Abetted by a host of new technologies, a new era of claims processing is set to begin, according to a new study by
The study, "Personal Lines Claims: Building to the Next Wave of Investment," notes that the last round of claims process improvement began in the mid-1990s for personal lines insurers has run its course from a technology standpoint.
Despite the significant process and technological improvements these investments accounted for, Conning says, even more profound changes are likely in the next wave of investment over the next decade. Conning says future claims processing will be impacted by a host of technologies including social networking, mobility and prefill technologies.
“Social networks can help insurers bridge the service gap between insurance and other industries, while also providing a new data source for investigation and analysis,” the report states. “Mobile technologies applied to the claims function allow for on-site decision-making and the quick transmission and dissemination of data to stakeholders in the claims process. Prefill and card payment solutions address customer service issues and internal speed and quality concerns.”
The report also expects advanced analytics and cloud computing to make a major impact on the ways claims are processed. “Insurance organizations are absorbing a flood of data, with increased access to customer information from public, proprietary, and purchased sources, as well as new types of information gathered from social networks,” the report states. “Claims can follow the success of underwriting in its ability to segment based on data. Furthermore, the ability to tap into expanded analytical capabilities and expanded data sets via the cloud opens up new predictive modeling opportunities for claims management.”
