TECHNOLOGY minority . Though they are making considerable headway in the marketplace , incumbents still have a majority hold on customers . But how long can this continue for when insurtech growth is exploding ? Customers will vote with their feet and find better services if incumbents don ’ t ditch their traditional product delivery processes .
Today , a customer with UBI with a reputable insurtech can experience a road traffic accident that is automatically logged with the insurer , which provides a roadside recovery service within minutes . The customer can upload images of their accident to their insurer while at the scene of the accident . Insurtechs can process this information in minutes – and a claim can be paid directly into a customer ’ s account before the recovery truck even arrives .
These experiences are a long way from the realities that antiquated incumbents are offering .
Donnelly says , “ I foresee increasing penetration of automation into both underwriting and the claims process . The pandemic , and the changes to society it has brought , mean that face-to-face interactions in the insurance onboarding process or even the claims process are becoming less and less frequent .”
He adds , “ Underwriting or claims decisions , which previously took weeks , will be made within hours and , in some cases , immediately . This is only possible through automation and by removing the dependence on skilled claims assessors and underwriters to review routine cases .” insurtechdigital . com 103