How is tech reshaping claims today?
We're all on a digital roadmap, a journey in creating a digital transformation for our organizations. And that really is a journey. We've got to consider what that means for our colleagues with talent, attraction, retention, how they engage with technology, as well as our customers and their insurance their users. And that's a global look at tech, I see that and all the countries I visit.
And certainly whether it's insurtech, or just large insurance risk management related collaboration sessions that I participate in, that is the discussion, what is your digital journey? Where are you at in that? And ultimately, we all want to streamline the services we offer, but also improve that engagement?
What are industry leaders doing to address industry needs?
While everyone does it a little bit differently, I think we all look at our people. So how is tech able to advance for the people, the people that are working in this system? And then how can we analyze, automate, and then really visualize data, using our tech tools to be able to tell a better data story, because that data story influences the journey as well to digitization. And so that datafication is very important.
I also think that it's about how we improve the experience and engagement. So for an insured is there an automation process you can put in place that helps them very quickly know their claim number very quickly settle a claim as well? And so those three buckets, your own people, the data and the story, and then what ultimately that means for your insureds, or the consumers that are using your tools. So I think companies are really focused on those three areas, and then building the digital transformation around them.
What type of systems are advancements in tech or improving claims today?
It's so fascinating. In my role of product development and innovation, and I know so many similar leaders across the globe, we are really focused on focused on two things. One is our suite of tech tools. And then the data tech. And they're somewhat similar. But both are equally important. And so when we think about that suite of tech tools, it's not just about robotic process automation. Yes RPA [Robotic Process Automation] is super important today, to have robots automate and perform some of the mundane tasks.
But beyond that, we have to have AI. So artificial intelligence, working with the machine learning to advance APIs [Application Programming Interfaces] are critically important. So we're able to consider policies, and what used to take days is now minutes to be able to confirm a policy, have the systems read those policies and tell the insured so quickly what they're eligible for. And so that that tech suite is really about creating these configurable systems that allow you to pull from that suite, put them into the system to build rules based engines, and really begin automating the claims.
When I think about some of the high frequency, low severity — whether it's property or auto, general liability claims — we have a tremendous opportunity to really automate and across the globe. There's some countries and some companies that are further along than others, but I think we're all on that journey. And so know what your tech suite is, and then your data stack for all of your datafication and those two come together to really begin to automate and improve that experience and also the stickiness, people want to come back to something that feels efficient helped them they have a good user experience and then you just can expand those tools into so many other areas.
