Claims organizations are facing unprecedented combined pressures from talent and supply chain shortages, inflation, disaster cycles and more. It changes the nature of the position, says Alan Demers, president of Insurtech Consulting LLC.
“When you’re in that head seat, you [generally] focused on three main things in some balance: customer satisfaction, loss cost, and claims handling costs,” says Demers. Where are you on the claims automation path? How many technologies have you adopted? Merging it all together, in my opinion, makes this situation very different from previous cycles.”
However, this is not all bad news. The digital transformation taking place in insurance is also helping settlement leaders. Although fully automated claims are rare in most common lines of the insurance business, the practice has advanced significantly over the past two years, according to Stephen Applebaum, managing partner of the Insurance Solutions Group. He and Demers shared what they consider the six most influential recent transformations in a joint interview with Digital Insurance.