The Insurance Network’s recent Virtual London Market Claims event saw a vibrant debate emerge during the strategic claims technology panel discussion, featuring Duck Creek Managing Director for Europe Bart Patrick.
The last six months have highlighted the strategic importance of technology, both in enabling new operating models and streamlining the claims process, particularly as insurance businesses adapt to the “new normal” of remote work.
In this session, the panel explored the latest technology that can enable a digital claims service to enhance the client experience, deliver efficiency, and provide the platform for a future claims operating model.
The group discussed whether central claims services were now redundant in the post-COVID era, what technologies have been utilised (and made the biggest difference to meeting customer expectations) during this time, and the digital changes to the industry that could occur as a result.
Bart Patrick highlighted how many closed-box, on-premises systems were essentially out of date as soon as they had been installed, as procurement processes can last months if not years, leading to the situation of automatically working with less modern systems – in other words, installing legacy from the get-go.
As a counterpoint, Patrick pointed out that cloud-based software as a service (SaaS) systems not only leverage the best available claims technology right at the point of adoption, but are also continuously delivering new functionality to solve ever-changing insurance business challenges.
This on-demand, evolving functionality enables a fundamentally new approach to competing in today’s industry – one where technology supports strategy rather than dictating it, and where carriers are empowered to focus on innovation and delivering excellent customer service in entirely new ways.
“From an IT perspective, there’s nothing stopping us. The technology is scalable and can deal with what the market needs it to do at scale. It’s working out right now across the industry – particularly in the subscription sector – how to declutter what is there; insurers are looking for commonality in areas that add no value to the insurer or the insured, but just create costs for all of us.
Let’s focus on excellence in customer service and compete on that, and get rid of the clutter. The whole era of inherently installing legacy systems will be a thing of the past.
Now we have SaaS platforms, essentially an evergreen technology in front of us today; the software company doesn’t just turn up, fling the software at you, and run off – they’re actually responsible for keeping it up to date.
These evergreen platforms must be platforms for innovation, designed from the ground up with that in mind – that they will have to change, to pivot with the customer, and support them on their journey.”
Listen to the full panel session here.