The latest RDT Tech Poll reveals a strong consensus among insurance professionals for enhanced transparency and automation in claims processes.
RDT notes that the poll underscores a significant call for change within the industry, driven by increasing claims costs and inefficiencies in existing systems.
When asked about the transparency of claims processes, 94% of respondents agreed that they are not as transparent as they should be. Additionally, the same respondents concurred that further automation of the claims process would improve efficiency and benefit insurers, brokers, and policyholders.
Insurers also recognise the need to provide more detailed information. RDT revealed that a substantial 91% of respondents believe that claims processes should offer brokers and policyholders better access to detailed updates on the status of their claims.
However, several barriers to greater transparency were identified. Respondents from the poll highlighted key issues preventing insurers from being more transparent. The primary obstacle cited was the inefficiency of legacy systems and processes. Others pointed to a lack of clarity and confidence in these processes, leading to a reluctance to share their complexity.
Some respondents also raised concerns about the high costs associated with introducing transparency, while others expressed that further transparency could prompt questions that policyholders may struggle to understand or prefer not to hear.
“Transparency and automation are essential for modernising claims processing in insurance. The findings from our poll indicate a clear demand for more detailed and accessible claims information. It's encouraging that the majority of the market already understands the critical need for modernising claims, but it’s clear that hurdles remain,” deputy CEO Joe O’Connor (pictured above) said.
O’Connor highlighted that the challenges to achieving increased transparency and efficiency are significant. However, he also pointed out that cost-effective solutions are available, which many in the market are ignoring, potentially to the detriment of their policyholders and themselves.
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