Motor Claims Processing: Digital Solutions Review and Assessment

Abstract

The insurance sector is currently experiencing an increase in competitive pressure due to the multiplication of insurance comparators and the emergence of new competitors with new approaches. GAFA (Google, Apple, Facebook, Amazon), also represent a threat as they will be able to sell ultra-personalized insurance contracts tomorrow, thanks to the analysis of their user's data. At the same time, the insurance sector must adapt to the new behaviors of its customers who have perfectly integrated digital into their daily consumption patterns. This is illustrated by the desire to benefit from a better customer experience through the personalization of offers. It is therefore necessary for insurers to optimize both the quality of their services but also the customer experience and specially the claims side, in fact the client needs the insurance the most when the claim occurs, if he goes through complicated process the probability of changing the insurer gets higher. The claims processing becomes a real growth engine and the digital platforms are one of the best solution to a quick and reliable interaction with customer. This article is a review of existing claims processing digital solutions with a two level comparative study and assessment: functional and technical comparison. These solutions were analyzed to check if they meet business needs and if they are technically updated with new technologies. None of the studied platform manage the end to end claims' process neither performance technological impact.