Staying Current on Insurance Issues Confronting Nonprofit Organizations

Continuing to improve the quality in the settlement of claims is a major focus for insurers, the supply chain and supporting technology providers. Property claims are amongst the most complex claims instigating a more emotive customer experience. With many different parties involved, multi-tiered supply chains and a broad range of events to be covered, delivering quality requires collaboration as well as innovative and effective technology. Successful applications of new digital technology are starting to deliver dramatic improvements in property claims management. This Live Chat looks under the covers to explore examples of value being delivered to major insurers today in this space.

Never before have we either known so much about our health or been able to talk so openly about our health. Historical taboos over mental health are being broken down with moves in the NHS, in the workplace, within families, and in insurance to ensure mental health is given equal treatment to physical health. We now more openly acknowledge the link between our mental, physical and financial wellbeing. Especially in light of the last six months, mental health has rightly been at the forefront of many discussions about the impact of COVID-19 on the wellbeing of the UK workforce.

Insurers are facing increased litigation challenges from the growing phenomenon of social inflation. From changing judicial and jury attitudes to plaintiff reptilian trial tactics and nuclear verdicts, insurers are at risk for significantly higher claims costs, settlement amounts, and jury verdicts. From another angle, third-party litigation funding (TPLF) continues to grow and complicate claims handling.

The inseparable duo of underwriting and pricing has just found its third partner - automation. In a Research and Market report, The automated machine learning (AutoML) industry was valued at $346.2 million in 2020. The industry is estimated to grow by 4283% to $15 billion in ten years. Yet, a 2020 Accenture report shows that 85% of customers are not satisfied with the speed of the underwriting process. The implementation and evolution of AutoML can speed up that process and significantly increase the customer experience and gain you customers. But where is this technology headed? What are the barriers? And how can we best ride the wave of an evolving automation landscape?