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How to put the policyholder at the heart of operations to thrive in the digital age

October 13, 2023 | Insurance Claims, Intelligent Intake

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In the latest episode of “Unstructured Unlocked,” our hosts sat down for a conversation with Danielle Groves, Director of Strategic Development Programs at Guidewire. Groves shared extensive insights into the ever-evolving landscape of the insurance industry, particularly in the realm of claims automation.

Starting as a project manager for personal and commercial lines implementation projects in New York City, Groves soon transitioned to sales and marketing, spending more than a decade and a half assisting insurance companies worldwide in modernizing their core systems. Seven years ago, Danielle ventured into product management at Guidewire, where she played a pivotal role in various development projects, including complex commercial lines initiatives. For the past three years, she has been dedicated to driving innovation and intelligent claims automation in the claims domain.

Listen to the full podcast here: Unstructured Unlocked episode 30 with Daniele Groves, Dir. of Product Management, Guidewire Software

 

Paradigm shift to customer-centricity

 

Groves highlights the transformation of the insurance landscape from adjuster-centric solutions to a customer-centric approach. This shift is largely propelled by insurtech companies that are relentlessly working to enhance the overall experience for policyholders. Notably, innovations are not just restricted to policy purchasing but extend to the entire claims payout process.

Insurers are realizing that to thrive in the digital age, they must put the policyholder at the heart of their operations. Embracing technology to create a more customer-centric experience is no longer an option but a necessity to remain competitive and relevant in the insurance landscape.

However, Groves astutely points out that insurance solutions cannot adopt a one-size-fits-all approach. The insurance sector, in particular, is marked by its intricacies and regulatory considerations. Entrepreneurs and technology providers must navigate these complexities and tailor their solutions accordingly.

 

Crucial role of claims automation

 

The podcast shifts to discuss the spectrum of readiness among insurers when it comes to embracing full claims automation. Some are eager to achieve a completely touchless claims experience, particularly for first-party or less complex claims, while others proceed with caution. The appetite for automation varies based on the line of business (personal vs. commercial) and geographic region, with some areas being more advanced in digitalization.

The appetite for automation varies not only between personal and commercial lines but also across different geographic regions. Certain areas have embraced digitalization more aggressively, creating a spectrum of readiness within the industry. Claims automation isn’t just about efficiency; it’s about revolutionizing the way insurers interact with their customers and deliver on their promises.

A perceived existential threat has caused some insurers to adopt a “wait and see” attitude toward claims automation. The degree of risk largely depends on the specific market segment, with personal lines insurers being particularly vulnerable. However, as customer expectations continue to rise in a digital age, investing in claims automation becomes imperative for insurers to remain competitive and retain their policyholders.

Related content: 5 ways insurance process automation reduces errors and increases profits

 

Embracing technology for a brighter future

 

The conversation wraps up with a resounding emphasis on insurers meeting evolving customer expectations and leveraging technology to provide support and clarity during claims experiences. Groves underscores the exciting potential for technology to transform the insurance industry by delivering optimized, customer-centric solutions.

This episode of Unstructured Unlocked provides valuable insights into the dynamic landscape of claims automation in the insurance industry. Groves underscores the importance of adaptability, customer focus, and proactive engagement as insurers navigate the ever-changing terrain of technology and customer expectations.

Find the transcript of the conversation here.

Check out the full Unstructured Unlocked podcast on your favorite platform, including:

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