The claim management ecosystem is evolving into a collaborative one.
If you say these words in a less developed country, you will most likely make a fuss with the insurers. It is true that in some areas of underdeveloped countries, the insurance ecosystem looks more like a battlefield where documents and procrastination are always thrown away.
It is those countries with a large population that are likely to become some of the strongest in terms of the insurance ecosystem.
Personal data integrators
We are still trying to motivate the fact that a claim management system is more important than ever. If you have an insurance company that is still struggling to get technologically, this is the solution and it is closer to you than ever. Whether an IT company, an information service company, artificial intelligence or other companies based on legislative principles can create their own databases in an age of technology more than anything.
How many people use an insurance service? The answer is many figures, comparable even to people who now know what social media means. Billions of people have insurance of all kinds. There is a database that is sufficiently technological to be used for more complex processes. The largest corporations in the world are struggling to have larger databases of their customers.
Can an insurer build such a database? It is difficult to become a major player in an industry, but in the digital age, online identity and the amount of information you have about as many people as possible is more valuable than any business.
Simplification of claim management systems
What will a claim management system look like in the future? It will work 100% on its own and will be based on the city’s own infrastructure. There will be an information gateway with a common communication bridge through which real-time data on city streets will be sent directly to insurers. The client claims that an accident occurred due to external causes and you should pay them money.
Access to facial recognition Video cameras in the area of the accident could give you all the information you need to be able to validate this claim. Sensors attached to buildings and control systems based on artificial intelligence will be the deciding factor in resolving claims. Does the client send a series of pictures? Live information at the crime scene will confirm or deny those photos.
Customers and insurers will become partners.
Monitoring systems exist and insurers need to digitize them as quickly as possible. What do you think will happen? The scenario described above was not science fiction, but rather a true story.In order to give you a concrete example of how effective this monitoring could be, in which insurance companies can also participate, here is another scenario:
If on a central street where there are many private companies, shops, commercial spaces and a high number of homes with medium to high prices, there is a failure of the drainage system that will cause a large flood that will create damage of millions of dollars.
If, through the information transmission system, the insurance companies notice that there is a malfunction, they can delegate a team of specialists to make repairs or they can announce the incident. Thus, the customers’ money will be used to prevent damage and not to compensate those who have suffered.
Although the insurance system seems to be lagging behind when it comes to technology, it also has a very high capacity to be effective when it comes to integration into society in the form of technology valid for all.
With the help of a very good claim management system that can be implemented today, but also with the help of a good artificial intelligence algorithm, the insurance system will be able to become more than can be perceived today.
Before you go, do you have an insurance product in mind you need to get out to the market quickly? Are you looking to digitally transform your claims management processes and systems? We’d be happy to discuss your project! Contact us today to speak to a business expert.Tags: Digital Transformation, Insurance Industry, Personalised Experience, Seamless Processes, Software Services