InsurTech Magazine July 2022 | Page 46

INSURANCE

sector has made great advances in automation , driven by customer demand for a swifter , more streamlined experience from quote through to claim . The pandemic certainly accelerated this – for example , in lockdown , digitised proof of no claims discounts became essential , as did virtual claims handling . The ease with which insurance providers can ingest data into their quoting , pricing and claims processes is key . You need the right data at your fingertips to make accurate decisions quickly .”

There will be no let-up in digital acceleration as we emerge from the pandemic . According to research from Insider Intelligence , the tech spend of property and casualty ( P & C ) insurers plummeted in recent years , with insurers having to absorb Covidrelated disruption to their revenues . But it will rebound over the next two years as insurers “ strive to digitise their businesses and leverage emerging technologies to enhance their customer experience ”.

Better data , smarter devices At the heart of this surge in automation will be a better use of data all round . That includes more data collected from both the customer and other insurance industry stakeholders , but also a shrewder approach to the data that insurers already hold . As McKinsey puts it , “ insurance will shift from its current state of ‘ detect and repair ’ to ‘ predict and prevent ’, transforming every aspect of the industry in the process ”. One exciting way this can be done is through greater utilisation of connected devices .

“ Connected devices offer huge potential for automation ,” Skelton says . “ Smart devices can already detect the escape of water to help identify a problem before it becomes a huge loss . Crash notifications from the connected car will become a key element of first notification of loss ( FNOL ), enabling insurance providers to see granular data on the circumstances

MIKE CHIARAMONTE NORTH AMERICA INSURANCE LEAD , PUBLICIS SAPIENT

46 July 2022