Here’s what we’re reading this week.
The connected home – a challenge or game-changer for the insurance industry?
“…Smart homes bring the possibility of creating positive interactions with customers by preventing risk. Integrating insurance into smart home provides long term savings for customers, and more importantly provides safety protection against the risk. As risk experts, insurers can have a leading role in this connected ecosystem in order to make people safer at home. Customers will probably be willing to pay higher premiums for greater security and greater ability to anticipate and mitigate unavoidable risks.”–Cindy Zhang, Head of Property Treaty Underwriting and Cecilia Sevilliano, Head of Smart Home Solutions at Swiss Re
Digitizing the Customer Experience: A New Framework
“Customer experience is the hot new topic in the insurance industry. The explosion in new technologies continues to shape customer expectations of what a customer experience should feel like. The speed and convenience we get from Amazon, the transparency from Uber, and the control we get from Dell are all experiences that drive expectations across insurance. And of course, all the research shows that a superior customer experience drives retention and profitability.”–Karlyn Carnahan, Head, The Americas, Property Casualty for Celent
“One of the most pressing questions that has arisen from the InsurTech movement is this: Will InsurTech startups have a need to utilize the incumbent tech market’s capabilities? In the past three years, startups have been actively partnering with other startups, insurers, and tech incumbents. Partnerships, of course, come in many different flavors. The latest SMA research has revealed that startup MGAs and greenfield insurers are increasingly partnering with existing core systems providers–as clients.”–Karen Furtado, Partner at Strategy Meets Action
“Most insurers, new and old, have already started to use emerging technologies to drive greater efficiency. This is particularly true in the back office, where automation through robotics offers major operational improvements. Take the example of renewals, where there are big peaks and troughs during the year. The spikes in workload mean human error can creep in, while staff overtime costs also make it an expensive process. Using Robotic Process Automation (RPA) tools, on the other hand, reduces errors, lowers costs and increases speed.”–Francis Templing, Director, Technology Insurance Consulting Practice, & Mark Wylie, Director, General Insurance, KPMG
We released some new features in the latest version of Claimatic to help insurers overcome objections to adopting claims automation technology.
Our “bolt-on-brain” technology makes integration with existing technology quick and easy requiring minimal IT support, and the intuitive user interface makes it easy for customers to customize business rules during a CAT event without IT support. Please watch our video below for more information.