Published On: April 17, 2019
How can the traditional ways of claims and policy management be redefined in this digital age?
I once had a colleague who used the expression “If the only tool in your toolbox is a hammer then every problem is a nail”. If you just take what is there and digitise it then there’s a good chance that you’ll make some incremental improvements but just as good a chance that you’ll miss the transformational changes.
There’s a strong possibility that you’ll make incremental improvements but if you just look at the problem from your own point of view then there’s every chance that you’ll build something that makes things worse! Let’s look at some examples in our own industry that have failed to deliver:
Often these things come about because we are not having strategic conversations where the client wins, the broker wins and the insurer wins – tick benefits to all and you are on to a winner. The technology just follows on, it’s there to serve you not the other way around.
Blockchain, AI, claims paid instantly, drones, cars automatically reporting accidents, embedded software in goods – brilliant but does it benefit all the parties? Don’t just do things to be in vogue.
Virtually anything is possible digitally but stand back and make sure it’s benefiting the full value chain. Have honest conversations all going in the same direction and delivering value.