Insurance professionals across Australia and New Zealand are predicting how the claims processing space will change in the next five years with many pointing to technology as a key catalyst.
Some of the insights, which are being shared as part of the Insurance Business Claims Innovation Survey, also indicate a concern that brokers may be bypassed altogether when it comes to claims processing.
“It will become an online function with the customer filling in the details and the insurance industry having the necessary checks in place for acceptance of claims,” suggested one case manager.
Another respondent also agreed that the onus would be on consumers rather than brokers.
“Customers will play more of a roll in processing their own claims in [online] portals with systems automatically processing [and] assessing them to bring down operating costs and speed up processing times,” wrote the member engagement manager.
“Faster processing times across the whole industry is needed,” she added.
Another respondent, who didn’t disclose their title, said technology would certainly drive change but expressed doubts that a major industry overhaul would happen within the next five years.
“[The insurance industry] will get on the bandwagon and come out with all sorts of apps and smart phone usability which they will all claim to be groundbreaking but still won’t provide the quantum leap that everyone is looking for,” they wrote.
However, while many professionals predicted improvements over the next five years, others weren’t so sure that technology would bring about positive change.
“[Claims processing] will become more system generated and low touch,” wrote one Queensland broker. “This is fine for the volume claims such as motor, but unsuitable for more complex type claims.”
Another NSW broker also expressed distaste at the changing nature of the industry.
“[The industry’s approach to claims processing] will get worse as it relies on machines to make decisions,” wrote the respondent.
“Eventually they will realise that the new AI is BS and try to get a human interface that can do the job better and quicker, but the trained talent will have left the cesspool - and to train a new breed of claims persons will be a challenge as most have been dumbed down to such an extent the blinking lights on a computer look far more intelligent.”
The Insurance Business Claims Innovation Survey remains open for industry professionals to share their insights on a variety of questions and concerns. Anyone interested in participating is encouraged to do so online.
