How to make the right insurtech investments
The pandemic saw companies accelerate their uptake of insurtech to solve old and emerging problems, and this acceleration has coincided with an increased acceptance and expectation of these changes from customers.
As we all moved online to claim, assess, and manage our internal and external stakeholders, insurtech providers rapidly shifted to take advantage of our newfound digital dependence. We believe this rapid acceleration has meant insurtech is close to the inevitable saturation limit that comes with major technology adoption. Just like cars, televisions, and computers now dominate our daily lives, we can see that the usage and acceptance of insurtech dominates in both commercial and social aspects of life.
The challenge for insurers now is ensuring any investment in technology goes beyond just a shiny new platform that you need to train your staff to use. Your investment in these platforms is an opportunity for carriers to win back, and maintain, trust.
The three core insurtechs carriers may wish to invest in to see these benefits, include:
1) Customer experience platforms
There are several simple ways any carrier can improve customer experience through insurtech, from automated chat messaging to smoother online claiming portals. But, where carriers can take their customer experience tech to a new level is in automating and digitizing the claimant communication process. To combat the stressors and pain points in traditional email-based claimant communication, Gallagher Bassett invested in GBGO – a mobile suite that provides fast, effective and instant communication for carriers, claimants and employers. Whether it’s locating the nearest provider, filling a prescription or checking the status of a payment, apps can help bring a more engaging and reassuring experience for your clients.
2) AI and RPA
Reduce the risks of manual, human-error riddled processes by partnering with a TPA that’s invested in AI and other automation programs. Together, you can segment your portfolio of claims based upon frequency, severity, jurisdiction and other factors, to ensure the right files land with the right people more quickly.
3) Advanced Risk Management Information System (RMIS)
Take control of the total cost of your business by investing in a modern, agile RMIS or partnering with a TPA who already utilises one you can leverage. The right platform should be able to give you oversight of all important performance metrics at a glance, and support your team to respond to risks as they emerge.
With reinsurers and even major software companies like Google investing big sums of money into insurtech, the continued fallout from the FCA UK case and increasing mistrust of insurers, there are several challenges on the horizon for traditional carriers – especially if they don’t take action now to invest in insurtech.
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