Digitilisation of the complete claims process is achieving this today for large carriers. All without having to change the core systems of record and without major disruption.
Tackling one of the major challenges facing the industry. Reconciling the need for speed of settlement with having the time to anticipate and prevent fraud.
We firmly believe that opportunities abound for incumbent insurance companies in this new world. But they will not be evenly shared. Those companies that move swiftly and decisively are likely to be those that flourish. Those that do not will find it increasingly challenging to generate attractive returns.
Follow leaders and look into online platforms- see "The Platform Revolution"
The goal must be to meet customers’ expectations, which have been transformed by digital technology. Customers want simplicity—one-click shopping, for example. They want 24-hour access and quick delivery, clear, relevant information about a product’s features, particularly in relation to pricing, and innovative, tailored services designed for the digital age. They have the same expectations whatever the service provider, insurers included. And as Matthew Donaldson, CEO of UK-based BGL, the company behind the comparison site Comparethemarket, points out, although some insurers are holding back from the commitment needed to meet these expectations, demand must ultimately be satisfied.
https://digitalinsurance.mckinsey.com/facing-digital-reality/
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