This year’s InsureTech Connect (ITC) included almost 6,000 attendees representing 300 companies who gathered for the annual conference that unites entrepreneurs, investors, and insurance executives.
EvolutionIQ returned to the expo hall as an event sponsor to feature client work in Disability and P&C. We also solicited feedback from industry professionals on the precision claim adjustment framework we’ve been developing with customers. After three days of workshops, networking and elevator pitches, some themes began to emerge that we’re tracking as emerging trends. We compiled the conversation themes into a list of takeaways that all claims professionals can utilize as they make decisions to shape the future of their organizations.
Claims executives are being asked to do more than ever and they’re seeking software partners to help them meet the moment. In general, the professionals EvolutionIQ encountered at the conference were focused on optimizing claims to deliver efficiency and build capacity for their teams to tackle complex claims. Many are asking how can predictive analytics help improve claims quality and customer satisfaction,
Insurance professionals were clear: They want to remove unnecessary work on no-pay or transactional claims,, and they want to know what resources to put against their most complex claims.
Top 5 takeaways from the conference
- Partnership between humans and technology – Claims executives want to harness the power of artificial intelligence and machine learning, but in order to embrace predictive analytics they’re looking for software that adapts to the examiner so they may more quickly provide feedback and influence models.
- Workflow optimization – Most managers are interested in automation and the efficient allocation of resources, but they’re sensitive to change management and want evidence of successful implementations before taking on a proof-of-concept. A majority of people responded that they’re interested in improving quality reviews and removing manual analysis from adjusters. Even with experienced adjusters, they’re interested in software that can provide early warning and offer guidance to drive better outcomes, sooner. We like to call this precision-based claim handling.
- Evolution of tech in claims – Claims organizations are eager to leverage data to drive better ROI by operationalizing a deeper view of the customer. Many executives are asking how can we use models and enhanced data to influence decisions made about every claim in their book. Now that companies have made updates to their core infrastructure, the industry is moving towards mission specific offerings that can deliver ROI leveraging their data.
- Adoption and change management – Attendees expressed when working with insurtechs adoption of models with front line claims professionals can be a challenge. In order for implementations to be successful, establishing trust with end-users is a critical factor. Increased transparency and explainability generates confidence and provides clarity that enhances the likelihood models outputs will be used to their full potential.
- Better outcomes with prioritized claims – Increasingly, adjusters are spending valuable time determining which claims to work rather than resolving them. Progressive organizations are asking how software can more quickly identify opportunity-rich claims and enable adjusters to leverage their skillset to drive improved results. Through technology designed to help claims professionals do more impactful work, claims organizations can increase their impact on the customer experience and create more efficiency for their teams. As one manager shared with us, we need to find ways to “let the adjusters work on what they’re good at.”
- Partnership between humans and technology – Claims executives want to harness the power of artificial intelligence and machine learning, but in order to embrace predictive analytics they’re looking for software that adapts to the examiner so they may more quickly provide feedback and influence models.
InsureTech Connect brought together executives, entrepreneurs, and investors committed to reshaping the future of the insurance industry. For many, the future is now as the pandemic has strained team capacities, shuffled priorities and impacted operating budgets, clearing the path for new approaches and applications of software in claims . A clear trend at the conference were companies moving to a risk-based process that prioritizes the claims examiners should focus on. This new approach asks artificial intelligence to surface claims where adjusters can make a difference. By using automation to guide human intervention, companies can surface new claims to re-develop and deliver better outcomes.
Go deeper → Learn how EvolutionIQ’s achieved a 4x increase in resolutions with Reliance Standard by shifting from an interval to risk-based approach when prioritizing claims.
See more → Visit the EvolutionIQ booth in pictures
