Who leads the way in claims modernization?

One way to characterize how technology is impacting insurance claims is to track claims  handling today versus the way claims were managed five or 10 years ago.

“A smart claim,” Sean Burgess, Lemonade’s chief claims officer, said during a recent claims-technology themed webcast, “is one that knows its own status.”

That status check would include acknowledging the complexity of the claim, the regulatory and legal issues at play, and the “customer sentiment.” All of this can largely be handled by automation now compared to in the past, when an adjuster was required to manage every aspect of that claim.

Indeed, automation continues to change the way claims are handled. But such technologies may not currently be as impactful in insurance as they are in other business sectors, especially when it comes to advanced machine-learning tools.

“From an AI standpoint, we’re just getting our hands around how to use it,” said Derek Zahn, chief claims officer for PURE Insurance. However, “I do think [P&C insurance has] come a long way, at least over the last five years, in terms of a willingness to try out new things.”

These are just two perspectives on the impact that automation, AI and other technologies have had on claims. Both of these insurance leaders agreed that there’s still a great deal of unchartered territory when it comes to fully maximizing the benefits of technology to modernize and humanize the claims process.

Honoring claims innovation

Each insurance organization’s business model and goals will determine just how far it chooses to go in terms of using technology to manage a claim, which is an undeniably emotional time for the insured. What seems certain, according to claims leaders, is that technology continues to alter their work as well as insured loyalty throughout the life of a claim.

That’s why the 2023 PropertyCasualty360 Insurance Luminaries recognition program includes a new nomination category devoted to highlighting claims innovation.

Honorees in this annual recognition program are those who shove off dated insurance-industry stereotypes and push for fresh thinking and practices around the most impactful issues of our time.

This honor is rooted squarely in the P&C insurance world. It recognizes pace-setting companies, individuals, teams, programs, practices and products.

There is no limit to the number of nominations each P&C insurance firm, company or vendor chooses to submit. Nominations are now open in the following categories:

1. Technology Innovation —Honorees in this category are pacesetters who push insurance carriers, organizations, vendors, agencies and brokerages forward in terms of digitalization, modernization, and client and customer experiences.
2. Risk Management Innovation —Honorees in this category find fresh and inventive ways to address insurer and insured risks while fostering advanced thinking and action when it comes to risk-related communication and mitigation.
3. Coverage Innovation — Insurance reflects the world. As societies shift, so too should insurance options. Honorees in this category are furthering fresh approaches to protecting today’s diverse policyholders.
4. Claims Innovation —Honorees in this category thoroughly understand the impact that a single claim can have on policyholder satisfaction. They foster progressive tools and practices to manage claims, and further fraud and claims mitigation.
5. Innovation in Workplace Culture — Honorees in this category know how to promote the insurance industry as a great place to build a career. They actively support current insurance professionals and are engaged in finding and training new insurance stars. They are vested in fostering satisfied employees through diversity and inclusion initiatives, health and wellness programming, Environmental Social and Governance (ESB) initiatives, community service and more.

How are honorees selected/?

Honorees will be selected based on their scores in the following areas, with 0 being the lowest and 5 being the highest in each area, for a total of 25 possible points:

1. How well has the nominee stated and achieved goals with regards to the nomination category? (0-5 points)
2. How impactful has the nominee been? (0-5 points)
3. How measurable is this impact, either in quantitative or qualitative results? (0-5 points)
4. How dedicated has the nominee been to furthering modernization and humanization in the P&C insurance business? (0-5 points)
5. What level of commitment has the nominee shown to the highest ethical standards as well as dedication to service and excellence? (0-5 points)

The nomination window has been extended to June 7, 2023.

Honorees Will Receive

1. Recognition in the October 2023 issue of NU Property & Casualty magazine as well as online at PropertyCasualty360.com.
2. A formal press release along with social media and public relations guidance around promoting this honor.
3. The opportunity to purchase a badge for their website and business communications as well as more visible print and digital recognition within our publications.

Submit your nominations today!

See also: Insurance leaders sound off on workplace innovation in 2023