Digitisation of insurance processes like claims has been slow and needs innovation in the sector to help it grow. The good news is that all that is changing, and one area thats increasingly seeing innovation driven by insurtechs is insurance claims.
Most consumers and insurers on the continent will tell you that the claims processing challenge needs to be addressed and solved. Until Octamile’s automated claims solution, many of our partners processed claims manually, which meant a poor experience for the consumer and mounting costs for the businesses.
What is Automated Insurance Claims?
Automated insurance claims involve using AI and other intelligent technology solutions to capture and process insurance claims data from multiple sources. The goal is to make the process faster, improve the consumer experience and communication, speed up resolutions, and detect and stop fraud.
In a world where insurtech innovation is changing how insurers rethink their processes to achieve improved business productivity and growth, let us look at three automated insurance claims statistics every insurer should know.
Automated Insurance Claims Statistics Every Insurer Should Know
1. In McKinsey’s report, “Digital Disruption in Insurance: Cutting Through The Noise”, automation can potentially reduce the cost of the claims journey for insurers by as much as 30%.
Removing the high cost can lead to increased profitability for insurers. “A typical large auto insurer could more than double profitability over five years by harnessing the power of digital”, the report pointed out.
2. A Statista report says, “only 5% of insurance companies currently depend on automation to review insurance claims, while another 25% are considering adopting these technologies in the future.”
As with technological innovation, early adopters can benefit significantly from attracting and retaining consumers and improving brand positioning as an industry leader.
3. Processing claims often involve consumers who have had an unsavoury life experience; an EY report found that “87% of customers say claims experiences influence their decision to stay with an insurer”.
Investing in automated claims solutions can help insurers retain their consumers and increase their potential of attracting displeased consumers whom an automated claims processing experience will excite.
In conclusion, looking at automated insurance claims trends, more insurers are looking for viable intelligent technology solutions to digitise their claims processing, increase productivity and maximise portfolio profitability.
Octamile’s Automated Claims Processing Solution
Our automated claims processing software helps insurers to speed up their claims processing speed, end-to-end- management and fraud detection ten times faster than traditional claims processing.
Some essential functions include: capturing the first notice of loss information; assigning, managing and monitoring claims-related events.
For your customers, it allows them to manage the overall claims process, estimate the cost to repair a damaged vehicle, and calculate the pre-collision fair market value of the insured’s vehicle.
We worked with leading African insurer AXA Mansard Nigeria to reduce motor insurance claims payouts to under 60 minutes. Work with us to digitise your claims processing experience; click here to schedule a meeting today.