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[Webinar] Commercial insurance in 2024 and beyond: priorities, technologies, and challenges

[Webinar] Commercial insurance in 2024 and beyond: priorities, technologies, and challenges | EasySend Blog
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5 minutes

EasySend recently hosted a webinar that focused on the topic of commercial insurance in 2024 and beyond - priorities, technologies, and challenges.

The event brought together several experts in the industry, including Theodore Papailioue, Director of Presales at EasySend (and moderator of this webinar), David Hopp, Senior Vice President, Innovation, at Sedgwick, Inc., Carey Geaglone, Senior Principal, Insurance Practice, at Aite-Novarica Group, and Eran Shirazi, Cofounder, and CTO at EasySend.

The speakers covered several topics during the webinar, which centered around the current state of the insurance industry and how digital transformation and customer experience remain top priorities for insurance companies. 

Topics discussed included:

  • The pandemic as a catalyst for insurers shifting to digital 
  • How Sedgwick is digitizing its processes
  • Approaching digitization and automation efforts
  • Digitizing the claims process
  • A paradigm shift 
  • The importance of customer experience
  • Data-driven decision-making
  • Resource allocation for automating processes
  • How the EasySend platform can help insurance companies digitize processes
  • Key takeaways for insurance companies

If you missed the webinar, you can check out the replay here or keep reading this blog!

The pandemic has forced insurers to shift to digital

The pandemic has pushed insurers to focus on digital enablement, which, according to Carey Geaglone of Aite-Novarica, has now become the baseline expectation for consumers. Insurers are currently reviewing their capabilities to determine which are critical for their operations. They're also assessing solutions that weren't intended for long-term use, with the aim of replacing them with more permanent and scalable options.

Digitizing processes at Sedgwick

According to David Hopp, the impact of the pandemic prompted Sedgwick to shift their focus towards digitizing their processes. Although they had already invested in digital processes before the pandemic, the new normal required a more advanced level of digital enablement. Adjusters were working from home, which led to a loss of support from local offices. Sedgwick realized the need to streamline interactions between claimants and customers or claimants and examiners. They believed that using digital enablement would improve customer and examiner engagement and provide better insights into the impact of the digital interaction on general outcomes. Digitizing processes from end to end would lead to a better customer experience, employee experience, and overall claims experience.

To achieve this goal, Sedgwick relied on their in-house systems to automate processes end to end. However, in some cases, they partnered with vendors to outsource the customer experience. For instance, they used EasySend's platform for a better e-signature solution. Sedgwick is currently exploring other ways to leverage the EasySend platform, since they recognized that there was an opportunity to create streamlined and efficient processes that would instill confidence in customers that their problems would be resolved quickly and effectively. 

Approaching digitization and automation efforts

When approaching digitization and automation efforts, insurers should start with small-scale projects that add the most value. By measuring the results of these projects, it possible to identify what works and what doesn't. It's not just about digitizing processes, but also about how insurance companies use the data. The data can be used to gain insights into specific transactions and improve claimant engagement, particularly in the interaction between claims examiners and claimants.

Digitizing the claims process

Claims processing is a hot topic in the industry, and insurance companies are looking to ease the process for customers. Customers want an Amazon-like experience, where they can take care of everything quickly and efficiently. However, it's important not to swing the pendulum too far with automation. It's about optimizing the process, retaining all the data, and providing the ability to talk to a human when necessary.

Digitizing the claims process presents both challenges and benefits. One of the major challenges is the amount of information required for a claim. However, formalizing and building a workflow where all participants can contribute can significantly speed up the process. In addition, data validation can save operational resources for the carrier or the TPA. 

Digital approaches also offer the opportunity to reuse and leverage data. For example, data from the underwriting process can be used to make the claims process more efficient. Furthermore, digitization allows for a larger volume of data to gain a more precise understanding of a claim's legitimacy.

A paradigm shift 

Building digital experiences can completely change how information is collected, presented, and communicated. However, a lot of rethinking needs to be done regarding the data that needs to be collected, how to present it, and the language used in the process. By considering what part of the form is relevant for each participant and using conditional logic, insurers can save time for everyone involved. It's also crucial to experiment with different layers of the process to create a more pleasant and simple experience for the end-user.

However, one of the most significant challenges of implementing digital transformation is changing the mindset of employees and customers. Employees need to be trained to use new systems, while customers require education about new processes. Additionally, insurers must ensure that their systems are secure and compliant with data privacy regulations.

The importance of customer experience

Customers expect a seamless experience, and insurance companies must do everything possible to make the process easier. According to some experts, it's not just about automation; it's about optimizing the overall experience. Insurance companies must balance human interaction with digital, understand their long-term strategy, inventory the data they have, and seek partners that can help them achieve their goals.

Starting with the customer experience can immediately reduce cycle time for the customer and lead to more positive outcomes. Carriers are increasingly attempting to fully digitize the claims process, from first notice of loss to payment and closing the claim, in order to improve the overall customer experience. Simplifying the process for the customer can also make it easier for the adjuster to do their job. The ultimate goal is to retain current customers and attract new ones by offering a positive customer experience.

Data-driven decision-making

Data plays a crucial role in digital transformation. By digitizing processes, insurers can get insights into the impact of the process on general outcomes. This data can be used to improve processes and provide a better customer experience. However, it's essential for insurers to collect the right data and use it effectively.

It’s also important to keep in mind that while having a modern core system in place can help carriers better leverage the data they collect, the lack of a modern core system shouldn’t hinder insurers from moving into the digital space. Companies can start with simple steps, such as offering customers a digital-branded experience, and then move on to more complicated integrations as they learn and iterate.

Resource allocation for automating processes

Automating processes involves two types of roles: Implementation experts and technical personnel responsible for building the integration library. Implementation experts have experience in building digital processes, while technical personnel build the library of integrations. When a rich library of integrations is available, it can be easily used by less technically-oriented users.

To ensure success, its’ critical to have someone who owns and manages the project and has control of all team members. This person can ensure that resources are allocated effectively, the project is on track, and everyone is working together to achieve the desired outcome.

How the EasySend platform can help insurance companies digitize processes

EasySend is a no-code development platform designed to help insurance companies streamline their operations by digitizing their processes:

  • Simplify Complex Processes: Insurance companies are bogged down by complex, paper-based processes that can be time-consuming and prone to errors. EasySend's no-code platform allows insurers to quickly digitize and simplify these processes. Whether it's claims processing, policy renewals, or customer onboarding, EasySend can transform  complex data intake processes into simple, user-friendly digital experiences.
  • Speed Up Time to Market: With EasySend, insurance companies can design and implement digital processes in a fraction of the time compared to traditional coding methods. The development of digital journeys via drag-and-drop interface means significantly reduces the time to market for new applications and services.
  • Improve Customer Experience: Customers expect seamless, intuitive experiences. EasySend helps insurance companies meet these expectations by creating digital journeys that are easy to navigate and use.
  • Enable Scalability: With EasySend, insurance companies can easily scale their operations. As business needs grow, new processes can be quickly designed and implemented without the need for extensive development.

EasySend can revolutionize the way insurance companies operate with a powerful toolbox to digitize data intake processes and improve customer experience.

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Vera Smirnoff
Vera Smirnoff

Vera Smirnoff is the demand generation manager at EasySend. She covers digital transformation in insurance and banking and the latest trends in InsurTech and digital customer experience.