Claims are becoming bigger, complex, and more colourful. We are no longer in the black and white analogue (ECF) age, we have moved into a digital epoch that requires a new palette of colours to connect the increasingly granular, pixelated dots of claims exposures that claims handlers adjust every day.
This is where modern, more graphic claims management systems can play their part in a digital claims strategy with built-in execution. Some of today’s complex claims, outside the Nat Cat property arena, can be extensive and sizeable.
As the recently released Lloyd’s Blueprint suggests, claims solutions will include application programming interfaces (APIs) and open architecture, which will build on existing technology within the London market. It is widely believed that digitisation, automation and simplification could reduce the cost of conducting business from 40% to 30% and, moving to lower-cost channels could reduce that further to 25%.
At this International Underwriting Association (IUA) Market Briefing, speakers will discuss the London market claims technology solutions, to include peer to peer messaging, user interface and the future of data and insights.
Highlighting data analytics and machine learning, improving claims performance and integrated claims management will enhance customer service and assist organisations with a new, efficient claims workflow.