Amplify Life Insurance: Modern Solutions For Your Future – Broadly speaking, the development of the insurance industry can be said to be still in its early stages. Despite some significant innovations in underwriting, claims platforms have traditionally been slow to move and digitally transform. This is not a criticism. In fact, in my opinion, this presents opportunities, and I believe the best is yet to come!
The global insurance market is reportedly worth between $3 billion and $4 billion, so there is no denying that investment in innovation is beginning. Over the next decade we will see some of the biggest leaps forward yet, so I am very optimistic about the future of what Crawford can offer Australian customers.
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In the US, Crawford is part of the gig economy with our WeGoLook product, which has a network of 45,000 people doing what we call “on-demand” inspections. US customers love this product because Crawford is 17 kilometers from the checkpoint at any given time, so we can quickly access on-site resources, take photos, collect data, etc. In many cases, those high-volume, low-value property claims can be settled. Australia has a much smaller market and population compared to the US and it’s questionable whether something like this would be feasible here, but we only have to look at the US to see some new innovations. Globally, Crawford is undoubtedly at the forefront of innovation in claims management.
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As a global business, Crawford’s approach is to focus on simple digitalization. We are not interested in implementing new technology for the sake of new technology. If it doesn’t streamline our processes and make things smarter, faster and easier – both internally for our employees and externally for our customers – then what’s the point? For digitization to be valuable, it must be simplified. At the same time, Crawford focuses on talent to ensure we have the best people with deep and advanced knowledge. I believe that these two things together – plus digitization – will set the benchmark for space advancement.
There is no doubt that the claims process in the insurance claims cycle is ripe for change. From “initial bankruptcy notice” to claims settlement, there are significant opportunities for automation in certain parts of the process. However, in doing so, we must remember to consider the policyholder first. We need to make sure we automate areas that help improve processes and improve customer experience. One example of automation that has the potential to do this (something we are starting to do more of in Crawford Australia) is automating real-time communications. This is an opportunity for policyholders to receive real-time updates on individual claims and eliminate guesswork (and often frustration), ultimately leading to better outcomes, greater transparency and higher net incentives for the insurance company (our client) result. ).
The other one, and the one I see more of, is a smart proposition — one that could be a game changer. When you think about the life cycle of a claim, there are many inputs and outputs throughout the process, and a lot of information is provided to the people working on that claim. They have to make the right decision at the right time, so we have to be alive to make that decision. But when we automate parts of the process, it actually eliminates decision-making and claims reviewers can get better information about a specific claim earlier and speed up the claims process. The technology exists today to take parts or facts of an individual claim and direct them to field adjustments or managed maintenance networks. There are all these different options, but by automating intelligent classification, it really helps push the claim in the right direction.
When we talk about Crawford’s innovation, it’s important to point out that it’s not just technology. In our business, innovation is also about encouraging people to constantly challenge themselves to come up with smart ideas and innovative solutions to our customers’ ever-changing challenges.
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Last year, a client came to us frustrated because his high-priced housing request was taking too long to complete. What Crawford’s team did was develop a completely new claims process for claims worth more than $100,000. We eliminate customer issues and revolutionized these genres. Claim. After a few months, customer satisfaction with policyholders increased significantly.
Our end-to-end claims lifecycle offering remains unmatched by our competitors. There is literally no other claims management company in Australia that does this like Crawford. When you become a Crawford customer, you only deal with one supplier for the life of your claim. Through customer feedback, we understand that managing multiple suppliers can become a logistical challenge as things move through the RFQ process, requiring more internal resources, and as RFQs are passed from one supplier to another Additional costs will be incurred. (i.e. bankruptcy adjustments, developers, attorneys) all get into the details pretty quickly. Crawford’s experience was seamless because there was no contact and no handouts; that’s probably because we have a digitally connected system and have all the professionals under one roof.
In terms of technology in Australia, we are currently implementing or preparing to implement a number of new technologies that are revolutionizing claims management in Australia. We’re reviewing “Digital Desk,” an identification and communication system created by Crawford that’s used to great effect in other parts of the world. At Business Pocket, we are piloting a smart online platform that policy buyers can access via a smartphone app. Convert photos into a complete property package, including an interactive 3D model with accurate roof and elevation measurements. This will significantly speed up the process of making necessary repairs to the insured property.
Aservio is another great example. This is Crawford’s Valuation Appraisal technology that ensures an accurate quote or estimate for property repairs is delivered faster. The technology is currently widely available in Crawford, USA, and we are evaluating its use in Australia.
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Despite the current focus on insurance innovation, we cannot lose sight of the bigger picture. Ultimately, claims are about people. When thinking about insurance technology and innovation, what’s most important to Crawford is striking the right balance between the interaction and use of technology, and how technology can help emphasize the human element that is so important in claims management. We cannot forget about the human body and continue to focus on emotions. When an individual makes a claim, it is often very sensitive as there may be property damage, for example. For policyholders, to successfully complete the claims process, we need to have empathy, which is why there is no point in automating every part of the claims process. While we are actively researching and testing AI globally and understanding how it can improve our service delivery, I do not believe a technology can be empathetic, and all technology we implement must be tested through a human lens.
I am a member of the Australian Executive Committee and can confirm that Crawford Australia is 100% committed to training and developing new talent. Technology is arguably most useful in the high-volume, low-complexity claims space, but even here, as Australia’s population ages, we need to remember how customers and certain demographics interact with technology. In the SME and complex claims areas we need to ensure we have the right people with the right experience and access to technical support.
It’s easy to worry that technology will take away their jobs, but I don’t foresee that happening. There is always room for the best. Will the way we do things and the way we do things change? Absolutely. Will the future of work look a little different? That’s fair to say. But has technology in the insurance industry largely eliminated humans? No way: Unless the consumer knows their insurance status very well (or the financial advisor is wealthy enough to generate coverage), maybe
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