1. You’re speaking at the Connected Claims Europe Summit in London in November – what are you most looking forward to at the event? Each step of the value chain is being reassessed and reinvented by InsurTech use cases. It’s unthinkable for an insurance company not to pose the question of how to evolve their own model by examining which modules within their value chain should be transformed or reinvented using technology and data usage.
2. What do you identify as the core motivations driving claims transformation in insurance? Claims are the largest cost on the insurance P&L, the effectiveness of this process is key to building a sustainable competitive advantage. As of today, many claim processes are old and outdated and the opportunities on offer are boundless
3. What do you think are the key technologies enabling change in the claims process?
Many different technologies have the potential to transform the management of claims. Insurers need to prioritise investment in Connected Insurance and Artificial Intelligence – these will have the most transformative effect on the claim process.
4. How will the customer’s experience change with connected claims?
On the client side, I would like to share with you some evidence from the Connected Insurance Observatory. This initiative was able to aggregate data from more than 35 European Insurance Groups and another 20 partners from the IoT Ecosystem. The think tank is constantly providing thought-provoking research, rationalising trends in market evolution and stimulating debate to promote innovation culture in the insurance sector. This summer we did specific trans-national research on customer expectations in relation to motor insurance telematics. The two telematics services customers were most interested in are stolen vehicle recovery and to aid with claims processing. Claims have always been the moment of truth in the relationship between insurer and insured and this represents a terrific opportunity to improve the customer experience in this step of the customer journey.
5. How should insurers be using data and insights to deliver greater engagement and customer service? From pay to care. One of the great opportunities in the adoption of connected insurance is the ability to transform the role of the insurance carrier into that of a partner; able to assist the customer by preventing and mitigating their risks for them.
6. If you could design the perfect claims process from scratch, how would it be different to what currently exists?
I would like to describe this process with three adjectives: real time, fact-based and digital. Currently, claims processes are far off from these attributes. Let’s apply this concept to auto insurance telematics. The anti-fraud potential of telematics solutions are well known but I’d like to make the case that this this InsurTech approach is equally significant for crashes where fraud is not present. Imagine, your client has a crash and you’re able to detect this in real-time and then provide immediate assistance. Clearly, in this way you anticipate the first notification of loss and the beginning of the claims process. The telematics data provides the claim handler with a structured set of objective data and allows them to understand the dynamics of the crash and improve the accuracy of the loss costs prediction. All these elements allow a significant reduction of the time spent managing the different phases of the claims process – time which has proven to be directly related with the amount paid by the Company.
In this process – based on the severity – you can create the conditions for guiding the client towards the preferred auto repair center, achieving more savings.
7. How do you see artificial intelligence and automation impacting insurance claims?
The sedimentation of telematics-based digital knowledge (regarding the dynamics of the claims event in the case of minor damage) together with the final claims cost (including information like brand and model of car, along with other contextual information) enables you to achieve the digital objective I mentioned previously. This could enable the company to apply Artificial Intelligence to support the decision of the claim handler and make a liquidation proposal a few hours from the crash. On the one hand, there is a clear benefit in terms of costs and, on the other hand, it represents a significant improvement of the driver’s user experience. Who knows, one day artificial intelligence could even replace the human claims handler in their entirety.
Matteo Carbone will be speaking at the highly anticipated Connected Claims Europe Summit (28-29 November, London). This unique Pan-European event takes an in-depth look at claims transformation, drawing together expertise from across the insurance value chain in order to provide claims strategies to: drive customer-centricity in claims, leverage technology and innovation, streamline claims processes and deliver the future of insurance claims.
Matteo will be speaking alongside claims transformation leaders, including:
- Ian Thompson, ZIP/EMA Chief Claims Officer – Zurich
- Mario Ricco, Head of Global Claims – Generali
- Luis Charlo de Paul, EMEA Chief Operating Officer – Mapfre
- Jason Richards, Group Management Board, Head of Property & Casualty – Swiss Re
- Klaus Vogel, Senior Vice President, Claims – If P&C
- Rob Smart, Head of Commercial Claims – Direct Line Group
- Christopher Sheldon, Senior Counsel, Global Chief Claims – Allianz
In just two days, you’ll gain business-critical strategies on how to:
- Revolutionise your claims back-office by mastering innovation and agility behind the scenes
- Leverage technology that will deliver operational excellence in claims assessment, monitoring, communication and prevention
- Reinvent your claims centers to drive customer engagement, deliver a superior customer experience and drive client and brand loyalty
- Utilise automation to provide a slicker end-to-end experience for customers and staff alike, streamline services and reduce overheads
- Deploy connected insights and bring clarity to claims processing
Secure your place at this industry leading summit. You can save £200 off of your place using this exclusive discount code “4791CARBONE200”. Reserve now at: http://events.insurancenexus.com/connectedclaimseurope/register.php