Over half of claims professionals believe their firm is ahead of their peers when it comes to providing a quality claims service.
Despite this, there are concerns about whether they have the right technology to support the services they’re delivering, with just 13% of claims professionals believing their firm’s claims technology is cutting edge. These are just some of the many thought-provoking findings in the new Evolution of Claims report produced by Research in Insurance in conjunction with BLM, Iprosurv and Sedgwick.
The responses to the in-depth research among senior claims heads uncovered a range achievements and wins for the sector, but also concerns, revealing nagging doubts among frontline claims professionals about the speed at which their firms are embracing and deploying new technologies and using them to re-orientate their processes towards the customer.
Defining customer expectations is central to the challenge facing the industry, says the report.
Universally, people want claims to be settled quickly, have a fair outcome, with little quibbling and interruption to their lives. The report highlights how convenience and transparency are expected to be at the core of this re-shaped service proposition – including developing a 24/7 self-service approach. The report highlights how companies will have to provide this as an additional option in the choice of channels through which customers can interact but are struggling to make this transition a reality.
Using data and artificial intelligence in customer-friendly portals and apps are prominent among the solutions leading insurance professionals taking part in the in-depth qualitative and quantitative research advocate as solutions. Many fear the progress towards those solutions is too slow and too piecemeal. The baggage of legacy systems is highlighted as a major concern.
The report explores these issues alongside other key challenges facing the claims sector. Preserving the skillsets necessary for the investigation of complex claims emerges as a key concern as does the threat to traditional providers from insurtech disruptors. Attitudes toward regulation, vulnerable customers and sustainability are also probed in the report.
Notes to editors
32 in depth telephone interviews were conducted with senior claims professionals or senior professionals who work closely with claims in the insurance industry from the UK and Asia. The interviews took place between 29 September to 30 October 2020.
For more information contact Toby Finden-Crofts.