Digital Claims Management Systems

June 23, 2021 7:39 pm

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No need to wait any longer. Digital insurance is here to stay.

Technology makes its mark everywhere and each of us is more or less active in areas where technology is used to perform tasks, sell products or provide services. Recently, a meeting was organized with the help of The Insurance Network, a conference of great interest on this very topic.

What the insurance industry leaders are saying

Among the questions asked by the largest insurance companies, we managed to identify some that we found very interesting. We are talking about the biggest challenges that these companies face, but also what these leaders think about the digitization of claim systems.

Thus, 34% of them consider that the quality of the data and information they have is one of the most important operational aspects of the company.

35% of insurance industry leaders believe that the transformation of the industry will only take place if all service providers meet all customer expectations.

But here is the most interesting point. Almost half of these representatives, namely 49% of them, consider that the biggest challenge they have had so far is to reduce the difficulty of managing the technology components in their company. What does this thing mean? That it is still difficult to manage the combination of technology and the insurance industry

Do you think it’s time to move to digital? How many problems have arisen only because of an outdated system that can not be digitized?

This is happening now!

It happens at a much too low speed, but there is already a great need for digitization. Insurance systems no longer seem to be quality and safe services. Every insurance company in the world now wants to implement a new system, to use a new method of claim management, but the old systems are so well anchored in the industry that the price that should be paid is too high.

The insurance industry is special. It does not work like any business where you can launch a website and the problem is solved. We need cloud technology, a new technology that can be scalable in the long run, but also comprehensive enough to cover all the needs of industry players.

It is cheaper to create a new technology from scratch than to adapt to the old one. And that’s what insurers need now.

Crisis vs. Investments

Unfortunately, it was in the years leading up to the crisis that this movement to digitize the insurance industry began. What are the biggest insurance companies in the world doing? They reduce their costs and avoid investing in research and development. It is safer to keep your money safe and survive for a few more years than to invest in a better future.

Everyone is in need of new technology, but no one is investing in its development. Everyone is waiting for the solution that will eventually come, but how soon will this happen? It depends only on you and how fast you will adopt claim management technology or automation of all the processes you run daily.

Conclusion

Insurers want to implement a digital system. Customers tend to accept only digitized services, and the biggest problem is the current system. How do you position yourself in this system and how much do you think the digitalization of the insurance industry will help you?

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 software? We’d be happy to discuss your project! Contact us today to speak to a business expert.

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