Last weekend, we had the opportunity to participate in an InsureTech Hackaton – thanks @sbcInsurTech for the sound organisation!
It was interesting to see how the teams approached the challenge of creating a better claims process and experience. Most of them managed to produce actual prototypes with the given 48 hours – in some cases, quite impressive ones!
Hackathon Background and Outcomes
So what does “better” mean in the context of claims processes?
Claims are essential to insurances, presenting the most significant cost factor typically. Leaving aside reducing claim amounts and frequency, t
- context information collected by smartphones
- sentiment analysis of text and voice
- converged media evidence (text, voice, photos, video)
- multichannel communication
- user experience elements from Facebook, Snapchat and the like
The good news is that (1) technology to improve the claims process is available, (2) it can be rapidly applied (remember: 48 hours!) for trial-ready implementations and (3) high tech services for sentiment analysis etc. are available off-the-shelf to jump start improvement initiatives.
We found one pitch disruptive from a business perspective. The proposal is to accept or reject all claims automatically. So, only if one party weren’t satisfied with the result, the typical claims process would be initiated. We find it to be an exciting idea as it could be combined with other proposals described above. However, the assumption that insurance customers would be installing and authorising an insurer’s app on their smartphone (and keeping it with them always) remained unchallenged.
We are looking forward to seeing some of these advancements applied – it’s time, insurers!