• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
Claimatic Logo

Claimatic

Intelligent Claims Automation

  • Our Solution
    • The Claimatic Difference
    • Customer Success Stories
  • About
    • Who We Are
    • Our Team
  • Resource Center
    • Insights
    • FAQ
    • Press
  • Use Cases
    • CAT Management
    • Labor Squeeze
    • Insurtech
    • Pre-Cloud Migration
    • Auto
  • Contact

four for the week – vol 2


Four For the Week (44TW) is back for our second week, In case you missed the first 44TW, you can find it here.

In our second edition, we begin with a tip of the hat to Doris Kearns Goodwin’s bestseller that explores the intersection of leadership and difficulty through the lives of four men who once led our nation. Next Admiral Stockdale’s famous paradox, observed while a Vietnam POW, on the importance of facing the truths of the present while remaining optimistic about the future. Next, McKinsey has a new research report on Coronavirus for P&C insurers. Last, for #4 this week we handed the keyboard to our COO and gave him carte blanche. We should have known what would happen.

1) Leadership… in Turbulent Times

People & Leadership

Wes Bright, Product Leader

book“It is not in the still calm of life, or the repose of a pacific station, that great characters are formed,” Abigail Adams wrote to her son John Quincy Adams in the midst of the American Revolution. “the habits of a vigorous mind are formed in contending with difficulties. Great necessities call out great virtues.” – Abigail Adams

“Great necessities call out great virtues.” Abigail Adams’ words ring as true today as when she first wrote them down 250 years ago. It is often in the difficult times that leadership is formed. Without ignoring the significant hardship this

season brings (more on that below), can you consider your present experience within this frame offered by Abigail Adams?

In Leadership in Turbulent Times, Doris Kearns Goodwin profiles four presidents’ lives in all their forms— from early life, to pivotal experiences of loss or failure and the growth that ensued, to pivotal periods of accomplishment and the keys to their successes.

Tim Kaine, in reviewing the book for the Washington Post, noted the greatness of these four presidents was that “they possessed an outsize passion to do good for others and believed that American greatness was measured by our capacity to exceed simple self-interest.”

Do the leaders shape the times or do the times shape the leaders?

2) The Stockdale Paradox in 2020

Decisioning & Outcomes

Ven Shanmugam, President & COO

“Unwavering faith that you can and will prevail with the discipline to confront the most brutal facts of current reality.” – The Stockdale Paradox

Running a business has its challenges. Trying to do so in the midst of a crisis may be even more daunting. Many companies are prepared for it, through established business continuity and disaster recovery plans. But how prepared are we in an unprecedented global pandemic?

Overcoming these challenges has as much to do with one’s mindset as it has to do with any established processes. This is where the Stockdale Paradox may help shed some light. Named after James Stockdale, a former naval officer and Vietnam prisoner of war, the Stockdale Paradox is a concept popularized by author Jim Collins in his book “Good to Great”.

In short, Rear Admiral Stockdale, while held as a POW, developed a strong mindset of “facing the brutal truth” as opposed to the ever “optimist”. An optimist may wait for a crisis to pass and for better times to come in the near future. However, doing so keeps them blinded from what may truly lie ahead in a crisis.

Especially during these times, many industries will be changed forever, as people learn how to live differently. In the insurance industry for instance, people are driving less as they leverage digital technologies. Customers are more cost conscious, and more willing to shop around for cheaper insurance.

There are plenty of other similar examples. But the key is to be open to considering how different the future may look, and embracing change to lead into this future.


3) Coronavirus response: Short- and long-term actions for P&C insurers

What’s Now & Next

Wes Bright, Product Leader

McKinseyWe’ll leave it to McKinsey to describe the impact of this pandemic across all lines of insurance. However, we found this paragraph to be worthy of the highlighter:

“Accelerate automation and digital transformation. If ever there was a time when intermediaries and policyholders might be willing to abandon paper and move online, that time is now. This opportunity can represent the tipping point. Carriers can lean in by promoting digital channels for all segments of the value chain, from equipping agents with remote capabilities to driving distinctive customer engagement through digital payments, submissions, and claims. It is also important to acquire and develop the appropriate technical skills to interact with customers on their terms and to meet their evolving needs.“

The term “digital transformation” has the paradoxical ability to say a lot and a little at the same time. Moving beyond the jargon, the opportunity-at-hand transcends operational readiness should another pandemic event occur. This is about the acceleration of the digital customer experience to the point that most of the world is now in scope. Openness to new technologies and ways of interacting is going viral itself. Grandparents are initiating calls on Facetime and Houseparty, ordering groceries online, and streaming Netflix.

For context, the video chat party app Houseparty has 50 million new sign-ups over the past month. The use of Microsoft Teams video chat service is up to 2.7 billion meeting minutes, and Zoom has grown from 10 million users to more than 200 million since the outbreak.

The question we should be asking is, “Will everything return to normal when all this is over?” While we don’t see offices going away, we’re pretty sure the access, convenience, and network effects these newly discovered technologies provide will prove to be too valuable to discard.

4) WFH –> LOL

Technology & Connectedness

Claimatic Team

Last, a flashback to this video from 3 years ago. Certainly humorous, especially for parents who are presently working from home. Who would have thought then that this would become the norm?


Enjoy…and don’t forget to lock your “office” door!

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.
TAGS: innovation|insurtech|rpa|transformation|weekly picks

  • Previous
    four for the week – vol 1
  • Next
    four for the week – vol 3
Claimatic Logo

Sign Up for Our Monthly Newsletter

Quick Links

Our Solution

About

Resource Center

FAQ

Contact

5631 Broadway St.
San Antonio, TX 78209

Contact Us

855.608.4479

© 2023 ClaimaticPrivacy Policy

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT