I thought I would share some insights from my recent attendance of ITC Vegas, the largest Insurtech conference in the world. I try and go every year to get my dose of the insurance thought leadership in claims from some of the smartest innovators in the industry. The insights are relevant to any complex customer operations, not only claims.
One interesting session was by Zachary Gustafson, GM of Claims at Guidewire on ‘The Claims experience Reimagined.’ Guidewire are a leading global insurance policy management technology platform.
He referred to Gartner’s prediction that based on the technology available today administration and data input will fall from 60% of the claim’s handling role to 20%, giving more time back for personalised customer engagement, increasing from 20% to 50% and collaboration with partners, increasing from 20% to 30%.
As the infographic above shows, this ‘creates more space for customer empathy.’ Generative AI has been the breakthrough to enable this future.
Zach also talked about cracking the code of the ‘triple constraint’, illustrated in the graphic below.
As we know, claims handling and other customer service delivery can be complex. We are try to be efficient, accurate, and deliver great customer experience (CX), all at the same time. The challenge is getting the balance right with these three outcomes. If you focus just on efficiency, this can impact accuracy and CX. If you want to deliver exceptional CX, this can impact efficiency. If you want to be 100% accurate, this can impact CX and efficiency.
The good news is that with the tech available today, claims operations can now crack this code, with the game changer again being Generative AI.
All in all, despite the challenges of ever increasing CX expectations and the need to deliver a coordinated omni-channel service, I believe things are looking up for in the world of customer operations.
David McDonald
MD and Co-founder
Customer, Operation and Claims Practice lead at The Bridge International.
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