Written by GoodData Author |
There was no shortage of lively conversations at last week’s America’s Claims Event (ACE) in Austin, TX. Over 300 claims professionals gathered together to share their insights and best practices on digital transformation, exploring the impact of enabling technologies such as AI, machine learning (ML), blockchain, and drones have on the claims process, as well as the overall insurance practice.
For GoodData, we were excited to learn that insurance, an industry slow to change, is finally getting on the digital transformation wagon by adding some of the latest technologies to their tool belt.
Here are a few things we learned at ACE:
- AI and ML are hot topics. However, most carriers are still in the early stages of adoption and trying to identify the proper use cases.
- Straight-through processing, driven by analytics and including AI and machine learning, will see continued adoption.
- Information-sharing is critical to ensuring a seamless claims experience. Information–sharing allows all the relevant stakeholders to access the information they need whenever and wherever they need it, making straight-through processing possible.
- Although AI and ML will streamline the claims process and make it increasingly a low-touch or no-touch experience, many carriers see insurance as a relationship-based industry in which policyholders expect empathy, hence a human touch is an essential part of the service. Most carriers believe no technology will replace their employees entirely. That said, insurers do recognize the need to provide better training for their employees to obtain additional skills.
- To optimize the policyholder’s experience, simplicity is key. This includes simplifying the quote and claims process as well as the product bundles. In addition, policyholders expect complete transparency on how their claim is handled. Technologies should enable a holistic omni-channel experience for the policyholders, any new technology adoption should start with the impact to customers.
- To build or to buy new technology capabilities – Most carriers today prefer the latter. At the same time, very few carriers buy everything. The biggest challenge with the “buying” option is the integration of disparate systems - no surprise here!
- With more millennials joining the workforce, their own digital experience will help accelerate the digital transformation for the insurer they work for. Meanwhile, insurers are also exploring new ways to attract, train and retain the new generation of insurance professionals.
- Cannabis insurance is the new kid on the block! Policies still need to be ironed out as new regulations coming into force. For now, read the small print diligently!
GoodData resonated with many of the analytics challenges in insurance today. Our insurance specific solutions – Claims Insights, Underwriting Insights and Customer Insights, are designed to address some of the major pain points carriers are facing through their digital transformation. At ACE, we presented to a fully-packed room on how insurers can cross the analytics chasm by automatically delivering data and insights to the frontline employees, such as adjusters, SIU managers, using an end-to-end analytics solution.
Fig 1. Packed room at GoodData workshop session at ACE2018
Such solutions not only enable straight-through processing but also makes intelligent, actionable recommendations for end users to make quick and better adjusting decisions. The AI-powered system can also learn from the user’s responses and actions continuously to deliver better performance overtime. Only by making analytics pervasive and seamlessly embedded in all stages of the processes, can insurers achieve the highest return on their analytics investment.
Fig 2. Track Return on Analytics Investment by Analytics Maturity
We are happy to report that the audience responded positively to our story and it triggered several in-depth conversations on the implementation of the solution afterward. Clearly, insurance carriers are ready to take the leap across the analytics chasm, and GoodData is here to help.
Check out this webinar: Achieve Claims Excellence with Data and Predictive Analytics if you would like to learn more about GoodData’s claims solution. We are looking forward to more productive conversations with insurers on how to leverage analytics to deliver optimal claims experience.
Written by GoodData Author |