Carla McDonald
Senior vertical market manager
LexisNexis Risk Solutions UK and Ireland
Insurers need to understand more about the customer at each point in the insurance journey through claims history gathered from across the market
There’s little doubt that consumer behaviour and expectations have changed in the past 18 months—keeping pace with these changes through granular, market-wide claims data in workflows will be key for insurance providers as we head into 2022.
As claims professionals know, not all claims are equal. They need to be in a position to challenge any claims that aren’t true, or if something doesn’t feel right. Given how claims trends have changed in 2020 and 2021, spotting possible fraud from genuine claims may have become more challenging.
There has been a downward trend in relation to escape of water—people at home were better able to spot a leak before it caused significant damage. We’ve also seen an upward trend in relation to accidental damage—spillages on computers, phones and breakages in relation to glass.
At the same time, Covid-19 has accelerated and heightened customer expectations. People want insurance quotes to be swift and straightforward: why click 20 times for a quote when 10 would do? The industry has made great strides in streamlining the application process but there is still a big opportunity to prefill past claims data to support that part of customer journey.
Customers also want claims to be resolved as quickly as possible so they can move on with their lives. This is where the value of insurance comes to life for the individual.
So how is the industry meeting these expectations today?