How has the pandemic impacted claims management practices?

How has the pandemic impacted claims management practices?

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The COVID-19 pandemic has triggered some long-lasting changes to the insurance industry as we know it.

Challenges have come from all directions. The industry has been tasked with dealing with one of the most systemic loss-driving events of the past century, while at the same time trying to maintain the long-term sustainability of the industry amid a sustained low interest rate environment and a fast-changing risk landscape, dominated by increasingly intangible risks.

Insurers are challenged with balancing cost efficiencies and meeting evolving customer expectations. They’re having to walk the fine line between automation and expertise in their interaction with customers, in their risk selection and underwriting processes, and in their claims management practices. And at the same time, they’re under pressure to implement corporate social responsibility (CSR) initiatives, and to engage with communities in a more holistic manner.

A lot of these trends were around prior to COVID-19, but many have been exacerbated by the pandemic-driven shift towards a digital economy. In the claims management space, for example, there is now an exponential reliance on technology.

The pandemic has accelerated a shift in consumption patterns in which people expect easier access and more tailored service from their insurance providers, both at the onset of their insurance journey and on the back-end should they experience a claim.

As a result, there has been an acceleration of the adoption of automation in the claims management process, to simplify and improve the customer experience and to reduce costs.

 

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact HDL.

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