Lately I’ve had a little time to reflect on what I learned during the I Love Claims (ILC) Future Look Motor Conference in Coventry.
What really struck me was the breadth of detail that was covered across the claims supply chain and it was certainly an education walking around and viewing the room covering subjects as varied as paint, auto repair, core systems, telematics and of course fraud detection and straight through processing!
Amongst many, my key takeaways were:
- Customer expectations of service are changing and what you define as good today will be merely satisfactory tomorrow. If we don’t keep evolving and improving we will be left behind;
- Insurers must think wider on the threats to their business beyond electric and self driving vehicles, to climate change, the sharing economy and cyber risks;
- Insurers must embrace AI and Machine Learning across the lifecycle to extract all the benefits in omni-channel marketing, pricing and fraud detection and improving the customer journey, or risk being left behind;
- Telematics thought leader Matteo Carbone’s presentation of the telematics use case was eye opening on the breadth of the opportunity that should be grasped to make the use of telematics a win/win for the insurer and the insured.
- Ron Vermeulen’s story about Brightmaven’s capability to find and recover lost valuable items -not just cars- was captivating;
- Last but not least, I learned a new word “thunking”, for musings on the future. Thanks to transformation leader Rob Smale for that!
ILC did a fantastic job in showing that shaping the future is done today. The way we take care of motor claims will be different in due time. From our perspective we feel we can add honesty to the process for both our customers and the insurance industry. Have a look at this vlog by our CCO Marc Mulder to see how we can reinstate trust in the industry and provide that smooth customer journey the customer is looking for.
By the way; we were flattered by going home winning the ‘best dressed award’ for wearing our orange polo’s! Keep an eye out, you might run into these more often!