Will the next generation of digital technology, automation and AI completely transform claims?

Whether you are a technology evangelist or a digital cynic, there is no arguing that technology is driving change across all aspects of our lives. The questions is, how far will technology led change impact the claims function and what can be done to harness the benefits to improve business performance?

Our expert panel will discuss topics including:

• How far will digital technology impact claims processing – is STP of claims wanted or desirable
• As we move into a new era of risk prevention rather than indemnity will claims become a back water
• Developing the skills and competencies to drive more value from claims data and improving the claims experience
• Leveraging new technology to remove the tedious manual tasks and free up resources to deliver high performance customer experience

Read the Q&A with Sam White »

In the build up to the Digital Claims taking place on 19th March 2019 I spoke to Ian Thompson, Group Chief Claims Officer at Zurich Insurance about how culture change is key to successful digital transformation and the challenges posed by customers’ ever increasing demands for transparency throughout the claims process.

How important is communication with the customer and do digital channels provide the sense of control customers’ desire? 

Communication with the customer has always been a critical element in delivering the claims service proposition, though traditionally insurers have struggled to consistently achieve customer satisfaction. Digitalisation continuously raises the bar in terms of expectations, with many customers now expecting full transparency throughout their claims journey. The challenge for insurers is how to not just meet today’s expectations but to keep pace with ongoing developments.

Can a successful digital transformation radically reinvent the claims customer journey with the help of AI, digital technologies and the claims ecosystem?

Digital transformation can help reinvent the customer journey, but, to do so it requires culture change and workforce evolution. Recreating the customer experience and simplifying claim settlement requires a change of mind set. The industry must innovate new ideas that will bring enhanced service propositions to market quickly and within the context of a broader service ecosystem. Our operating models also need to evolve, shifting from functional silos to agile and multi-skilled teams collaborating to deliver the service proposition. Critically, we must significantly enhance our ability to utilise data to drive automation and insight.

Does capitalising upon opportunities require a deeper understanding of the customer?

Sustainability in our highly competitive environment requires a deep understanding of the customer and their expectations … not just to meet needs, but also to anticipate them. This demands different capabilities of our operating models and people. As well as developing skills not traditionally present in insurers, we also need to embed agility, innovation and design thinking into our day-to-day ways of working.

Ian will be covering these and other issues in his keynote presentation at Digital Claims in March.

Registerprogramme

In the build up to the Digital Claims taking place on 19th March 2019 I spoke to Sam White, CEO at Pukka Insurance about digitisation, culture change, and diversity.

Do you think the insurance sector is working towards a meritocratic working structure?

I think that like many sectors within the financial services industry, there’s a lot of good people who recognise the need for change and who are trying hard to make the changes necessary for a much more meritocratic working environment. But I think we can all acknowledge that it’s very difficult to change a culture when it’s so inherently embedded. Being aware of the challenges and the serious need for change is a great start but we need a little more action too.

How much in your opinion is the move towards digitalisation forcing a culture change in insurance - was it happening anyway?

In my mind this is probably the single biggest potential driver of change. But only if executed correctly.

By using advanced digital techniques to truly understand the nuances of personalised experiences we should change the focus of how we build products and engage with a variety of different types of customers.
The combination of talented humans and correctly implemented state-of-the-art digital tech is crucial to success for me.

Has there been a shift in thinking in the industry on the classic ways to achieve diversity- is there a clear view on how inclusion will drive diversity and business agendas?

I don’t think generally there’s been a massive shift in the approach insurers are using to drive diversity and inclusion - the importance is the momentum we have noticed. I’ve seen some really progressive stuff from people at Covea, and in our own way at Pukka we are trying to approach D&I in a less regimented style. In my experience people will naturally deviate to structures that they are used to and comfortable with.

Fundamentally I believe that we need to rewrite the rule book on this and that will be the hardest challenge of all.

How do you develop a strong recognisable brand? What makes Pukka Insure different?

For me recognisable brands are simply authentic ones, and at Pukka we try to be the values that we have chosen to represent: ethical, transparent, progressive. I think it starts at the inception of your business and then you need to stay true to who you are - you can adapt and evolve your approach without compromising your ethos. Communication plays a vital role too, sticking to clear and consistent messaging is definitely crucial for me. Also being accessible and having an opinion is important. Finally, we also like to foster a fun and open approach in the offices, such a cliche but playing hard and facilitating a healthy work life balance is very important to your brand identity.

What should the industry be doing today to ensure the future achievements of women in insurance?

They should be doing a lot that they are doing already and a whole lot more on top. I’m over simplifying here but start by hiring more people based on merit and not bias or experience.

Start to champion more female role models across the sector and create environments that work for everyone e.g. tailored more towards working parents.

Sam will be covering these and other issues during her panel discussion session at Digital Claims in March.

RegisterFull programme