Mckinsey: Claims 2030 – Dream or reality?

Over the next decade, next-generation capabilities have the potential to completely transform the claims process. Carriers should focus on four areas to unlock value.

 
Insurers are on the cusp of a new era of claims management, one supported by rapid technological advancements that provide unprecedented visibility into the claims process. Every touchpoint in the claims journey, starting even before an incident occurs, will be supported by a mix of technology and human intervention that seamlessly expedites the process. An example of what the auto claims journey of the future could look like is illustrated in this video:

 

 
Organizations in the staid insurance business must strategize quickly to adapt to the rapid advancement of next-generation capabilities such as automation, artificial intelligence (AI), and advanced analytics that has put many industries on their toes. To discuss the future of claims, we selected the year 2030—far enough in the future for lofty aspirations and new business and operating models but near enough to make some predictions with confidence.

We can be assured, for example, that the world will feel different for customers and employees in 2030, as technology enables constant connectivity and speeds decision making. So what does that mean for insurance carriers?

The customer and employee mix will shift dramatically. Millennials and post-millennials (those born after 1997) will make up nearly half of the adult population.1 These digital natives will expect seamless, omnichannel, real-time interactions integrated with the platforms they already use frequently—along with some we can’t imagine today. Carriers will need to balance the needs of these younger customers with those of the other half of the population: Gen Xers and baby boomers who don’t have the same preferences or facility with digital interactions.

Technology will continue to evolve at breakneck pace. The Internet of Things (IoT), connected homes and businesses, self-driving vehicles, and wearable computers will promote instantaneous data sharing across ecosystems. Insurers will know more than ever about customer risk profiles and behaviors. They will recognize fraud more easily and adjust claims faster and more accurately. Digital advances and powerful new analytics will help carriers intervene at the right moments to launch marketing, make sales calls, reduce risks, prevent losses, and tailor products and services to meet specific clients’ needs.

Claims 2030: Dream or reality?

Πηγή: mckinsey.com

 

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