July 23rd, 2018

Claims in the Technology Era

Posted at 1:00 AM ET

Employing technology to streamline claims may be a strategy for profitable growth for insurers as clients seek more innovation in this arena.

A significant majority of companies would change or consider changing their insurer based on the availability of innovative solutions to file claims, according to this year’s Excellence in Risk Management survey from Guy Carpenter sister company, Marsh, and RIMS. It showed that 40 percent of respondents would consider switching to other insurers and advisors that offer innovation in the claims area and another 43 percent would not rule out such a move.

The survey explained that claims-centered insurtechs are focused on innovations that would reduce adjustment expenses, mitigate fraud, and digitally-enabling restitution, including making payments before a claims is made.

The study broke down filed claims by coverage lines and the rates of satisfaction. Between early 2015 to early 2018, 20 percent of respondents in the survey experienced a cyber claim, the lowest among all coverage lines. Those who filed for cyber claims expressed the highest level of satisfaction; as 32 percent said they were extremely satisfied and 44 percent were satisfied. This could stem in part from the number of ancillary services that insurers often provide in their cyber claims services, the study explained.

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