TECHNOLOGY spend constitute a significant factor for the company ’ s overall financial success as a whole .
“ In the European insurance markets , for example , the annualised growth of total benefits-and-claims spend is more than 4 %, translating to more than € 350bn per year , a number that is sure to rise ,” O ’ Loughlin concludes .
Automation implementation and resistance to change As the past two years have demonstrated , those that fail to embrace the new digital experience look set to be left behind . Traditional insurers are under pressure to improve loss ratios and increase customer satisfaction as insurtechs utilise emerging technologies to deliver better overall service .
“ The pandemic has increased the need for process digitalisation , task automation and remote working because of social distancing restrictions ,” says Malzone .
Customer expectation is also an essential component . Consumers want their insurance experience from quote to claim to be straightforward and efficient . However , automation must not replace human expertise in claims ; companies should use it to
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