Building a technology ecosystem that enables a superior property claim customer experience
Insurers face formidable challenges when it comes to the end-to-end handling of high-volume property claims. They must deal with operational inefficiencies that increase cost and indemnity inaccuracies that impact the loss ratio. There is also concern around increased loss adjustment expenses, which raise overall claim costs that negatively impact a company’s combined ratio.
While most of the focus is on transmitting claims data through mobile apps, insurers should not overlook the enormous value in creating a technology ecosystem encompassing contractor managed repair and leveraging innovative insuretech-based technologies that are reducing claim cycle times and elevating indemnity accuracy while cutting overall claim costs.