Five technology trends in insurance shaping the industry
The insurance industry has been undergoing changes in the 21st century. Along with a majority of other industries in products and services, it had to adapt to a new landscape: a digital world, with a digital cloud over it, oceans of data, and an increased reliance on what can be done remotely.
The digital landscape is where insurers struggle while others are able to thrive. That is the reason why we are going to focus on five tools that will shape the future of the industry and help ease those who are fighting change.
In her article “Predictive Analytics: Anticipating Customer Needs Rather than Reacting to Them” Christine Marr, Executive VP of Data Solutions, Insurity, Inc, talks about the need to adopt and adapt new technologies not just as a “new coat of paint” but as a new way to find solutions for both the insurer and the insured.
“Underwriters have more digital tools at their disposal than ever before, but the reality is, much of the underwriting process continues to be manual,” said Marr. This comment underlines a reality. Claim adjusters are not using the tools at hand to make the claim management process an overall easier and faster task. So which tools are there to help with this? Digital tools and Claim management software specifically.
A look into the future of Claim Management.
There are a lot of technology trends that are making their way into the insurance industry. Think of them as five doors and behind each there is a piece of a blueprint for a “productivity machine.” Crossing each threshold will give a part of the overall mechanism of this machine. Only by the sum of its parts would this machine achieve its whole potential. The same goes for claim management. Use these five points as five different sets of glasses with which to look at your claims and your overall claim management process.
“Trying to modernize underwriting by overlaying digital technology is a misguided approach that will not produce the desired results. Digital innovation on the front end simply cannot compensate for inefficient analog middle and back-end processes.” Says Marr. This means that it is not enough to replace manual processes with digital processes. It’s about the adoption of a culture in management and innovation.
The Five Trends the Insurance Industry should be looking at are:
1. Eliminating paper trails has never been closer to reality. No more will you have to rely on finding that piece of information you need, manually. A search bar can do it for you at lightning speed, and that is just one example.
Anticipating Customer Needs
2. Predictive analytics are giving insurers the chance to tailor policies to each individual customer, not only saving everyone money, but also giving their customers the best coverage for their needs.
3.Software is taking over, and that’s a good thing. Claim management software can ease the task of any insurer or risk manager. Not only because it can provide slurs of information in a few clicks, but because with the correct suite for management, you can even connect with Vendors and organize reports that let you perform better as time goes by.
4. Make possible for all the information on the claims you have, to be available everywhere. That means: location of occurrence, personal data about claimants, history of claims, among a thousand more pieces of information. All you need is a computer with an available internet connection. Just signing in with your Claim Management Software and synchronizing gives you access to whatever you need to know.
5.Internet in 2021 is far different to what it was before. Now people expect to be treated as the unique person they are. It is anticipated, also, that this trend will only grow. So, the data you can gather –and should be gathering- will allow you to provide a better service tailored to each individual need and what customers as a whole, are demanding.
“Claim adjusters are not using the tools at hand to make the claim management process an overall easier and faster task”. Christine Marr
A culture of insurance
Now that you know the technology trends that are coming towards the insurance industry, you may wonder “how do I get my company involved?” As said before, you should not hire a cloud service and think you are done with it. Much like the internet itself everything tends to change. So instead of just rushing to build your own server, think in terms of culture first.
The concept of culture as stated by intellectual, Raymond Williams, in a few words, says that “culture is the process in which someone attaches value to something, therefore creating sense,” hence the things you assign value to inside your organization are going to be the things that define your organization. Therefore, if your organization is able to embrace change and live by it, there should be little resistance to digital tools and processes.
In fact, overall digitalization is a good place to start. Nothing says innovation as changing from an ‘analog model’ filled with papers, and time-consuming manual tasks to a digital one, where speed is key and productivity is the queen of priorities.
“Digital transformation in insurance is achievable. We think there’s a predictive model in the head of every underwriter. The challenge is to get that expertise into the system, the technology infrastructure, and the organization so the next generation can absorb it and use it. In the future, underwriters and claims professionals will be technologists.” states Marr.
The best option in the Claim Management toolbox
There are five tech trends that are reshaping the insurance industry and all can be covered with one single software. Since change is a constant, TerraClaim is a great answer. This suite of modules for claim management allows you to streamline your claims, connect to your vendors, work in the cloud with high levels of security, and gets the lifecycle of your claims dramatically reduced. Do you want to see it for yourself? Book a demo, here. You can also talk directly to our representatives through the live chat, or contact them here.