Session presented by:
Jeffrey Austin White – Senior Vice President, Workers’ Compensation – Gallagher Bassett
The pace of change in claims and risk management persists at an ever-increasing rate with disruption driven by InsurTech entities and the advanced technologies they are providing insurance operations. This session at the 2018 National Workers’ Compensation and Disability Conference demonstrated how insurers currently apply InsurTech and tools like artificial intelligence, highlighting their potentially disruptive impact on risk management and claims over the next three-to-five years.
InsureTech is a movement, an investment in innovation in the insurance industry. Historically, the industry evolved slowly and based on the needs of the baby boomers. Today, advancement opportunities are revolutionary, based on demographic changes, “Amazon-like” customer experiences, shared economy, and medical advances/increasing lifespan.
Today, insurance companies are investing in agent/distribution portals, customer portals, CRM, adjuster portals, mobile app, and social media. In InsurTech, there are disrupters and enablers. The focus now should be enablers, those providing applications and solutions to improve four areas ripe for innovation: product & distribution, data & analytics, business process enhancement, and claims management.
In InsurTech engaged companies, business process enhancement tools include business process management, optical character recognition, robotic process automation, artificial intelligence, natural language platforms, and cognitive agents.
Data & analytics opportunities across the claims value chain include FNOL and coverage verification, triage and segmentation, investigation and evaluation, set reserve/payment thresholds, medical bill and indemnity payments, disability management, monitor development, litigation management, and closure. Telemetry in vehicles and wearables are two practical tools being leveraged for data and analytics.
Claims management digital transformation and claims handling advancements include digital claims prevention, digital first notification of loss, automated claims management, digital loss assessment and repair, and automated settlement. Practical tools include online access to care and online delivery of care.
InsurTech enablers can help your company keep pace and improve service offerings. Industry reliance on mobile solutions and automation is increasing, strive to stay relevant and monitor service innovations across insurance lines and industries.