From a survey by a leading research firm – “86% of insurers have stated the importance of innovation to retain a competitive edge.”
Digital technology has been disrupting business models for a while now, and this phenomenon is experienced across industries. In the case of the insurance industry, it is pushing insurers to re-imagine their business strategy and models. Today, with importance having shifted from products to customer experience, insurers are looking to simplify and streamline their insurance purchase journey all the way to claims management.
Insurance companies start their end-to-end digitization of claims process by integrating AI/ML capabilities, digital technologies & claims ecosystem to:
Automate claims management
Predict claims instances & prevent occurance
Digital First Notification of Loss
Improve overall operational efficiency,
Achieve high levels of customer experience.
Ultimately, Intelligent Automation reduces the speed of processes and claims settled by 80%.
In order to determine how digital solutions can unlock value and enhance the customer’s journey, [especially in claims] from First Notification of Loss (FNOL) to settlement, insurers and insurance leaders need to develop and deploy solutions that will be sustainable, and free from technological barriers.
Customers want simple and fast digital solutions that offer them
real-time updates, complete transparency of process and a one stop solution.
Read our whitepaper “End to End Digitization of Claims Processing” to know more!
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