X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
A smiling customer chooses a happy face from a list of ratings, ranging from sad to pleased. In essence, insurance decisioning is the leverage of information and insights plus intellectual and contextual understanding of the loss to arrive at a determination that delivers the optimal outcome. (Credit: Black Salmon/Shutterstock.com)

Despite its seemingly easy to understand definition, automation in the insurance industry often means different things to different people. For some, automation covers the entire process, from FNOL to settlement. For others, it means automating sub-processes in the claim lifecycle such as damage estimates or payments. The reasons an insurer will explore automation opportunities are equally as varied – like improving speed to respond, reducing workload for staff or enablement of a digital initiative. And because of this, insurance automation initiatives may fall short in delivering what customers truly want – a seamless, simple, great experience when dealing with their insurer.

A big part of the problem is that the act of automating processes is relatively easy. But which process can be automated? Which process should be automated? And how can you really tell the difference?

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.