A recent poll conducted by insurtech Sprout.ai has revealed that the majority of claims handlers in both the U.K. and the U.S. believe that technology will have a significant impact on claims processing in the next five years. However, despite this optimism, 55% of respondents admit to struggling with reviewing and processing claims documents and evidence, as well as compliance and reporting requirements. Additionally, over a quarter of claims handlers report receiving complaints about delays or lack of communication, while others mention requests for more transparency and faster processing in the claims process.
The polling also highlights some interesting differences between U.K. and U.S. claims handlers in terms of their challenges with reviewing and processing claims documents and evidence. While 36% of U.K. handlers face difficulties with these tasks compared to 14% of U.S. handlers, specific delays in different types of insurance claims are attributed to different factors such as inadequate customer information in motor insurance claims, document retrieval and review in pet insurance claims, and approval processes in health and dental insurance claims.
This research was conducted in collaboration with Opinium from March to April 2021 and provides valuable insights into the current challenges faced by insurance claims handlers in both regions.
Overall, the findings suggest that leveraging technology can help streamline claims processing and improve communication and transparency to address these challenges effectively.
Insurance companies must prioritize investing in innovative solutions that can help improve efficiency, reduce costs, enhance customer satisfaction, and ultimately drive growth in this competitive industry.
In conclusion, it is clear that there is still much work to be done to improve the overall effectiveness of insurance claims handling processes worldwide. By embracing technology solutions like AI-powered chatbots for automated customer support or blockchain-based systems for secure record keeping, insurers can transform their operations into more efficient, transparent, and cost-effective systems while providing better service to their customers at every touchpoint.
The future is bright for the insurance industry when it comes to using technology to improve its operations across all areas from underwriting to claims management to distribution channels. With continued innovation like this survey highlights we are sure that insurers will continue to find new ways to deliver value for their customers while driving profitability for themselves through better use of data analytics tools such as machine learning algorithms used by Sprout AI’s platform