, but most insurers are falling behind in digital innovation.

Insurance is changing in ways that have profound implications for claims. Questions only occasionally raised before will now become common.

Any effort aimed at improving the claims experience through catastrophic preparedness will bear fruit in loyalty.

Because of technology disruption, 89% of insurers expect to compete on customer experience, versus only 36% four years ago.

Claims currently are touched by multiple employees. However, a new process of “touchless” claims doesn’t require any human intervention.

By 2020, chatbots will power 85% of all customer service interactions. Why? Speed, convenience and user-friendliness.

Finding the balance between efficiency and the human touch in the claim process will separate tomorrow’s leading brands from their competitors.

The innovation -- claims optimization -- requires quite a number of radical assumptions about what insurance is there to do and how it should do it.