Insurance claims settlement is the core of the insurance business, and the customers expect hassle-free, accurate and faster settlements. Delays and inaccurate payouts are increasingly contributing towards dissatisfaction among customers and ultimately result in loss of market share. A customized, seamless customer experience is the need of the hour for any insurance company looking to gain a competitive edge and increase its revenue.
The 3rd Annual Connected Claims USA Summit is an event where more than a thousand senior claims executives are coming together to discuss how claims settlement process will need to evolve to manage emerging challenges. InsurTechs have been in instrumental in helping carriers deal with many of the prominent claims challenges. As customer experience is the key aspect that will separate the market leaders from the pack, a technological edge is all the more critical for insurers.
At the Connected Claims USA event, insurance carriers and InsurTech companies will come together to share their experience, expertise, requirements, and solutions. Insurance companies will be open to share the challenges they face on a daily basis while working with their policyholders and vendors. The InsurTech companies, on the other hand, will be exited in showcasing their products and solutions to derive expected business outcomes.
The keynote is set to be delivered by Andreas Kleiner, CEO & President of the American Modern Insurance Group. He will be talking about The Strategic Value of Claims for an Insurance Company. Sean Burgess from the USAA will be speaking about Digital Interactions and Shifting Mindset. Similarly, industry leaders from across all leading insurance companies will be presenting their views and expectation about Claims Lifecycle Modernization via their sessions and panel discussion.
AI has Arrived; Now it’s time for Adoption
Using AI technology is the inevitable solution to almost every customer challenges that insurance carriers face regularly. With the right technology to harness the power of data and innovative approach toward leveraging that technology, it is possible to offer agility in the claims process and achieve near real-time claims settlement.
Application of AI-driven technological products for automation and process streamlining has already led to better fraud detection and increased volume of straight-through claims processing and is paying large dividends for insurers. AI-powered solutions not just improve outcomes, but they become more customized and accurate over time due to intelligent workflow automation and machine learning capabilities.
Adopting the Agile Approach
AI and agility can go hand-in-hand. It is not necessary to implement AI across every aspect of an insurance organization. It is possible to figure out how to implement various solutions to reap quick as well as long term benefits. Ultimately, all innovations need to shorten the claims life cycle and do so without compromising the accuracy.
AI has already been adopted across industries. It is time the insurance industry too woke up to its full potential and leveraged its possibilities to offer better customer experience and reduce its cost burdens. The Connected Claims USA event is definitely a place where such shifts can happen as the industry leaders, and technology innovators come together to exchange their thought process and experiences. The evidence of this collaboration is evident in the application of Brella, the event match-making tool. The networking opportunities at the event are set to be more focused and targeted, with everyone getting more value for their time.
With the insurance industry standing on the verge of a significant revolution, carriers need to take a step in the right direction along with InsurTech solution providers. It is in everyone’s interest to leveraging modern technology and the learnings that may have risen out implementations and innovation processes. Together, insurance industry leaders and InsurTech innovators can draw up a sound strategy to prepare for the future of claims. Keeping this in focus, InsurAnalytics will showcase how its AI-powered platform (Claims AI Cloud) accelerates claims processing, at Booth No. 406 at the event.