Using Catastrophes to Rethink Claims (Part 2)
Digital technologies have the power to re-design insurance. A host of benefits lie within the front-end customer experience, but insurers stand to gain just as much from the digitalization of the back-end operations, including the claims process.
- According to the Insurance Information Institute, 64% of insurance premiums (nearly 2/3 of every dollar) are used to pay claims and adjustment expenses.
- Digital answers to loss reduction and loss prevention stand to yield the greatest profit for insurers.
This is critically important in an era where catastrophic claims seem to be more important and subsequently have the potential to do significant damage to an insurer’s bottom line.
Director, Market Research and Content Development