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Instant Insights / The insurance industry in 2020

The risks, trends and insights to keep top-of-mind in the new year.

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Automating claims. Automating claim processes can reduce related costs, improve customer satisfaction, reduce adjustment expenses and increase the accuracy of payments. (Photo: Shutterstock)

Today’s insurance industry is on the cusp of large-scale digital transformation which will have positive impacts on the entire value chain. There is widespread consensus among industry stakeholders that integrating new software and emerging technologies into claims workflows, in particular, can help insurers improve efficiency and reduce claim management costs significantly.

According to a study by McKinsey, automating claim processes can reduce related costs by as much as 30%, improve customer satisfaction by 10 to 15%, reduce adjustment expenses by up to 30%, and increase the accuracy of payments by 4%. In order to get the most benefit from this lean into automation, insurers should be paying attention to the following five technology trends driving claims transformation in the industry today:

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