"Whilst most of the focus is in reacting and winding down costs, my view is that this should possibly be the busiest time ever for IT departments and software companies."

Antoine Boatright, Senior VP Innovation and CIO at global travel company Reed & Mackay should know a thing or two about dealing with pandemic disruption and cancellation of business. I have linked to his practical advice at end this article.

What do claims directors, leaders and adjusters need right now from technology partners? 

With flights and events cancelled worldwide what is the essential functionality you need out-of-the box for travel claims? When site visits are best severely curtailed and in many cases impossible how can you gather all the insights and evidence you need to manage home and contents claims? As cars stay parked is this the catalysts for user-based-insurance (UBI) to become mainstream?

Here are some thoughts for out-of-the box solutions you can deploy in days/weeks yet still end-to-end workflows and claims management solutions. Short-term answers with long term value.-

  1. Travel Insurance- cancellation/curtailment process
  2. Property Insurance- remote inspections and evidence collection
  3. Digital claims management for UBI motor insurance 
  4. Migrate whole claims line of business online in weeks with no Capex

So for the cancellation and curtailment process it would also have to extend to fully digitise the FNOL forms and make easy the gathering of necessary documentation and receipts into a single digital record to enable insurers to process claims. A complete travel claims solution in fact.

Property inspections would have to combine text, audio, photo & video AND metadata in a single digital record that delivers as comprehensive insights and data as physical visits do. And combine with FNOL, Claims Management, Loss & Damage Assessment and settlement workflows to delight customers cost effectively.

New UBI motor claims policies need to crack the challenge of checking mileage when there are no telematics  data available. And without burdening policyholders with yet more mobile apps or demanding tasks.

If current claims management platforms cannot react, or anticipate preferably, to market changes in days then is now the time to migrate to truly agile, no code platforms? If so, this will be impossible if insurers are to be saddled with new CAPEX costs and extra OPEX ones.

Vendors will have to step up to the mark and deliver transformed claims management platforms that deliver results in months on a pay-as-you-go or subscription licensing model without Capex burdens. That are not restricted by the functionality out-of-the-box but lets insurers customise, iterate, test, deploy and continuously improve for competitive advantage and customer delight. 

That do not require massive training and change management costs.

Insurers should be able to expect claims management technology providers to deliver the technology and services that will let them face the changed circumstances now and post pandemic that have made many insurances platforms obsolete in weeks.

I would really like to know your views. Drop me a line to Mike.Daly@360Globalnet.com

Thank you.