Claims transformation for general insurers

The general insurance industry is in the middle of a digital overhaul. The customer mix is shifting towards digital natives, who expect seamless interactions over digital channels. While slow to start, the industry has embraced digital transformation – in large part due to new competitors such as insurtechs and platform companies entering the arena. Over the years, insurers have invested in transformation initiatives to stay competitive, support their strategies, and build more agile, adaptive and disruptive businesses and operating models. With a changing competitive landscape, insurers must realize where to bet big on transformation effort and cost.

Claims The Next Big Bet of Transformation

The claims function remains a critical moment of truth in the insurance value chain. For general insurers, digitizing claims function holds tremendous potential. Among insurers, motor incumbents have been ahead of the curve in digital innovation, distinguishing themselves from their traditional peers.

A research report from McKinsey states that, “a typical digital motor insurer will manage seven of ten claims without human touches and in less than a week”

The transformation journey for claims has moved from advanced incumbents adapting to new technologies and models

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