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article imageDigital transformation trends in insurance

By Tim Sandle     Sep 19, 2018 in Technology
Insurance companies continue to struggle when it comes to customer experience, with users complaining of poor service when making claims or because of undue waiting times. Insurance companies are redressing this with new technology.
According to the ICS UK Customer Satisfaction Index many consumers remain dissatisfied with the experiences they receive from insurance companies and when making insurance claims. One reason put forward for this is a lack of progress with digital transformation.
In contrast, the industry group finds that banks have made greater strides with offering digital platforms and better customer experiences. The reason why many major banks have upped their game is due to challenges from fintech disruptors. This level of disruption hasnā€™t been seen with insurance to the same degree; however, this looks like only being a matter of time.
Some insurance companies have successfully adopted digital technologies, and continue to improve upon the customer experience.
Audatex ā€“ fast claims service
The company Audatex has launched an end-to-end digital motor claims management solution, with the aim of reducing the insurance claim process. Using a platform called AudaENOL, this allows policyholders to initiate and control the claims process. Through the platform each step in the claims process is visible, such as the steps for the claimants, insurers, repairers, and accident management companies.
AudaENO is also available as a desktop and smartphone app. The platform was developed in response from customer feedback in terms of the undue lengths of time taken for insurance claims to be processed.
Hitachi Solutions ā€“ virtual claims
Hitachi Solutions has worked with Microsoft Dynamics 365 to enable insurance companies to streamline claims assignments based on a review of key factors to provide claims assignments based on a broker's training.
Such an approach also helps to address fraud. A digital system will help to improve visibility and to better organize data. Solutions from Hitachi Solutions have been designed to help insurance companies to more effectively review trends and detect fraudulent claims.
Homelyfe - targeting brokers with new platform
The insurtech startup Homelyfe has launched a new digital insurance platform called Aventus, as a business-to-business application. The platform can be used for the digitisation of books or question sets for insurance processing so that insurance quotes can be rapidly delivered to brokers.
More about insurtech, Insurance, fintech, Finance, digital transformation