Duck Creek and Beazley recently joined an Insurance Post Live panel event to discuss how technology is changing the face of insurance, and how customer service will be key moving forwards
Joined by Mike Smart, UK Sales Director, Duck Creek Technologies, and Larry Griffin, Claims Team Leader at Beazley, the panel discussed the impact that technology is having on the sector; from helping capture enhanced data for fraud detection and claims management, to helping facilitate communications and speed up processes. But what’s also important is that technology is helping insurers meet customer demand.
“People expect to be able to go online and make changes to their policy or access information about their claims – and insurers want to be able to make that information available,” Smart said. “Remember, customer acquisition and retention is important, and claims service is a key measure that customers use to decide if they want to renew their policy at the end of the term.”
For insurers, this demand has caused a shift in both the way they interact with customers, and how they handle the claims process too.
“Technology has already enhanced how quickly we can communicate with clients, but it can still come in behind the scenes to get [customer queries] into the right hands, to make payments more quickly, or to simplify the process,” Griffin explained. “There is also room for automated – or bionic – claims handling; however, a human element is still needed to talk to the client and understand their needs.”
Unlocking the potential
With 63.6% of delegates planning a claims transformation within the next few years, the role that technology plays is being brought into focus, not only to make processes more smoother, as Griffin emphasised, but to attract and retain the best talent too.
As Smart highlighted, transformation means different things to different people, but even still, going forward, ‘good’ will still be about enhancing that connectivity between claims and policy information; and as Griffin added, it will be about delivering a consistent experience for clients as well.
“We are seeking to reduce the cost associated with implementing these systems by going down the route of developing low code systems,” Smart concluded. “It’s about providing platforms that can help people transform their business, reduce expenses, improve service, and reduce the cost of its delivery. There’s lots of potential out there to use this new technology, and there’s scope to be creative.”
Watch the full panel session on What does ‘good’ look like for claims in 2022?