According to Gartner, only 12% of insurance business and IT leaders consider their organizations to be digitally progressive. With more and more modern InsurTechs entering the market, using connected systems that provide a holistic view of a claimant; from policy purchase through to claim payment, these insurers are at a risk of being left behind.
Do you still rely on legacy systems to run your claims department?
These large and complex systems are ill-equipped to deal with the demands of modern claim processing. The need to open multiple systems to find the relevant data, or look through paper files increases the time to complete the claim process. Integrated systems enable insurers to provide customers and claims administrators with the information they need when they need it.
Do you need to convince your team a change is necessary?
Investing in a claims transformation project is a big commitment so it is vital to ensure you understand why you are undertaking the project, what you want to achieve from the project, and if the project can provide you with a return on investment (ROI). Use this guide to present the business case to your internal team.