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Insurtech and Operational Focus for Digital Insurers

Brad Hawkins is Senior VP of Products & Solutions at ServicePower. He looks at redefining the focus of insurance operations in a transforming space

The digitalization of the insurance sector has accelerated significantly in recent years. This transition is the outcome of shifting client expectations, a greater requirement for flexibility in remote operations, and rearranged corporate objectives.

In the insurance industry, line of business buyers are concentrating on digital platforms and tech partners who can apply insurtech capabilities to benefit both clients and adjusters. The importance placed on customer satisfaction and service quality has highlighted the demand for integrated digital service solutions, particularly field service management (FSM) software.

Perks of partnership for insurtechs

Internal technical and compliance debt for many insurance businesses limits their ability to use technology to enhance service and product quality and expand through new and existing consumers. Insurance operatives can analyse platforms in line with their unique demands by partnering with a solutions provider. Technology partners can also customise their offerings so that they smoothly fit into existing workflows and give adjusters access to mobile solutions so they can polish their skills.

Mobility is essential for field adjusters who are constantly on the go to provide timely and effective service. By providing adjusters with mobile workforce productivity tools, solutions providers may increase visibility, allow compliance, and lower risk. Adjusters can utilise partner technical support and intra-organization member communication to spend less time on-site and feel confident in their diagnosis and solution of the issue while reviewing full customer history from a mobile device when servicing a claim.

Adjuster optimisation and insurtech innovation

Insurance adjusters frequently travel to a site to assess and record damages in order to obtain compensation. They are a crucial part of the claims lifecycle. The timely completion of adjuster responsibilities is vital to providing great customer service and retaining customers as field operators and brand advocates for an insurer. When FSM technology is included into field adjuster operations, staff members can use digital tools to increase the effectiveness and quality of their services. The use of AI-based scheduling enables insurers to optimise and maximise the output, effectiveness, and utilisation of field adjusters so that the nearest employee with the necessary tools and knowledge can handle the relevant claim.

By allowing “see-what-I-see” remote collaboration with knowledgeable professionals and visual overlays of diagrams and instructions, augmented reality (AR) can serve as a second level of support. FSM may also equip adjusters to manage workloads by giving them immediate access to a complete schedule view and accurate, real-time availability. Access is crucial, particularly for digital claim evaluations. Having a central location to submit images, verify claimant statements, and connect with clients is essential as more insurance claims are handled remotely.

Data-driven decisions and insurtech solutions

There are more digital touchpoints than ever in the market space today. In order to operate more effectively, insurers are increasing their spending on information and data services. Providers should look for solutions that offer reporting and analytics to advance data-driven decision-making to the centre of business strategy as the focus on business consulting increases to scale insurtech investments. By using user-friendly dashboards, field service management software may collect data, track business performance, and report key performance indicators KPIs for both adjusters and potential customers.

Managers can generate alerts utilising system and external service-related data by customising the system to track particular business rules, which will aid in real-time strategy adjustment. Through intelligent auditing systems, FSM technology also automates the processing of warranty, property and casualty, and other insurance claims. FSM can detect fraudulent claims using logic-dependent techniques to confirm validity prior to payment. With the aid of insurtech platforms like FSM, insurers can gather pertinent claim data in an one spot, track company performance and KPIs related to detecting and combating fraud, upsell consumers when necessary, and reevaluate overall strategy.

Customer centricity and data analytics in insurtech

Although it’s crucial to put the right technologies in place to collect customer data, it’s even more crucial for an insurance company to personalise its offerings in order to expand its clientele. To better tailor services and solutions, insurers can use FSM to gain a deeper understanding of the individual histories, problems, and wants of their consumers. These suggestions will thrill the customer by exhibiting an awareness of their wants, since 91 percent of consumers think they are more likely to shop with brands that provide offers and recommendations that are relevant to them.

Insurance adjusters must establish a reputation as a reliable representative of the insurer because they frequently engage with clients at trying times of loss. A self-service customer portal that provides more transparency into the claims process will assist in guiding the client from the first notice of loss (FNOL) through the whole customer journey. Customers can customise their experience by uploading their own images, viewing claim histories, and following real-time global positioning system (GPS) updates of their adjuster’s schedule.

Providing the ideal client experience is crucial during challenging times and demonstrates the importance of first-rate service. While satisfied insurance clients are 80% more likely to renew their policies, according to Gartner, unhappy customers are the reason why 86% of customers will stop doing business with a company. Insurers can improve customer experience from the FNOL to completion and improve business decisions by utilising digital field service tools, all while retaining their customer base and putting in place technology-based practises that will serve as a base for long-term growth and knowledge development.

Knowledgeable author: Brad Hawkins is ServicePower’s Senior Vice President of Products and Solutions, where he is in charge of pre-sales engineering and product management. Brad has more than 20 years of experience with labour management software and is a well-known veteran in the industry of field service technology.

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