To ensure that business thrives—and not just survives—insurers need to be enabled to deliver better customer experiences. This can be achieved by leveraging artificial intelligence (AI), analytics, and digital technologies to enable insurers to achieve their goal. Yet for today’s digital-savvy insurance customers, the benchmark for success is no longer just other insurers. It is also Amazon, Google, and Netflix.
These changes in customer expectations are prompting insurers to reimagine the traditional claims process. With COVID-19, for example, Guidewire customers reported an increase in the use of mobile channels to jump-start claims and investments in virtual inspection technologies, because claimants were not comfortable with an adjuster on site.
Reshma Mani (senior director, product management) and Jeremy Karmolinski (product manager) at Guidewire Software will deliver a keynote presentation on how to ‘Reimagine Traditional Processing To Deliver Customer-Centric And Cost-Effective Claims’ on Day 2 of Claims Innovation USA – 14 July 2021. They will discuss customer and market trends, as well as delivering a demo of their software.
They are keen to talk about their vision too, relating to the next generation of claims solutions. “Our vision for the next generation claims solution is built with agility in mind—with analytics, AI and digital technologies all working seamlessly together,” they say. “One of the most critical components of our next generation claims solution is AI, which will act as a conductor or orchestrator to manage all aspects of claims handling.”
In an interview with Claims Innovation USA’s editorial team, they also respond to the following questions about the future of claims, the mistakes insurers are making, and the key claims-generation trends for the next five years. They also express what they would like delegates to take home with them from their presentation.
In what way will next generation claims solutions help to shape the future of claims?
As insurers continue to grapple with changing customer expectations and shifting market demands, next generation claims solutions must be nimble enough to change with the market and embrace emerging technologies. This includes leveraging analytics and AI to make more informed and automated decisions for claims handling, no longer bogged down by bottlenecks and manual processes. Automation powered by AI will empower insurers to take an automation-first approach to claims handling, revolutionizing the traditional claims process.
Guidewire has the most trusted claims management solution in the property and casualty (P&C) industry and the proven capability to transform claims-servicing operations for insurers worldwide. We have been helping customers deliver extraordinary claims customer experiences for over 15 years. Our next generation claims solution builds upon over a decade of industry knowledge and experience to help insurers continue to engage, innovate, and grow efficiently as market and customer expectations evolve.
“As the insurance landscape evolves dynamically, insurers must embrace new thinking about the traditional claims process.” Reshma Mani, Guidewire Software
Why are AI, analytics, and digital technologies vital in enabling insurers to deliver better customer experiences?
Our next generation claims solution will embrace digital technologies to interact with customers in various ways: business intelligence to monitor and continuously improve claims handling; enabling a claims ecosystem of third-party providers and partners; and having automation powered by AI and analytics to process claims more efficiently. Together, these capabilities will allow insurers to deliver better customer experiences and lower operating expenses.
What are the key mistakes insurers are making with claims solutions today, and how can they resolve them with the next generation of claims solutions?
When choosing a claims solution, the critical mistake insurers are making today is not considering changes in the market and their long-term goals. Traditional claims solutions have always been rules-based and adjuster-driven. These conventional processes have worked for decades for many insurers. However, changing customer expectations and shifting market demands require insurers to rethink these legacy processes.
How can insurers deliver better customer experiences?
Insurers will need to continue to leverage claims integrations for delivering better customer experiences and provide more visibility into the claims process for their customers. To help insurers achieve this, Guidewire offers the largest ecosystem of partners and insuretechs to streamline integrations with these third-party providers. Additionally, we leverage digital technologies and two-way communications to help insurers provide full visibility into claim status updates.
What will be the key claims-generation trends over the next five years?
We expect to see continued growth and investment in the areas mentioned above: AI, analytics, digital technologies, automation, claims visibility, and third-party integrations. As the insurance landscape evolves dynamically, insurers must embrace new thinking about the traditional claims process. We can no longer rely on a traditional mindset when it comes to claims. Insurers need to embrace new technologies to create innovative approaches to insurance.
Mani and Karmolinski are speaking at Claims Innovation USA Virtual Event (13-15 July 2021). The event brings together more than 60 expert speakers on claims transformation and is free to attend for insurers and brokers/agents. Register now to access more than 15 hours of content live and on demand.
Guidewire, Artificial Intelligence, AI, Claims Innovation USA, Digital Technology, Insurance, Reinsurance, Reshma Mani, North America