In the modern digital era, technology is transforming industries across the board, and claims management is no exception. By harnessing the power of technology, organisations can streamline processes, standardise colleague experiences and ensure seamless communication channels for customers. This blog explores the profound impact of technology in these areas and how organisations can embrace the change.
Streamlining claim processes
In the claims management space, technology offers a range of solutions that can eliminate manual errors and enforce standardised procedures. Intelligent workflow automation systems enable organisations to streamline processes, maintain consistency and enhance efficiency throughout the lifecycle of a claim. For example, following a CAT incident, our team can capture and resolve property loss data in a timely manner through smart intake, decision automation and integration capabilities — leading to faster resolution of claims for insurers and their customers.
Standardising colleague experiences
The loss adjusting arena is experiencing a significant transformation phase. Advancement in technology enables loss adjusters today to make informed decisions, assess claims accurately, and identify potential risks using large datasets. Remote inspections completed with the support of drones, satellite imagery and virtual reality help expedite the claims process, improve safety and provide accurate damage assessments. Mobile apps and self-service tools empower policyholders, reduce paperwork and enhance transparency in the claims process.
Enhancing customer communication
Today’s tech-savvy customers are increasingly seeking greater convenience, faster turnaround time and more self-service options. Today’s technology allows for diverse and efficient communication channels designed with each customer’s best interests in mind. Omni-channel engagement allows customers to choose their preferred communication method, ensuring a personalised and seamless experience throughout the lifecycle of the claim. Self-service options — such as portals and mobile apps — enable customers to access claim information, submit documents and track progress conveniently and in real time.
The role of AI and robotics
In the coming years, artificial intelligence (AI) and robotics will start to play a more pivotal role in claims management. Robotics have already proven to be useful in handling time consuming, repeatable workflows and tasks like data entry documentation and report generation. By implementing these processes, insurers can significantly reduce manual errors and improve operational efficiency.
Furthermore, AI technology can analyse a vast amount of data with speed and precision. AI can process structured and unstructured data which includes claim forms, policy documents, historical records, and external data. This enables insurers to extract valuable insights, identify patterns, ultimately enhancing the accuracy of loss assessments and claim settlements.
Emerging trends in claim management
In addition to the technologies mentioned above, other emerging trends in claims management include:
- The development of predictive analytics tools to identify fraudulent claims.
- The use of blockchain technology to store and track claim data.
- The growth of the insurtech industry, which is bringing new technologies and solutions to the market.
The future of claims management and loss adjusting lies in embracing technological innovations. Organisations must leverage technology strategically, customising solutions to their specific needs. By adopting advanced data analytics, remote inspections, AI, mobile apps, and collaboration tools, claim management and loss adjusting professionals can achieve standardisation, efficiency, accuracy, and customer satisfaction. Ethical considerations and human expertise remain essential — ensuring fairness, empathy and effective negotiation.
Technology is a game-changer for claims management. At Sedgwick, we are adopting and embracing the transformation and leveraging technologies such as workflow automation, knowledge management systems, collaboration platforms, and self-service options. By doing this, we are standardising processes, improving efficiency and enhancing colleague satisfaction. We are focused on tailoring and customising the channels we build for our clients, and continuously seek feedback to ensure we continue to innovate and improve our technology. By investing in field service tools for our colleagues along with robotics, we aim to simplify the claims process especially during surge and CAT scenarios.
There are many exciting opportunities with AI in our future, and by strategically leveraging technology, customising solutions, and staying up to date with technological advancements, we will continue to transform our operations, establish standardised processes, and provide seamless communication experiences. This ultimately leads to greater operational efficiency, colleague satisfaction, and customer delight, solidifying claims management's role in the digital era.
Follow our tech journey and look for additional posts in the future as we explore and explain the latest innovations that could make the difference for your program.
Learn more > Read our brochure or reach out to Vaneet.gupta@au.sedgwick.com