Business Reporter: Automating the insurance claims process

In an insightful interview with Business Reporter, Richard Della Rocca, President of Claims at Verisk, explains how aligning digital internal claim operations to the customer experience drives competitive advantage.

“Claim handling is the insurer’s moment of truth. It’s when they fulfil the promise that’s at the foundation of the policy and where customer loyalty is won or lost.”

In the video, Della Rocca explains that customers expect an on-demand experience, similar to the experience they get with on-line retailers, a process that is “fast, flexible and fair”.

Supported by technology, analytics tools and data, Verisk helps insurers create efficient and automated claims systems that result in cost savings while also providing customers with a speedy and easy-to-use process.

Using emerging technology is very much part of the solution, Della Rocca emphasises. Systems that integrate weather data or vehicle sensor technology combined with data communication systems may be deployed to identify potential claimants even before they make a claim. Analytics driven by Artificial Intelligence can be used to create cost estimates of damage for property, liability and auto physical damage claims and information automatically delivered through digital processes can ensure claims are paid promptly,  enhancing customer satisfaction. In addition, analytics applied to historical claim data can identify questionable claims, which protect insurers and their policyholders from the high costs of fraud.

In his interview, Mr Della Rocca makes an extremely strong case that the winners in the insurance industry will be those companies that make the most of the opportunities provided by technology, analytics and data.

To learn more about the future of insurance claims, watch the video of Richard Della Rocca’s interview.

This press release has been provided by Business Reporter.

Business Reporter is an award-winning supplement published in the Sunday and Daily Telegraph, City AM and online, delivering news and analysis on issues affecting businesses to a global audience. It also hosts conferences, debates, breakfast meetings and exclusive summits.