Celent has released a new report titled Reinventing Claims: Pioneering a New Approach. The report was written by Karlyn Carnahan, a research director with Celent’s Insurance practice.
While a tremendous amount of activity is occurring in the replacement and modification of core admin systems, there is also considerable activity occurring all across the value chain of a claim. From utilization of new technologies, to a heavier reliance on analytics, to a growing influence of InsureTech, carriers are increasingly innovating in the claims processes.
Operational efficiency is still the main goal as core system replacement continues to be a high priority. Carriers are investing and transforming across all aspects of claims — which leads to significant investments in enabling technologies. Most innovation in claims relies heavily on improving decision quality, improving customer service, and driving process efficiencies. Continued investments in core systems, soaring use of analytics, and digitized services will drive the innovations in the next three to five years. Emerging technologies will create ways of engaging with customers while improving decision support.
"Claims is one of the areas of insurance where we see the most innovation occurring. There are significant returns to be gained by deploying leading techniques in the claims process," comments Carnahan.
"Staying on top of innovations in claims is going to continue to be a challenge as new technologies continue to proliferate. Building agility and flexibility into the culture will continue to be a competitive advantage for carriers who can pilot and deploy innovations quickly,” she adds.
