Automation and AI can support the entire insurance value chain. Despite legacy technology sometimes creating challenges, carriers have made substantial changes to leverage technology and update their operational models. Photo: everythingpossible/Adobe Stock
The primary driver of any change is effective and efficient technology. However, as most know, the insurance space is a little different than other industries. At its core, it's transactional where it needs to be transformational. Therefore, any implementation of technology must create efficiency, effectiveness and reimagine processes.
As a result, the industry has entered a new era of claims management, sometimes referred to as Claims Management 2.0. This revolution uniquely impacts each insurance stakeholder through next-generation engagement.
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