Biggest Impact Will Come From Within
Category : July 2016
Last year during the Modern Claims Magazine conference, David Williams from AXA Insurance made the comment that ‘the biggest threat to the insurance industry will come from within’. Most recently, Insurance Age has reported that 75% of established insurance companies believe that building new products will have a massive impact to our sector which will positively impact the customer’s experience.
Whilst many insurance companies may deem the emerging InsurTech startups as a hindrance, these new companies are wishing to work together with insurers to reduce their processing costs resulting in increasing their profitability. . Looking into the Internet of Things, digitisation and self service solutions will provide customers with information on the status of their claim alongside realistic timescales. All these choices will enable better management of such processes for both the insurance industry and offering some control over the claim to the insured. Creating more streamlined services can only make the customer journey smoother, ultimately building trust. Adding all these factors up should help to change the public’s poor perception of the insurance industry.
For TRS, transparency, clarity and communication have always been paramount to customer service along with the products that are offered. In combining these elements with a mixture of traditional claims handling methods and our latest in-house technology applications, it is proving to be welcomed by both our insurance partners and customers.
Further information on InsurTech Futures, visit Insurance Age.
To enquire about TRS’s applications, contact firstname.lastname@example.org