Digital transformation has been on insurers’ agendas for quite some time now, and the pandemic has created a new urgency for meeting consumer demand. A Sapiens survey shows that 76% of insurance consumers think digital will be a lasting trend even after coronavirus is defeated, and half expect carriers to automate and digitize more customer interactions. History has shown that high speed change is key to innovative solutions and new ways of tackling challenges, hence the need for real-time detection of insurance fraud.
Customer expectations call for safe real-time automated solutions
SMA’s Mark Breading recently stated in Insurance Thought Leadership that the P&C insurance industry is responding admirably amid the chaos and continues to adapt to the evolving environment. Tech-enabled decision making in underwriting and claims handling processes are helping carriers achieve competitive advantages.
For these initiatives to truly be customer friendly they must meet the expectations of today’s tech savvy clients. Ideally, underwriting decisions have to be made in a split second and legitimate claims must be paid immediately. In our fast-moving world, customers demand real-time decisions. These decisions can be made quicker than ever, yet when not properly executed introduce a whole new aspect of risk.
Skill up safely
According to a Celent study, adoption of solutions that enable straight-through processing and better underwriting and claims segmentation also require investments in real-time risk assessment and fraud detection. Without that complimenting technology automated decisions cannot be deployed safely.
Marty Ellingsworth of Celent reveals in his blog that insurers realize they can’t realize a digital future while shackled with legacy skills and manual mindsets. So, they are investing in up-skilling key teams, hiring outside talent, and partnering with vendors that deliver end-to-end analytic products and data exchanges. He states that using a product vendor for a tactical problem helps manage the risk to productize all the “non-AI” stuff that is critical to a sustained implementation.
On to the fraud-free digital future
There is still a vast opportunity to modernize operations. Fortunately, carriers see the need to act. When it comes to insurance fraud, 69% of insurance carriers realize good data and real-time analytics can help them solve the problem.
This is why FRISS exists. We stand for honest insurance, where sincere customers can be serviced with full attention and at lightning speed. When speed and safety come together, carriers can take full advantage of digital transformation – realizing high customer satisfaction and a healthy bottom line.