An Insurance loss run report contains a record of all the claims a policyholder has made against his/her insurance policies.  Policyholders have to provide this report to insurance carriers when they seek a new coverage or renew the current one. It is quite similar to the credit score reports prepared by commercial banks to determine the eligibility of the loan seeker. Insurance companies study the history of the claims made by the business, to assess…

C-Suite executives in the insurance industry have enlisted product innovation as their top priority in the years to come. This is because factors such as evolving consumer expectations, fluctuating interest rates, proliferation of insurtechs, embedded insurance, among others are making it difficult for traditional insurance carriers to stay relevant in the industry. Product innovation will help them come up with diverse customized offerings and become more competitive in a post-pandemic world. Product Innovation Pathways There…

Insurance claims management is a complex process. It involves several layers of tasks and massive amounts of paperwork. Employees find it a big challenge to sift through multiple documents and ensure accuracy in all the claims administration steps. An accurate insurance claims administration process has a direct bearing on customer experience. Therefore, a failure to insurance manage claims administration translates to a failure to manage customer experience. The primary challenge lies in processing multiple claims…

Demanding customers and an ever-changing business environment influence the insurance industry landscape. On the one hand, dynamic market drivers and complex regulations impact the industry. On the other, modern day insurance customers are highly tech-savvy and expect a frictionless, efficient, and positive experience. Such shifts pose enormous challenges to insurance companies in terms of operations and business growth. They struggle with customer query overloads due to the lack of a digitized claims management process. They…