While much innovation has focused on distribution and underwriting in recent years, claims is destined to transform more than any other area of the insurance business.
The real measure of innovation is when underwriters are forced to think outside of traditional policy constructs, driving all other participants in the value chain to follow suit and adapt.
When financial institutions design processes and solutions to meet operational or other internal criteria—taking little or no account of how they impact customers.
Data is the new oil, and for the insurance industry these may very well prove to be the boom days.
To provide the best possible customer experience, insurers need the capability to enable those closest to the customer to easily personalize customer correspondence, yet stay within defined rules to remain compliant and maintain brand consistency.
Compliance, regulation and big content management will need to be top priorities for companies seeking to integrate the latest technologies into their practices and reap the benefits of innovation.
Insurers are not doing a terrible job at customer experience, but they need to consider more proactive, personalized, and technology-driven approaches to remain competitive in an impulsive market.
Consumers are lukewarm on the performance of life insurers in key areas. By focusing their skill and technology investments on the largely-ignored topic of emotional connectivity, insurers will dramatically improve their ability to stay relevant with their customers.
Are dental and medical insurers destined to join forces or are there other options?
With the right distribution channel and the right tools and technology, life insurers can capture this growing customer segment.