The insurance industry is turning digital with new companies entering the market and established companies redefining their strategies. In Personal Claims Management, some companies are making considerable progress, but many are still behind. Here we describe our views on why it is necessary to digitize Personal Claims Management.
1. A new generation of customers
As society overall takes the next step in digitalization, customers are getting used to smarter services. They expect to do everything with their smartphones and services to be delivered fast and transparently. After an injury, they will not be willing to start filling out paper forms or not knowing what is going on — expecting a modern digital experience.
2. New types of cases
An increase in complicated mental illness cases and new types of traffic injuries make Personal Claims Management more complicated. Put on top of that an increase in frauds, and you see why personal claims adjusters cannot spend their time on manual tasks.
3. New Regulations
GDPR and other data security regulations are often updated and not easy to stay ahead of. A manual process including various systems, files, and papers is seldom compliant. Customers are also more aware of their rights and want to know how you handle their data.
4. Shortage of senior claims specialists
Millennials are said to be the Job-Hopping Generation, where a survey reveals that 21% changed jobs within the past year. With a staff that changes jobs that often, it becomes essential not to become reliant on the staff’s experience but instead to build quality data. Letting a bot record your actions, it learns the process and shows you or your new colleague how it has been done thousands of times before.
So with that being said – are you ready to go digital?