four for the week – vol 6

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Welcome to our sixth edition of Four For the Week (44TW)! To browse previous editions, please see our blog. This week we’ll be inspecting the 3 R’s of the P&C industry as laid out by McKinsey, some thoughts on a relatively touchless claims future provided by Insurance Thought Leadership, the real challenges & benefits of a long-term work from home strategy according to Genpact, and we’ll finish with a nostalgic (pre-pandemic), but still relevant article from Deloitte about the 2020 state of the union in the insurance industry.

Strategy & Innovation

Denis Connolly, VP, Corporate Development

The insurance industry is often perceived as complicated and slow moving. Yet insurance is one of the largest global industries, generating more than $5 trillion in annual revenue. It plays a critical role in today’s economies, offering financial protection and risk mitigation to individuals, small businesses, large corporations, nonprofit organizations, and even governments. As a whole, property and casualty (P&C) insurance represents $1.6 trillion in premiums (about one-third of the insurance industry) and remains one of the few industries that has yet to be deeply disrupted.

Technology & Connectedness

Claimatic Team

Stephen Applebaum, managing partner, Insurance Solutions Group, is a subject matter expert and thought leader providing consulting, advisory, research and strategic M&A services to participants across the entire North American property/casualty insurance ecosystem. Insurance is is coping better than most would have ever imagined, thanks to the technologies that have been gradually but surely emerging for at least the past two decades.

Technology & Connectedness

Denis Connolly, VP, Corporate Development

genpact articlePeople are wired to be with other people: our colleagues, our friends. And our facilities reflect that idea. Specifically, at work, proximity promotes trust, and trust creates the social capital that’s needed for collaboration. That capital must be created and periodically rekindled, and this is particularly true for new employees who need to find their place in the enterprise network. It is also true of younger employees because the workplace is a big part of their social network.

Technology & Connectedness

Claimatic Team

The global insurance industry is scrambling to grow and maintain profitability amid maturing markets and volatile economic conditions, all while reinventing their products, operations, and business models to cover evolving exposures, satisfy rising consumer expectations, and integrate new technologies. How well insurers resolve the “synthesis challenge”—integrating innovation in technology, talent, and business models into change-resistant legacy environments—may be the biggest success factor for the industry in the decade ahead?

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

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