InsurAnalytics.ai team attended the 3rd Annual Connected Claims USA Summit recently. It was heartening to see the industry acknowledge the need to improve the claims experience as well as to embrace technology.
InsurAnalytics.ai CEO, Maneesh Madan appreciated the gathering of like-minded individuals from both the insurance and technology industries. He said, “The industry recognized the rapidly changing demographics, consumer behavior, and InsurTech disruption during the conference. It is heartening to see so many highly innovative companies making strides in all spheres of claims lifecycle and customer touchpoints.”
One of the most intriguing keynote sessions was by Andreas Kleiner, CEO of American Modern Insurance. He presented his views and stressed the importance of high-speed claims resolution and improved customer service in this world of changing demands and evolving technology. He talked about Amazon’s impact and said, “Amazon has changed the rules. The entire insurance value chain will be disrupted. What was truly advanced three years ago has become table stakes.”
Andreas Kleiner also spoke about the future of claims submission in the form of videos, and not just still photographs. This observation was quite astute as the world is indeed already moving towards favoring videos over photographs. Accident videos are slated to become primary proofs of incidents, and without advanced deep learning capabilities, it would be near-impossible to manage the claims data.
While interacting with the participants at the event, it became quite clear that insurers are looking at AI technologies with a lot more interest, especially around claims adjudication. The promise of the technology seems to be hitting a note, especially around improving cycle time and reducing expenses.
Our technology demo showcasing the Claims AI Cloud platform was received with a lot of interest. Most participants particularly liked the role our platform can play in helping adjusters and supervisors make smarter, faster decisions during the claims lifecycle.
The most positive feedback that we received was about the multi-layered approach to AI, which makes predictions a lot more visible and understandable. The trust factor needed in adopting any AI systems is one of the key factors for the success of such systems. The audience further appreciated our white-box deep learning approach.
The event also brought a sharper focus to the pace of disruption in the industry, and the need for modernizing claims experience as an essential tool to keep up with the market forces and customer demands.
One of the key challenges facing insurers today (and in the future), is customer satisfaction and retention. Technological advances and smart adoption of key technologies have the potential to help navigate these challenges and disruptions.