In essence, insurance decisioning is the leverage of information and insights plus intellectual and contextual understanding of the loss to arrive at a determination that delivers the optimal outcome. (Credit: Black Salmon/Shutterstock.com)
Despite its seemingly easy to understand definition, automation in the insurance industry often means different things to different people. For some, automation covers the entire process, from FNOL to settlement. For others, it means automating sub-processes in the claim lifecycle such as damage estimates or payments. The reasons an insurer will explore automation opportunities are equally as varied – like improving speed to respond, reducing workload for staff or enablement of a digital initiative. And because of this, insurance automation initiatives may fall short in delivering what customers truly want – a seamless, simple, great experience when dealing with their insurer.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
