Balanced commentary in "Financial News".
My key takeaway is the fact that some innovative insurance companies are already actively changing the insurance supply chain.
- Digitising submission of insurance claims
- Analyzing the unstructured data in claims forms
- Combining with the other 80%-90% data internally from letters via emails to X-Rays
- Getting customers to provide video & photo evidence
- Mining the rich metadata in multi-media
- Real-time video streaming from masts, drones to help better-decision making
- Adding that data to the overall insight
- Linking external data sources- Geo-mapping solicitors, body shops, scrapyards, car sales- spotting fraud
- Weeding out fraudulent whip-lash claims
- Settling claims faster
- Focusing expensive resource on complex claims
- Crowd-sourcing tradespeople, body shops to repair and replace
- Quality control and auditing of surveys, repairs & replacement
- Real-time analytics of processes & all the data from beginning to end
- Plan, organise, direct and control
Others are lagging; look at the satisfaction ratings and you will see the difference
