ClaimsTech – The InsurTech’s Action List
By Craig Polley
Director, Digital Risk Services Limited
More often than not, it will be a claims process that most defines the customer experience and whether to buy or stay with one insurer or intermediary over another. The InsurTech player in the insurance claims value chain should aim to excel at claims, exceed expectations, and delight customers. This chapter proposes an Action List for InsurTech in Claims, and focuses on:
- private motor/auto
- personal effects
- owner/occupier private dwellings.
For context, the focus is generally accepted practice, without a particular focus on laws or regulations.
The following are common elements of the claims process:
- Incident occurs
- Incident notified, recorded, and acknowledged
- Claim validated
- Repair, replace, or pay
- Final settlement
- Subrogation, recovery, or third-party aspects.
It is important to distinguish first party from third party as a claim: the first party is the (named) insured, and the third party is anyone else who may be entitled to or otherwise seeks redress from the insured party. If an insured driver impacts another vehicle and is at fault, then the insurance policy should indemnify the policy-holder against claim(s) from the third party where fault is established with the first party. This chapter does not delve into areas of third-party liability, contribution, or subrogation. In fulfilling the claims promise, the following most basic rules contribute to the customer experience: ...
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