The State of Digital Insurance Transformation

Workers’ compensation claims costs continue to rise, and complexities involving changing compliance regulations, new court decisions, and increasing fraud risk make managing these claims more challenging. But analytics and automation are helping solve these challenges by providing key insights early in the claim process to help improve decision-making.

The most disruptive changes in the insurance industry will be led by the advances in and utilization of key technologies. Primarily, it will include the adaptation of AI to create desirable products, harness insights from new data sources, optimize processes and costs, and improve customer experiences. According to a recent Accenture report:Digital transformation grants insurance companies exceptional capabilities. But it also creates enormous expectations.Amid these rising expectations, insurers are investing in digital technologies, raising the question of how leaders will set themselves apart.Insurers looking to differentiate themselves must be aware of technology trends that will characterize the post-digital future.

Bill payments for property and casualty insurance are among the most critical that consumers make. Continuous coverage depends on current policyholder accounts that are fueled by on-time payments.How do policyholders typically fund their P&C Insurance payments? Do they prefer repeating transactions like AutoPay or single One Time payments? What are the payment channels they gravitate toward? And when are they most like to pay their P&C Insurance bills?

Changing customer expectations, digital transformation, growth needs in the face of resource scarcity, and environmental concerns are impacting every industry, including insurers. These changes accelerate the demand for new customer value and an enhanced customer experience (CX) is key to creating this value. For many insurers, CX transformation is an active investment area and a critical business objective for 2017. Digital transformation requires a vision of how to fully leverage the changes and opportunities of digital technologies in a strategic and prioritized way.