The future impact of technology on operations

So, what will the technology impact on operations and claims look like in 2021 and beyond? My view is that the adoption of B2B SaaS solutions and a partner, not build approach will accelerate in 2021, driven by five key external and internal factors.

The immediate need for "contactless" solutions due to COVID-19.
The high expectation of customers for a multi-channel, mobile-first service model. Online retailers have set the bar high! Digital services are now a basic expectation, rather than a differentiation factor, for brands. Excuse the pun, but the customer wants to be in the driver's seat.
The ability for some SaaS solutions to come with an out-of-the-box artificial intelligence (AI) functionality. AI is a game-changer for operations and claims. Just look at what a chatbox can now achieve.
The pressure on capital expenditures (CAPEX) budgets in 2021. Companies will also look for quick wins and short sprints rather than funding major transformation projects.
The need for flexibility. SaaS provides an organization with the flexibility to plug in or plug out solutions. It is easier for management to greenlight an operating expenses (OPEX) investment when they know they can change direction more easily than in the past.

SaaS game changers

There are three game-changers when it comes to insurance operations and claims:

Robotics – dealing with the automated, digitization of documentation
True AI – managing first-line customer contacts, predicting claims events, delivering smarter triage, automation of estimation and fraud detection
3D imaging to assess damage

For everyone in the operations and claims space, the future is an exciting one.

Special Reports /

How InsurTech will affect operations and claims in 2021

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