Being part of industry gatherings and events is vital for information sharing, collaboration and inspiring imagination.
The Roots team (AKA 'The Purple People'), attended, spoke and showcased our Digital Coworkers at a bunch of great events in Q1 2023, with many more on the cards for the rest of the year.
Below are a few key takeaways from each event we attended.
The annual Property & Liability Resource Bureau (PLRB) Claims Conference & Insurance Services Expo is consistently one of the most anticipated events in the insurance industry.
This year's conference, recently held in Orlando, FL, brought together industry leading insurance professionals, vendors, service providers, and experts to discuss the latest trends and challenges, facing the insurance industry as a whole, and more specifically claims management.
From the opening General Session, titled “Your Year of Wonders” (presented by Organizational Psychologist & Bestselling Author Nick Tasler), it was evident this conference was going to be centered around looking forward and reimagining future possibilities. Here are some key takeaways from the 2023 PLRB Claims Conference & Insurance Services Expo:
The insurance industry is going through a significant digital transformation, accelerated in large part by the COVID-19 pandemic. Digital technologies such as artificial intelligence (AI), machine learning, and data analytics are transforming the claims management process, making it faster, more efficient, and more accurate. As a result, insurers are investing heavily in digital solutions to improve customer experience and operational efficiency. Insurers are using that efficiency gained to focus more on the customer experience and even create new opportunities of coverage.
Environmental risks, such as climate change, natural disasters, and pollution, are increasing in frequency and severity, leading to significant financial losses for insurers. Insurers must equip themselves with the necessary tools to assess and manage these risks effectively to mitigate losses and protect their customers, whether that be by utilizing predictive weather analytics and systems to get ahead of the forthcoming disaster or equipping the claims team with AI to deal with the large influx of claims coming in after a catastrophic weather event.
Collaboration between insurers, policyholders, and vendors is critical for successful claims management. Insurers must work closely with their policyholders to understand their needs and provide them with the support they require.
Identifying the proper tools and collaborating with vendors is also essential to leverage their expertise and technology to improve claims management processes. Collaboration between technology, such as AI, and the claims team, helps enables more collaboration with the customer to keep them satisfied.
It’s no secret that the insurance industry is facing a talent shortage, coupled by an aging workforce and swathes of employees leaving the industry altogether. Insurers must invest in talent management and the propel tools to attract and retain the best talent and ensure that their workforce has the skills and equipment required to meet the demands of the industry.
The 2023 PLRB Claims Conference & Insurance Services Expo highlighted the significantly changing landscape of the industry, everything from how to better respond to risks using available technology to properly managing talent in an evolving, demanding industry. Insurers must take the leap to embrace these changes internally to meet customers’ expectations and stay ahead of the curve.
The National Association of Mutual Insurance Companies (NAMIC) held its annual Claims Conference in Orlando in February, where claims professionals from across the country gathered to discuss industry trends and share best practices. The conference offered a wealth of information and insights on how to maximize the efficiency and effectiveness of a claims team.
Perhaps the most prominent theme at the conference was the importance of investing in technology to improve claims handling. From claims intake and management systems to predictive analytics and artificial intelligence, technology is changing the way claims are processed and resolved. Through various conversations and sessions at the conference, it is evident there is a need for insurance companies to embrace these innovations in order to remain competitive and meet customer expectations, which in and of itself was a major talking point throughout the conference.
Several presenters discussed the use of chatbots and other AI-powered tools to automate the claims process and provide faster, more personalized service to customers. Others talked about the importance of using predictive analytics to identify potential fraud or other issues early on in the claims process, allowing for quicker resolution and lower costs.
While technology certainly serves an important role to empower your team, it is also critical to have the right people in place to handle claims. This means hiring and training employees (while also equipping them with the necessary tools) who have the skills and expertise to effectively handle claims in a timely and accurate manner.
Speakers at the conference emphasized the importance of ongoing training and development for claims professionals, as well as the need to attract and retain top talent in the industry, as large swathes of talent has been exiting the insurance industry altogether over the past 10+ years.
Finally, the conference emphasized the importance of prioritizing the customer experience in claims handling, highlighting the need for claims professionals to be empathetic and responsive to customer needs, providing timely updates and clear communication throughout the claims process.
The two areas already touched on – Investing in Technology and Hiring and Training the Right People – play a direct role in the customer’s satisfaction throughout the experience.
Several presenters discussed the importance of using customer feedback and data to improve the claims process over time. By regularly soliciting feedback from customers and analyzing data on claims handling, insurance companies can identify areas for improvement and make changes that will ultimately lead to a better customer experience.
The talent crisis that has been looming over the insurance industry has finally come to a head, contributing in large part to the constant rising costs of claims handling. There are a number of strategies that insurance companies can use to ensure their team are properly prepared to keep customers happy and stay competitive in an ever-changing environment.
Roots Automation recently exhibited at the ALM |PropertyCasualty360 Complex Claims & Litigation Forum in Las Vegas, which brought together professionals from the insurance and legal industries to discuss the latest trends, challenges, and opportunities related to complex claims.
One of the topics that resonated most throughout the event was the emerging role of technology and innovation in planning for, managing, and resolving complex claims.
Complex claims are those that involve a high degree of complexity and uncertainty, such as catastrophic events, major lawsuits, or complex insurance disputes. These claims often require a combination of legal expertise, technical knowledge, and advanced analytical tools to be properly assessed and resolved. In recent years, technology and innovation have played an increasingly important role at the forefront of this process, offering new tools and approaches to manage complex claims more efficiently and effectively.
A major highlight of the newly introduced Complex Claims & Litigation Forum (other than when people were trying to capture the high score in “Capacity Crunch,” Roots Automation’s very own version of Pacman) was the panel discussion on the latest technological innovations in the field of complex claims. The panel included experts from leading insurance companies, law firms, and technology providers, who shared their insights and experiences on how technology is changing the way complex claims are handled.
Perhaps the key technology discussed as part of the panel was artificial intelligence (AI). AI is revolutionizing the way complex claims are managed, by providing advanced analytical capabilities that can quickly and accurately assess large amounts of data. This can help insurance companies to identify potential issues early on, and to develop more effective strategies for resolving complex claims down the line.
Another technology identified by the panel was blockchain. Blockchain, a distributed ledger technology that allows for secure and transparent data sharing across different parties, can be particularly useful in complex claims, where multiple parties may be involved, and where data privacy and security are of critical importance. By using blockchain, insurance companies can ensure that sensitive data is shared only with authorized parties, while also maintaining a secure and auditable record of all transactions.
The panel also discussed the importance of data analytics in complex claims. Data analytics can provide valuable insights into the patterns and trends that underlie complex claims, helping insurance companies to identify potential risks and opportunities. By leveraging advanced analytics tools, such as machine learning algorithms, insurance companies can gain a deeper understanding of the underlying drivers of complex claims and evolve their strategies accordingly.
As the complexity and frequency of complex claims continue to increase, insurance companies will need to embrace new technologies and approaches to stay ahead of the curve. By leveraging these new technologies, these organizations can gain a competitive edge in the complex claims space, and deliver more efficient and effective outcomes for their clients.
We have many more events on the cards for the rest of the year, so please - if you are heading out to an Insurance event in the US, be sure to look out for the Roots team (AKA the Purple People)
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During this 60 min roundtable discussion we will:
