As Customer expectations evolve rapidly in the age of digital channels and accessibility, Insurers are increasingly pushed to offer experiences that are faster, intuitive and tailored to their customers’ needs. Identifying and optimizing the key areas of Claim operations are important to achieve that.
A 2018 study by McKinsey, estimates that by 2030, Insurance providers can achieve Straight Through Processing on the Claims, at the rate of more than 90%, reducing the processing time from days to hours or minutes, through data driven approach and tools.