How digital are your claims payments?

Insurers understand the value of reducing operational costs, streamlining the payments process and reducing workflow-related overhead. (Photo: terovesalainen/Adobe Stock)

With the arrival of digital platforms, mobile apps, and big data, customers expect quicker and more effective service than ever before. And, they expect an enriched level of service from the moment they buy a policy to the settlement of a claim. Today, the insurance industry has finally joined the era of the customer as insurers begin to focus greater energies on digital transformation, including how claims are filed.

The seismic shift in the digitization of claims processing and payment has benefitted carriers greatly, including providing a more integrated and holistic customer experience, driving down costs, and delivering faster payments. However, most insurance companies still face a patchwork of payment distributions. Many clients can spend months and untold dollars on transformation and still ask: How digital are we, really?