With the new year underway, digital advancements continue to propel the insurance industry forward with three cyber trends set to take on 2023. It’s no secret that the driving forces of this year’s digital trends intend to alleviate the challenges of years passed, with opportunities to refine processes and enhance customer retention. We reveal the digital trends of 2023 and how leveraging innovation can create a competitive advantage in the marketplace.
Analytics
Data insights continues to be a defining metric of growth for insurers, with undeniable benefits across long-term risk management. Access to various internal and external data points allows businesses a platform to service the diverse needs of varying sectors, with robust analytics on differing sectors and sizes. GB’s consultative analytics team support insurers by delivering actionable insights with a focus on development patterns, underpinned by 20 years of claims history information, to drive positive impacts on claim lifecycles and business development opportunities. This year, improving data insights should be top of mind to stay ahead of the curve and foster avenues for enhanced demographic risk profiling, customer behaviour mapping and cost savings.
Automation
In 2023, decision-support tools have become a pioneering trend among insurers to reduce resource wastages driven by administrative processes. Utilising smart software and automation tools allows resolution managers to focus on providing a better service for complex claims, by enabling others to swiftly move through the automations journey. The elimination of manual assessment within the claims resolution journey is in high demand this year as businesses shift focus to resource optimization. With a customer focus in mind, recent years have seen a rise in customers confidently self-managing service enquiries with automated communications and claims updates. These advancements have improved customer retention and paved the way for businesses to redirect resources and support customer autonomy. This year, automation tools will be central to improving customer retention, empowering resolution managers, and supporting resource optimization for better outcomes.
Predictive analysis
As the insurance industry continues to face talent shortages, accelerating claim lifecycles can seem an insurmountable task. However, predictive analytics tools have taken the marketplace by storm, eliminating the drivers of unnecessary delays and manual assessment. Waypoint, GB’s predictive analytics platform, empowers resolution managers with smart analysis to pursue immediate claims resolutions and foster better outcomes for insurers, claimants and claims professionals. This is underpinned by GB’s SMART methodology (Severity Mix Adjusting Rating Technique) which expertly assess claim characteristics and predicts severity. By implementing predictive analytics, human insights are strengthened with technology that supports daily decision-making, proactive actions and reports against award-winning benchmarking philosophies.
To stay competitive in 2023, contact our team to find out how you can leverage these top three digital trends this year.
