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A New Digital Era of Insurance Products Built on Data and Analytics

author by Graham Sheppard time Feb 28, 2022

As we have explained in our last two blogs, the London specialty insurance market may be planning a welcome return to face-to-face modes of working – three days a week, Tuesday to Thursday - but the hybrid approach will be the 24/7 platform that underpins customer facing ways of working for decades to come.

Lloyd’s and the wider London market is undergoing a huge, digital transformation. Insureds are embracing digital channels, and technologies such as the connected car, smart home solutions, while artificial intelligence (AI) has the potential to bring about a new era of insurance products built on data and analytics.

Innovators such as Lemonade in the United States, Youse in Latin America, or Nexible in Europe applications such as chatbots to turn the process of buying a policy or filing a claim into a better experience. This approach is a huge step up from the days of the analogue processes of traditional insurers.

With new Insurtech competitors on the hunt for customers, incumbents must move quickly to integrate digital technologies into their operations. For the property and casualty (P&C) industry, digitising the claims' function is a huge source of potential. To capture the value of digital, P&C claims functions must embark on a transformation to become a customer-centric, digitally enabled organisation that excels in the three foundational areas of claims customer experience, efficiency, and effectiveness.

Reputation matters, especially for the end client, which is why a best of breed claims management system is more important than ever. Best of breed claims management system technology can help demonstrate that a major investment in Claims Tech is proof of a commitment to managing these claims efficiently. Automated technology will consolidate MI in one place, improve transparency, reconcile payments, assist adjusters looking to commence negotiations and commutation discussions and offset outstanding balances with a long tail. It reduces painful and frictional manual intervention.

The latest claims technology is hugely impressive when it comes to generating insights, analysing and leveraging claims reserve data, managing approvals, peer review and raising the visibility of a portfolio. Customers expect a speedy, intuitive technology platform as well as process transparency. That means the digital redesign of a claims journey needs to go much deeper than superficial process improvements.

Digital technologies can unlock value and improve the claims customer journey from start to finish. DOCOflow, for example, is an analytics tool that provides both a data driven “as-is” view of a technology system and processes and a smart claims processing engine. The technology provides a visual overview of the whole claim journey, highlighting claims throughput, processing time, and turnaround time. DOCOsoft now offers a complete one stop shop claims management solution with integrated analytics and regulatory functionality, such as sanctions checking modules.

For more information on DOCOsoft’s approach to digital innovation, please contact graham.sheppard@docosoft.com

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