A new report has called for radical changes to the claims process for life, critical illness and income protection plans.
Life and Disability Claims: Strategies for a Technology-Enabled World, produced jointly by independent Claims and Underwriting specialist Karin Lloyd and SelectX, said pressures from consumers, regulators, and modern business, mean insurers need to improve in service, consistency of both process and data and better risk management.
It concludes that smart application of technology to the claims process can address many of the issues challenging insurers, including costs, speed and quality of service, brand enhancement, regulatory compliance and the need for data for deeper understanding of their business.
Karin Lloyd says: "The claims function needs to be reinvented.
"Insurers are dealing with increasingly demanding consumers who are much better informed and more powerful than in the past.
"By combining the power of technology in business and healthcare with the ‘connectedness' of modern society - via the Web and smartphones - they can deal with claims more quickly and conveniently, and to raise levels of service to those found in other industries."
