There is a seemingly endless stream of news and opinions around InsurTech these days. Investors are pouring money into the sector, and insurance companies are often in a continual state of research and review to determine how it can help.InsurTech Benefits and ROI
With InsurTech covering a wide range of solutions and offerings to provide a broad array of benefits to insurers, it can be easy to overlook some of the most innovative and impactful technology offerings. Benefits realized from InsurTech solutions cover numerous business and organizational strategies, goals, and priorities, including:
- claims processing
- automation initiatives
- customer experience
- adjuster productivity
Field Service Management
While initial thoughts of InsurTech typically turn to broad categories such as AI, machine learning, IoT, smartphone apps, marketing automation, and advanced analytics, many forward-thinking insurers are finding field service management technology to be a critical part of their insurer tech stack. It is a discipline that provides broad and deep benefits:
- reduced claims turnaround time
- enhanced customer experience and communication
- optimized adjuster scheduling and adjuster productivity
- increased revenue
- reduced costs
- improved operational efficiencies
- digital transformation
- customer retention
- customer retention
- adjuster satisfaction and retention
- integration with the insurance technology ecosystem
Field service management includes AI-based software that reduces claims turnaround time and improves productivity and efficiency through automated and optimized adjuster scheduling. This schedule optimization uses AI and business-specific logic to assign the best adjuster to a claim assessment, based on location, skill set, and customer history. This expands the adjusters' utilization, resulting in minimal downtime and wasted resources to a claim assessment. An additional benefit is the adjusters’ satisfaction with their job, which translates to improved customer interaction as well.
Modern integrated field service management platforms provide digital engagement solutions, which offer insight into real-time job status and two-way communication, for exceptional customer satisfaction from first notice of loss throughout the entire claims lifecycle. Through a system that automatically dispatches and tracks both employed and independent adjusters, insurers benefit from a superior understanding of adjuster productivity and operational efficiency. This allows them to improve their systems, leading to exceptional customer experiences. A digital system, as opposed to manual ones, gathers data, monitors and reports business performance and key performance indicators through dashboards, and generates alerts using the system and external service-related data to help adjust strategies in real-time.
Insurers employing AI-based schedule optimization for their adjusters have experienced a 40% decrease in expenses related to adjuster productivity including a 20% reduction in overtime. By providing two-way communication between consumers and adjusters, as well as visibility into adjusters’ schedules and locations, call center involvement and long wait windows are virtually eliminated, further boosting insurers’ customer satisfaction and net promoter scores (NPS).
Digital field service management platforms eliminate manual claims management and distribution. Through modern, cloud-based technology providers, leading property & casualty (P&C) insurers can experience 12x annualized ROI for better business growth and performance.
Partnering and the Field Service Ecosystem
Key strategic technology partnerships are almost always required to achieve success in the P&C space. For any InsurTech solution, it’s critical that it can easily integrate into existing systems. This is why most leading insurance providers have partnered with field service technology companies to ensure the customer experience is completely covered for the entire claims lifecycle, from first notice of loss to reimbursement.
Cloud P&C software companies such as Guidewire leverage partnerships to develop custom InsurTech solutions that enable adjuster productivity, operational efficiency, travel optimization, and policyholder engagement. Guidewire ClaimCenter powers field service technology for schedule optimization to quickly assign the best adjuster to a claim assessment, enabling insurers to deliver faster, more efficient service to policyholders throughout the claim lifecycle.
These partnerships are founded on the interoperability and security of integrating claims processing and scheduling software into each insurance company’s personal platforms. From first notice of loss to settlement, connecting optimized adjuster scheduling through Guidewire ClaimCenter reduces costs and improves efficiency and policyholder satisfaction. Partnering with leading technology providers also helps insurers connect to other players in the ecosystem and industry experts, which can be valuable when looking to supplement solutions in an insurer’s digital portfolio.
There is no shortage of options when it comes to InsurTech investment. But a clear, proven ROI winner that many leading insurers have turned to is field service management.