Traditional Claims VS Modern Claims

Published on April 5, 2018 | 1 min read

Claims are often perceived as the unloved sibling in the insurance industry: Necessary, but not exciting.

This is a very short-sighted view, as explained by McKinsey, the leading Management Consultant: “Claims should be a top priority”.

As disrupters attack the traditional insurance industry with a digital-first approach, incumbents must turn their operations around. To best deliver this digital transformation, the authors recommend adopting a customer-centric approach and focusing on each of the four phases of the claim’s customer journey.

Digital Claims Prevention, turning data into insights to help their customer prevent any damage and engage in meaningful dialogue Digital First Notification of Loss, through intuitive online self-service Automated Claims management, aiming for full automation of clear and simple claims Digital loss assessment and repair, bringing consistency with standard reports and on-site cost estimation through tablets and a strong partner ecosystem Automated settlement, with automatic invoice approvals for fast claims processing Add Customer transparency to the mix to obtain a great recipe to deliver better outcomes to all parties.