Four for the week – vol 26

Welcome to our twenty-sixth edition of Four For the Week (44TW)! To look through past editions, feel free to view our blog. This week we look at the strength of InsureTech funding, attracting the next generation of leaders, and the importance of cybersecurity. We close it out this week with an article on how texting and selfies could be used in insurance. Enjoy!

1. InsureTech funding strong:

Strategy & Innovation

Claimatic Team

With the current economy, it is even more impressive and reassuring that the InsurTech funding is strong. Before COVID-19 hit, many investors were skeptical about whether Insurtech was worth the investment. However, after the pandemic hit, everything quickly moved virtually. InsureTech had the opportunity to step up and provide valuable options to move typically in-person tasks to virtual and automated tasks.

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2. Attracting the next generation of leaders:

Technology & Preparedness

Claimatic Team

Part of growing a successful company is having a variety of ages and minds. Imagine graduating during a pandemic with a failing economy. Unfortunately, that is what a majority of recent graduates are dealing with. The insurance industry has the opportunity to hire some of the brightest minds with little to no competition. The GenZ graduates are known to be driven, competitive, and pragmatic, more so than millennials.

3. The importance of cybersecurity:

Strategy & Innovation

Claimatic Team

If we have learned anything from this year, it is to prepare for risks and threats. With everyone working from home, cybersecurity is important now more than ever. Now is the best time for companies to invest in cybersecurity and engage in conversations about the topic within the office. Data is showing that phishing and hacking have been increased during the pandemic. Cybersecurity is a small investment of time in the grand scheme of things.

4. Texting and selfies in insurance:

Technology & Preparedness

Ven Shanmugam, President & COO

Who would have thought that a selfie could be incorporated into the professional world? Social media is familiar to consumers, but now it has the opportunity to help claims management. Text messaging can be utilized to save time, and it has been found that policyholders are more likely to open a text versus an email. Personal and commercial auto claims have started allowing policyholders to take photos and upload them after an accident. It has shown great success and has reduced cycle times, cost, and time.

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Claimatic is the first dedicated decisioning solution for insurance claims routing and assignment for the enterprise. We believe we stand alone in offering the platform, and administrative tools to quickly configure, deploy and manage the routing and assignment of hundreds to hundreds of thousands of claims at once, while supporting the unique processes and rules for your business.

Customers choose us as a partner because we offer the only open, low TCO solution to meet their needs, regardless of Insurance Claims Management software platforms. We work across platforms and enterprise systems, information sources and software languages in use within the enterprise and across our customers’ partner networks. Our technology supports hundreds of factors involved in claim decisioning, thousands of entities involved in claims resolution, and millions of claims cases, all within a single deployment.

Customers who partner with Claimatic acquire significant advantages from working with a company that has focused exclusively on this set of challenges since day one – the product they need, and the results they want— the right resource, assigned to the right claim, at the right time.

Wes Bright, Product Leader