DOCOsoft – The Future of ClaimsTech

Following the huge upheaval caused by the COVID-19 crisis in 2020, insurance companies are looking to get back on track and build for the future.

The past year has overturned assumptions about how companies operate and how people live and work. Insurance carriers, brokers and other partners in risk look at their operations and fragile supply chains, untrustworthy MI and the development of radical new customer needs. As DOCOsoft’s customers respond to these realities, all of them are having to become Experts at Change. It is our role as a trusted insurance claims solutions provider to guide them through that transformation.

It would be tempting for Managing Agents to retreat to what they know, after all, the insurance market has always sought sanctuary in its 325+ years of history. 2021 shone a light on the potential for new agile, ways of working. It has become incumbent on companies like DOCOsoft to maintain a clear-eyed perspective and sharp focus on its clients’ digital transformations. In this way we can help them to emerge as experts at change and the new leaders.

The evidence from a multitude of external surveys and our own conversations with our insurance partners suggests that there is no leadership without technology leadership. The ongoing digital acceleration, which will leave no one untouched in the claims arena will place technology as the cornerstone of global insurance leadership.

In our experience, Heads of Claims are learning that leaders are no longer prepared to wait for the “new normal”, they build it themselves or, at least work with service providers who understand the market to bring about that change. Major transformation today demands bold leadership—and the prioritisation of ClaimsTech. The new reality is that it’s not just about patching old legacy systems or delivering an upgrade but upending convention and creating a strategic claims vision for the future.

In this future, insurers have a real opportunity to have a positive impact on the world around them. Indeed, it may be that financial success is only one measure of leadership. Work/life balance, the new world of working from home all make this a unique time to reshape the insurance market and make the world of work better for our customers than it was before the pandemic. DOCOsoft is much more than an insurance and claims technology company, our goal is to give our customers – people – the tools and roadmap to help them become the best version of themselves. As our global customer base expands, that may mean we need to broaden our definition of value to include how well insurance practitioners thrive, the impact we leave on the environment, the desire for growing Diversity and Inclusion and a lot more.

In our next blog, we will look at the way business and technology strategies are increasingly becoming intertwined.