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More than 80 % of businesses would change their insurer for their technology claims

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Writing

13 August 2018 13:30

Photo : Javier Quesada (Unsplash)

Business leaders have claimed to 83 % that they would change or consider change insurers if they offer technological innovations during the claims process, reveals a survey by the analysis firm Marsh, a subsidiary of Marsh & McLennan.

The company of experts in consultation, also a subsidiary of Marsh & McLennan, Oliver Wyman, explains that the area of complaints management is one of the most attractive for insurers to innovate.

“Among the priority areas for the insurtechs centered on the claims, we find the reduction in expenditures, adjustment of claims, fraud mitigation, and the authorization of digital restitution, including payments before the claim is paid,” argue the authors of the report.

High level of customer satisfaction

Although only 20 % of companies who responded to the survey have submitted a claim online in the last 36 months, all those who have done so have expressed a high level of customer satisfaction, ” adds Marsh.

“This could be a result in part on the number of ancillary services that insurers often provide in their claims service, cyber,” says the firm.

The reduction of costs in the crosshairs

The responding companies have stated in large numbers (62 %) than the reduction of costs is the aspect that they would like to improve with technological innovations. “It is a sector in which the solutions of Internet of things have the potential to reduce the total cost of the risk if they can basically reduce the number of claims faced by insurers “, the authors indicate.

In addition, businesses have stressed to 37 % that they would like to see the technology helps to resolve old claims as an aspect to improve in the management of claims, 35 % that it simplifies the process and 18% that it would reduce the time required to make the payment of a claim.

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