John Fearn, chief client officer for Gallagher Bassett UK, discusses the digital trends of 2023 and how leveraging innovation can create a competitive advantage in the marketplace
With the new year solidly underway, digital advancements continue to propel the insurance industry forward – with three cyber trends set to take on 2023.
It’s no secret that the driving forces of this year’s digital trends intend to alleviate the challenges of years past, with opportunities to refine processes and enhance customer retention.
Analytics
Data insights continues to be a defining metric of growth for insurers, with undeniable benefits across long-term risk management.
Access to various internal and external data points allow businesses a platform to service the diverse needs of varying sectors, with robust analytics on differing sectors and sizes.
This year, improving data insights should be top-of-mind to stay ahead of the curve and foster avenues for enhanced demographic risk profiling, customer behaviour mapping and cost savings.
Automation
In 2023, decision support tools have become a pioneering trend among insurers to reduce capacity requirements driven by administrative processes.
Utilising smart software and automation tools allow claims handlers to focus on providing a better service for complex claims by enabling others to swiftly move through the automations journey.
The elimination of manual assessment within the claims resolution journey is in high demand this year as businesses shift focus to resource optimisation. With a customer focus in mind, recent years have seen a rise in customers confidently self-managing service enquiries with automated communications and claims updates.
These advancements have improved customer retention and paved the way for businesses to redirect resources and support customer autonomy.
This year, automation tools will be central to improving customer retention, empowering resolution managers and supporting resource optimisation for better outcomes.
Predictive analysis
As the insurance industry continues to face talent shortages, accelerating claim lifecycles can seem an insurmountable task.
However, predictive analytics tools have taken the marketplace by storm, eliminating the drivers of unnecessary delays and manual assessment.
By implementing predictive analytics, human insights are strengthened with technology that supports daily decision making, proactive actions and reports against award-winning benchmarking philosophies.
