UNDERWRITING AND CLAIMS
“ Having a digital platform where customers can upload documents , provide self-service capabilities ( like signing up for direct deposit ) and interact with their examiner is now table stakes for insurers and TPAs to stay competitive in the industry ,” Sedgwick ’ s Landrum says . “ Such platforms can streamline the claims process , reduce errors and improve customer experience .
“ By automating document upload and other features , insurers can reduce manual effort and human error , leading to a faster claims life cycle and help the claimants who are already dealing with a difficult situation feel more connected and cared for . In addition , a digital platform can enhance data security , as sensitive documents are stored securely rather than being circulated physically through the mail . Overall , a digital platform can improve efficiency , reduce costs and improve customer satisfaction , which makes it an essential tool .”
Dikshit continues : “ In today ’ s digital era , where customers prioritise convenience and prompt resolution , the significance of having a digital cloud platform mers is likely to force insurers to devise new ways of working and adopt new business models . In today ’ s digital world , consumers expect quick and efficient services based on their own consumer experiences , and insurance is no exception . Insurers that fail to meet these expectations risk losing customers to competitors that offer faster and more convenient claims processing . To remain competitive , insurers may need to adopt new technologies and automation tools , such as parametric insurance , to speed up claims processing and improve customer satisfaction .” insurtechdigital . com 101