P&C Claims in the Digital Era
Possibilities for the Future, Opportunities for Today
Property and casualty claims is destined to transform more than any other segment in the insurance business over the next decade. Customers, risks, and operations are all set for changes as transformational technologies are increasingly adopted. New opportunities for partnerships; and capitalizing on technologies such as drones, machine learning, chatbots, RPA, the IoT, and others are converging to create significant implications for claims.
There are two overarching trends that will have a tremendous influence on how the P&C claims business evolves: digital transformation and artificial intelligence. Digital transformation must be considered in the context of the full ecosystem, not just the transformation within the insurance enterprise. In a recent SMA survey of insurance executives, 100% of both commercial and personal lines executives say their companies have strategic initiatives for digital transformation!1 Even insurers that lag in digital transformation will need to adapt to the digital expectations and interactions of their customers, agent/brokers, claims partners, healthcare providers, law enforcement, and others in the ecosystem. Artificial intelligence in all its forms is perhaps the most dominant technology force today and going into the future – not just for insurers, but for the world at large. The various technologies in the AI family have many potential use cases across the claims value chain. The themes of digital transformation and AI will be explored throughout this paper.
In this research report based on surveys, interviews, and insights from insurer engagements, Strategy Meets Action (SMA) explores the potential for transformation in the claims environment, including:
- Assessing the potential transformative changes needed in the claims environment
- Exploring the implications of new products such as on-demand, parametric, and episodic insurance
- Assessing how technologies like AI, smart homes, and others are affecting the claims business environment
- Identifying opportunities for the transformation of claims technologies, tools, and systems
- Profiling use cases to illustrate how the claims environment is already transforming
- Identifying actions that insurers should take in the next 12-24 months to position for the future
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