Technology is constantly changing how consumers interact with their world — we can purchase our groceries online and pick them up at the store without getting out of the car. We can order items from an online service provider and have them delivered to our door within 24 hours. Products, services and even insurance can be purchased on our cell phones from just about anywhere.
Some millennials don't remember life before texting, social media and cell phones. They expect to be able to get directions, take photos, watch videos, speak to friends around the globe and purchase products all on a mobile device.
This expectation has crossed over into the insurance space, and insurers are making significant investments in technology to improve the claims process, simplify the first notice of loss and keep insureds abreast of what is transpiring with their claims. Some InsurTech start-ups allow policyholders to purchase insurance from their phones and use artificial intelligence to assess and pay their claims.
PropertyCasualty360.com, RMS and Claims magazine will be hosting a Twitter chat on Wednesday, May 9 from 1-2 p.m. ET that will examine how technology is changing, its impact on the insurance industry and how policyholders view these changes.
Consumers unaware of technology changes
A recent study from J.D. Power and Associates found that consumers are generally unaware of the investments insurers are making in this area and the impact on purchasing insurance or the claims process. Although InsurTech companies have raised more than $7.1 billion globally since 2012, only 6% of prospective customers were aware of firms such as Lemonade, Metromile, Trov and Sure. Moreover, less than half of the shoppers even aware of their existence said they would purchase insurance from them.
While the study focused primarily on auto insurance, it found that insurers who interact with customers during the purchase process had a higher level of customer satisfaction than those using insurance technology.
The claims process is one area affected by technology as policyholders use their mobile devices to take photos of their losses and file their first notice of loss with insurers. An adjuster may or may not come out to write up an auto or property loss.
We'll be discussing these topics and more during the Twitter chat. Follow us using the hashtag #PC360ClaimsTech.
Participating in the chat are several industry experts, including the following:
- Rebecca Morgan, senior director of product management for Mitchell's Workers Compensation Solutions
Using technology to improve the claims process
- Derek Zahn – vice president of claims – Western Division for PURE Insurance
- Chris Tidball, vice president of sales and claims transformation strategy for EXL Group
Keys to improving the claims adjusting process
- Kristin Marr, president of Valen Analytics
- Don Lipsy, Managed Care Specialty Products Manager with Sedgwick
Curbing prescription drug compounding in workers' compensation
- John Sarich, vice president of strategy for VUE Software
Pressing tech issue: Enterprise software vs. cloud computing?
- Farhana Alarakhiya, vice president at RMS
- John O'Connell, COO at RMS
- Jonathan Silverman, director, Worldwide Insurance at Microsoft
- Neeraj Sibal, assistant vice president, EXL Analytics
Join the conversation at #PC360ClaimsTech at 1 p.m. ET on Wednesday, May 9, to share your insights and questions.
We'll also continue this discussion at the America's Claims Event in Austin, Texas, on June 25-27. Please plan to join us there!
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
