Weekly News Roundup – 22nd October

Claims have often been a thorny topic as policyholders demand an almost instantaneous response when they experience a loss and insurers struggle to keep up with these modern day demands. There are two interesting articles outlining what the claims experience may look like in the future and what the industry can do to prepare. In other news, Chubb’s CEO postulates that technology won’t alter the essence of insurance, which seems to go against the grain of the insurtech world… I wonder what your opinions will be!

Future of digital insurance claims (Source: Insurance Thought Leadership)
A recent survey found that 56% of the respondents prefer to work with a person rather than use digital self-service tools regarding claims. Should insurers be holding back on digitising the process?

5 essentials for delivering a modern claims experience (Source: Insurance Hound)
Policyholders (unsurprisingly!) want a frictionless and fast claims process. Find out more on what insurers can do to address this.

The rise of the exponential underwriter (Source: Deloitte)
According to this report, insurers should “accelerate the underwriting transformation to remain competitive” and that means empowering their staff to become ‘exponential’ through emerging tech and alternative data sources.

Technology won’t alter the essence of insurance: Evan Greenberg, Chubb CEO (Source: Insurtech Insights)
Although Greenberg claims it will move insurance forwards, he questions whether technology will change the fundamental nature of risk taking.

The FCA warns businesses about the risks associated with hybrid working models (Source: The Fintech Times)
The regulator has provided guidance on firms wishing to adopt a hybrid working model moving forward.

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