InsurTech – What is getting OverCooked?
It becomes tiresome to see InsurTech still focusing on ‘Quote to Buy’ as an innovative use case. This topic is becoming overcooked. There’s no harm in shamelessly adopting what works for others, replicating it, and moving on. There are plenty of other use cases in the ecosystem that merit attention. Indeed, the real value lies in exploring these alternatives.
One such critical use case is litigation management. This area is expensive for both carriers and claimants, with both the costs and the experience being burdensome.
What can be done? InsurTech should step forward and demonstrate the transformative power of technology in enabling carriers to proactively settle claims. Modern technologies, such as machine learning and artificial intelligence, can play a significant role in this.
AI and machine learning can offer deeper insights into legal and settlement processes at various decision-making stages, potentially accelerating these processes. Nowadays, we are capturing a considerable amount of data. What better use could there be for this data than to apply it in the most effective way possible??? 🤔
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