Everything is changing in the digital era with increased customer expectations. There is even a real call for digital first even in claims management with some digital insurers making pay-outs in less than an hour with 3 secs being the record. Claims is the moment of proof of the insurance product. Hence in the digital era, claims settlement and claims management gets greater priority. Everyone in the value chain need to speed up, even adjusters.
So this Claims Summit is a call to “Adjusting to Globalisation” with the smaller and the bigger picture in frame even as claims become miniscule and repetitive on the parametric front and huge and unique with multinational implication at the other end in an inter-connected world.
This Summit is truly going to be a rocker for claims executives and we are linking with loss adjusting bodies in the region and internationally to give a real time value-add to the claims process. Insurers that will be most successful are those which adapt to these new realities and can deliver on the promise of insurance – quick and efficient claims settlement system that is striving to continuously improve. The turnaround time is critical and with AI and technology, this becomes a reality.
In the tech world, insurers can integrate automation, AI, visual technology, Blockchain, chatbots, wearables and advanced analytics and instant online payments into the claims process and promise. The real success will be how insurers use tech to deliver on the claims every which way learning from the best practices in the market.
Asia Insurance Review’s Claims Summit this year with the International Federation of Adjusting Associations involved will directly tackle these issues as well as have special local, regional and international panels to up the ante for claims professionals. The image of insurance lives and dies by its claims track record. So this will be a priority return to basics while riding the digital wave to get ahead with claims with operational efficiency and stay ahead of the pack.