Thoughts from NAMIC Claims Conference

I recently had the opportunity to attend the NAMIC Claims Conference where I presented research on the digital impact on straight-through processing and claims payments. For a conference focused on claims, technology dominated most of the dialogue. New technologies continue to create new claims capabilities and the ensuing implications, challenges, and opportunities are a focus for claims leaders. Some notable takeaways from conversations and roundtables include:

• Business and IT alignment: Many of my conversations with heads of claims closely mirrored typical discussions with CIOs. The fact that a claims conference focused so heavily on technical topics is indicative of opportunities for deeper conversations and alignment between CIOs and claims operations. My colleague Nancy Casbarro recently published a brief on this topic.
• Emerging technology and operations: Drones activity is gathering a lot of steam, and carriers are seeing tangible gains in adjuster productivity and efficiency during on-site claims inspections. Many insurers are further looking to ease adjuster workloads by incorporating third-party and unstructured data into the claims process. Carriers are also exploring claims mitigating smart home technologies like water leak and temperature sensors, though the explicit value is not always clear. We recently published our annual study on insurers’ use of emerging technology if you are interested in learning more.
• Sourcing talent: Emerging technologies continue to make inroads in claims and operationalizing them brings new demands around knowledge management and talent. Not unlike most IT departments, finding and retaining the right talent to prepare tomorrow’s leaders and take advantage of new capabilities is top of mind. My colleague Rob McIsaac recently published a brief on how insurers can acquire, develop, and maintain next-generation talent.

Discussions around technology touch almost every part of the insurance industry, and claims is certainly no exception. Feel free to email me at [email protected] if you’re interested in a conversation on the impact of emerging technology and how claims departments can future-proof their organizations.