What will the future of claims look like?
How can carriers drive real digital transformation in order to meet the demands of the modern customer and workforce?
While the industry has been grappling with these questions for years, the global pandemic fast-tracked the need to adapt in order to meet the demands of a world that turned virtual overnight. And there’s no going back.
At our recent webinar, Reaching the Ultimate Destination: The Self-Driving Claim, From Virtual to Touchless, leaders from Snapsheet and innovative claims organizations around the world led breakout sessions and shared how virtual and touchless claims systems are driving real transformation for carriers of all sizes—resulting in better, faster experiences for everyone involved. Even 10X improvement in customer experiences.
Snapsheet CEO and founder Brad Weisberg kicked off the event, sharing how the same factors that inspired him to start Snapsheet, are still driving our mission to digitally transform the entire claims process.
To learn more on how to reach the ultimate destination in claims transformation, here are five key takeaways from the event.
1. We’re at a tipping point in claims, and now is the time to digitally transform
Given multiple factors coming together—increase in digital adoption, mass transition to remote work and the uncertainty of a global pandemic—we’re at a tipping point for real change. Now more than ever, modern customers want experiences that are easy and efficient—and the modern workforce demands the same.
Snapsheet’s partnership with Clearcover and the launch of Clear ClaimsTM, the fastest auto damage claim process, is a perfect example. At Snapsheet, we knew there was a faster, better way to process claims so we partnered with Clearcover to truly reimagine the end-to-end claims process through digitization and automation. After successfully cutting down the claim process—from eFNOL to payment issuance—to just 13 minutes, Clearcover CEO and founder Kyle Nakatsuji said the customer feedback is like “the emoji with the head blown off… it’s so much better than expected and so different, that they ‘double take’ it.”
Clear Claims is only the beginning of what our automated approach to claims can achieve for the modern customer and workforce. Learn more about our partnership by watching the keynote discussion with Kyle and our CEO and founder Brad Weisberg:
2. Touchless claims innovation means touchless implementation in weeks—not months or years*
In less than 60 days, Generali Serbia launched an automated virtual inspection platform with custom configured automated workflows, automated communications, and a customer-facing web app—and Snapsheet never had to step foot into Serbia in order to implement it.
Snapsheet’s Chief Strategy Officer and co-founder CJ Przybyl and claims leaders from Generali shared how they were able to accomplish this launch, which included fully remote planning sessions, automated workflow configuration best practices, language translation learnings, and post-launch metrics tracking. Mario Ricco, Global Head of Claims at Generali, shared his learnings, including “migrating work from expensive external resources to internal resources, and those attributing overall to claim cost, cycle time, and customer satisfaction.”
3. Management practices must evolve or risk falling behind
COVID-19 has accelerated the digital transformation of the economy with organizations finding themselves in a completely virtual world overnight; driving a greater and more urgent need for innovation in management practices.
Snapsheet President Jamie Yoder and Manifold Group Senior Advisor John Sviokla shared a new set of criteria that management needs to address in order to gain competitive advantage in this bionic world—with the capability to drive 10X improvement in customer experiences:
- Change the way you work and how it’s managed
- Change the way you engage with the customer and others
- Change the speed and efficacy of every decision
- Change your economics
- Change the way you change
This new Digital Darwinism is focused on adaptability, and it’s an imperative component for the process of change management to be successful. In addition to adaptability, “we need to apply learning and grit,” says John Sviokla. “It is the combination of the three that really leads to success.” Learn more about thriving in a virtual and touchless world in the replay:
4. Claims should not be an overlooked opportunity to drive better outcomes for the sharing economy
Insurance and claims costs are one of the top three expenses for platform providers in the sharing economy, but for many organizations, claims results are afterthoughts. Claims can and should be an enabler for improved business outcomes for the sharing economy—from better managing the customer to improving the brand and the bottom line.
Our COO Andy Cohen was joined by claims leaders at Getaround and InShare Services who are building claims and risk management solutions with some of the largest platform providers in the sharing economy. They shared lessons learned and opportunities for claims innovation and differentiation for insurance carriers, platforms and TPAs.
InShare Services CEO and founder Mark Warnquist, who previously served as global head of claims at Uber, says, “We have to have an appreciation for claims and insurance in the sharing economy. Insurance is such an enabler, and it’s critical to the livelihood and success of our platforms.”
5. A recipe for digital claim payments transformation success must include seamless integrations and a granular approach to change management*
For payments integrations, carriers face new questions and processes around digital engagement workflows and reconciliation as they transition from paper check to digital payments. Snapsheet Payments VP David Boddy was joined by Jeff Obermeyer, Director of Strategic Initiatives at Mutual of Enumclaw (MOE) who shared that having the ability to implement in phases was a key to success in their payment system deployment. The seamless integration with Snapsheet’s cloud-native payments platform also allowed MOE to work as usual with concurrent integrations not impeding their routine.
Many carriers also overlook the operational change management issues with digital payment transformation. Zurich North America’s Claims Innovation Champion Stephen Di Cicco shared how leveraging granular metrics by business line, payment use case, payee type and payment creator were critical in fully operationalizing a new payments platform and driving digital payment adoption in a traditional insurance paper check culture.