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After the shock - insurance in 2021 and beyond

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Page 7 of 31

After the shock — Insurance in 2021 and beyond 8 Shift has joined MAPFRE's startup engagement program insur_space and over the coming months will help develop a roadmap meant to deliver a new kind of claims experience, starting with homeowner claims related to water damage. Shift's claims automation solution uses AI to instantly identify those claims that can be indemnified immediately, separating them from those that require further intervention on the part of insurance professionals. The technology reads the insured's policy and analyses documentation, images, and other forms of structured and unstructured data to make the right decision about the claim at every point in the process. Reinsurance News Naturally this will take a significant amount of technology investment to produce, as well as an internal culture that embraces innovation and change. The benefits to the insurer are clear, however; a touchless claims offering increases retention rate through improved customer experience and brand reputation, and reduces claims processing costs by automating processes which would otherwise have required significant amounts of human resource. The Spanish insurer MAPFRE, in partnership with InsurTech Shift, has created an automated claims process in line with what I have described above. Touchless claims as an approach is evidently possible, and I believe we will see accelerated adoption of propositions that automate the claims process into 2021 and beyond. The customer demand is there, the technology is available, and the business case adds up. Reinsurance News 16 describes the proposition: 16 MAPFRE partners with insurtech Shift on customer claims experience, Reinsurance News

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