Claims

The extraordinary events of 2020 have accelerated four themes: automating operations; AI for insight; augmenting experts; and new ecosystems.

A recent survey found that 42% of consumers would be more likely to stay with an insurer that pays approved claims within minutes.

A job description with “acquire AI superpowers” might appeal to millennials more than “study policy footnotes and calculate claim reserves.”

Paying claims needs to be the default, with AI and analytics ensuring that adjusters spend their time more valuably and have more interesting work.

Those that solve for the dynamics of the many opportunities are likely to be the future industry leaders.

Claims in some lines, such as entertainment insurance, have surged, while traditional property and liability claims have been subdued.

Claims data within insurance companies is being increasingly seen as a key asset, not a byproduct of the claims process.

Don't just work from the 2020 budget: Claims transformation and claims operations have a new performance baseline because of COVID-19.