We’ve hardly begun the new year, and already we have been inundated with articles predicting what’s next for 2016. Each year lists of predictions for the technology of the future, new business lines, and product features are distributed in abundance. Year after year a few topics reoccur, suggesting what we already know; the insurance industry tends to be slow to adopt new technology for claims processing.
In recent years, cloud technology adoption has been high on the list of priorities for insurers. Cloud technology enables flexibility and scalability that is often required to move forward with other technological advancements. For example, to enable insurers to adopt mobile portals for claim creation and review, the claims management system must be integrated with a mobile solution. Now don’t get me wrong, legacy systems can be set up to do this, but the flexibility of cloud solutions makes this easier. The data must flow between the two systems in real-time to provide the end user with the most up to date information. This brings us on to the latest 2016 predictions:
- The Flow of information: Interoperability of data creates a seamless flow of information between systems. This flow of information ensures the most up-to-date information is available through any channel. The flow of information is a number one priority for insurers looking to implement digital technology solutions into their claim managements systems.
- Big Data Analytics: As interoperability and integration of data improves, so will the analysis of this data. Presently some insurers cannot access the data needed to provide predictive analytics to make more informed business decisions.
- Consumerism: Customer engagement will continue to increase as technology moves forward. Insurance customers, particularly Generation Y, want online access to claim information through portals, as well as online communication channels to avoid call centers. Generation Y is used to accessing information on demand, through the channels they choose.
- IT Security: As a result of security breaches this year, IT security and policy reviews will be at the forefront of insurers minds. Researching software providers security policies is vital for insurers when choosing a vendor for their claim management system.
- Regulatory Requirement: The reporting requirements of the Affordable Care Act (ACA) in 2016 heavily impacts the health insurance industry. There are a number of different dates by which employers must file reports and issues to their employees and the IRS. For full details on these reporting requirements click here.
These are just some early predictions for 2016, and I’m sure other industry experts will release their predictions shortly. If you have any other thoughts or ideas concerning what’s in the cards for insurers in 2016, please share them with us here.