New article:
A recent survey conducted by insurtech Sprout.ai sheds light on the challenges faced by insurance claims handlers in both the U.K. and U.S. regions. While a majority of respondents are confident that technology will have a significant impact on claims processing in the next five years, the research also shows that 55% of claims handlers struggle with reviewing and processing claims documents and evidence, as well as with compliance and reporting.
In fact, more than a quarter of claims handlers report receiving complaints about delays or lack of communication, while others mention requests for more transparency and faster processing in the claims process. However, it appears that U.K. claims handlers are facing more challenges in retrieving and reviewing claims documents and evidence compared to their U.S. counterparts, with 36% of U.K. handlers experiencing difficulties compared to 14% of U.S. handlers.
The survey also provides insights into specific delays in different types of insurance claims, such as motor insurance claims due to inadequate customer information, document retrieval and review in pet insurance claims, and approval processes in health and dental insurance claims. These findings underscore the importance of leveraging technology to streamline claims processing and improve communication and transparency in order to effectively address these challenges.
Overall, this research highlights the need for insurers to prioritize technological advancements that can help improve efficiency, accuracy, and transparency in the claims process for both customers and employees alike.
The polling was conducted by insurtech Sprout AI in collaboration with Opinium from March to April 2021 among 800 participants from both regions.
The results indicate that there is an urgent need for insurers to invest in technology solutions that can help automate repetitive tasks such as document review, data entry, and claim tracking.
Additionally, there is a growing demand for real-time communication tools that enable faster resolution of disputes between insurers and policyholders.
Furthermore, it’s important for insurers to prioritize data privacy concerns when implementing new technologies.
Overall, this research underscores the critical role played by technology in shaping the future of insurance industry’s operations.