An excellent article from Rick Huckstep which highlights the importance of changing the relationship between customer and insurer. Yes while cost savings and greater efficiencies are significant benefits, the opportunity to transform insurance claims from a 'process' to a customer-centric enabler is surely the ultimate benefit
We all know that insurance scores low on trust scores and customer satisfaction surveys compared to most other industries. And we all know that this is largely because the way insurance is presented to the market and the poor experience for a customer when they want what they’ve paid for. Which is why InsurTech puts the customer first and builds a digital experience from the outside in. It offers convenience for customers, which will replace price as the primary buying criteria for insurance. It reduces cost for insurers at both the frontend when onboarding new customers and at the backend when handling claims. It reduces claims payouts and levels of fraud.