Hey, here is a revelation that just comes out of left field (US baseball talk); insurance claims departments are slow to pay out to claimants. WHOA! Bet folks in hurricane, fire and flood disaster areas are just shocked. But, slowly but surely the implementation of fintech technology, coupled with automation and machine learning by the insurance industry, will certainly speed things up. Other sectors of the insurance industry have actually been very aggressive and pro-active in “modernizing” their infrastructure. Claims? Not so much (tough to let go of that cash). But, the most immediate progress WILL show up in the claims departments of insurers as they catch up to technology. Happy clients are good for business.
(Bill Taylor/Founding Editor)
“It is insurers’ claims departments that will benefit most from the progress towards automation and machine learning that is being made, says Elena Rasa, chief underwriting officer, Gruppo Zurich Italy.
The insurance industry has been slow to react to changes in technology and clearly lags behind many other industries in the extent to which it has embraced the potential technology can offer the industry—and also accepted what customers now expect.
But it is catching up, with many parts of the insurance process now experimenting with how technology can improve the way they operate. The area of claims looks set to become the biggest beneficiary in the short to medium term.
That is the view of Elena Rasa, chief underwriting officer, Italy, Gruppo Zurich Italy, who is one of the speakers at the Intelligent Automation in Insurance event being run by Intelligent Insurer in London on April 26.
Rasa acknowledges that the last few decades have seen the pervasive transformation of customer behaviour, driven by globalisation, easier and cheaper technological access, mobile diffusion and cloud computing…”