Insurers Leveraging Digital and Analytics-Driven Claims Capabilities to Improve Customer Perception and Results, Says Novarica
Bill Sinn | September 19, 2018
New claims capabilities represent key opportunities for carriers to improve customer perception and claims results. Unlocking the value of the vast amounts of unstructured claims data carriers have amassed, for instance, is becoming increasingly important for more effective claims management beyond claims fraud and severity indication. Additionally, enhancing the digital capabilities policyholders have come to expect, leveraging data from myriad sources in FNOL, including telematics, smartphones, wearables, IoT sensors, and GPS, can ensure a positive experience and increase internal efficiency.
In a new Research Council Study, Unstructured Claims Data Usage in Insurance, research and advisory firm Novarica examines the uses and challenges of unstructured data in claims based on data from a recent study of 44 insurer CIO members of the Novarica Insurance Technology Research Council. Relatedly, Novarica provides an overview of the impact of digital in P/C FNOL and provides CIOs and their business partners with insight on key elements of digital claims evolution a new Executive Brief, Digital FNOL: Key Issues and Prominent Providers , which provides information on 10 solution providers active in this space.
"Unstructured data analysis is still emerging, but the capabilities have become more common among carriers. Valuable stores of information still remain locked in handwritten notes, photos, videos, and feeds from external sensors. Incorporation of this unstructured data has significant potential across the insurance value chain, most notably in claims," said Jim Klotz, Vice President of Research and Consulting and lead author of Novarica's new Research Council Study. "Eventually, deriving insight from unstructured claims data can pay gains in the form of predictive severity detection, loss reduction, and improved underwriting."
"Taken together, digital FNOL capabilities have the ability to speed and streamline the claims process, allowing for more efficient gathering of information, faster adjustments, and more transparent claims experiences," said Keith Raymond, Vice President of Research and Consulting and lead author of Novarica's new brief. "Digital FNOL capabilities are becoming table stakes among P/C carriers, but the ceiling for the capabilities that can be incorporated and the customer experience that can be delivered is high."
Previews of the reports are available online at https://www.novarica.com/unstructured-claims-data-usage-in-insurance/ and https://www.novarica.com/digital-fnol-key-issues-and-prominent-providers/, and desk copies are available to qualified media. Please contact firstname.lastname@example.org or call Victoria Spitz at 833-668-2742 Ext. 130 for more information.
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