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An SMA Research Report


Authors:

Karen Furtado, Partner

Karen Pauli, Principal

Publication Date: October 31, 2019

Number of Pages: 9

Price: $995.00 USD

The digitally connected world has generated many new customer demands, new digital content, new and expanding ecosystems, and the realities of operating in a real-time world. Claims executives are clearly feeling the pressure from these external forces. Yet, claims operations are highly complex, and responding is not easy. There is an abundance of ways to address claims processes: drones, machine learning, chatbots, RPA, and the IoT among them. The challenge is to find the right path for each claims organization – there isn’t one right answer.

In a recent SMA survey of insurance executives, 100% both commercial and personal lines executives say their companies have strategic initiatives for digital transformation! However, the questions remain – Can insurers extend digital transformation across the entire ecosystem of customers, agent/brokers, claims service providers, healthcare providers, law enforcement, and others in the ecosystem? And, can claims organizations keep customer experience at the heart of transformation initiatives?

This research will explore the various strategies that insurers are using to transform both the claims experience and the claims process utilizing the many facets of artificial intelligence and outbound payment capabilities.

Table of Contents

  • Transformation in Claims 3
  • Challenges With the Current Model 4
  • Digital and the Customer Experience 5
  • The Outside-In View
  • The Inside-Out View
  • AI in Claims Transformation
  • SMA Call to Action 8
  • About Strategy Meets Action 9