Blog Posts

For the most part, insurance carriers haven’t really viewed the claims process in a positive light, as it is complex (especially with a multiparty property and casualty claim), tedious (lots of data and fact gathering), and filled with suspicion (carriers thinking that policyholders could be trying to defraud them and policyholders thinking that carriers could be trying to pay less than what they are entitled to). Because of these factors, carriers have often viewed the claims process as more of a necessary evil than an opportunity to deliver a better experience to policyholders.

The insurance industry is finally making waves in the area of digital underwriting. It is refreshing to see some carriers step out of their comfort zones and go beyond just automating basic activities with rules engines and more advanced workflow tools. Most carriers are starting to use additional external third-party data to help support the automation process as well, reducing the operational costs of onboarding a new customer and creating a better customer experience. While it seemed to take forever for many carriers to utilize some of the basic third-party data elements, such as Medical Information Bureau or motor vehicle records, or even credit or reinsurance scores, this is finally becoming the norm.