Five Resolutions for a Better New Year with Insurtech

The insurance industry stands at the intersection of policyholder expectations and technological innovation. To highlight the impact that digital transformation and new technology has on the industry, research reveals that 47 percent of individuals are comfortable with AI assisting in claims, policy recommendations, and contract analysis.?

As insurance carriers look at implementing new technologies to streamline processes this year, here are five resolutions to usher in a transformative year with insurtech:

1. Accelerate Claims Processing with Advanced Technology

• Insurers must embrace innovative insurtech solutions to enhance operations and boost client retention.
• Real-time claims monitoring through AI and automation ensures accuracy and expedites processes.
• Insurers can offer a faster, transparent claims experience, elevating policyholder satisfaction.

2. Implement Omni-Channel Communication for Policyholder Satisfaction

• Insurers must prioritize policyholder retention with seamless communication.
• Insurtech solutions facilitate smooth omni-channel experiences, meeting the 95 percent demand for more claims status updates.
• Instant communication and simplified document submission ensure a consistent and efficient policyholder journey.

3. Break Down Barriers with Increased Transparency

• Insurers can replace traditional complexities with real-time claims tracking and information access.
• Transparency fosters confidence, providing policyholders updates, milestones, and data points.
• Insurance professionals will benefit from a clearer overview, enabling proactive issue resolution.

4. Adopt a Hybrid Approach for Consistent and Personalized Correspondence

• Insurance carriers will stand out in a competitive landscape with a hybrid claims correspondence approach.
• Automation of routine communications through insurtech allows resources for personalized interactions.
• Enhanced operational efficiency and improved policyholder experience build trust and loyalty.

5. Leverage Data Analytics for Continuous Improvement

• Insurtech solutions offer more than streamlined processes—they provide a data-rich environment.
• Insurers can analyze claims processing data to identify bottlenecks, optimize workflows, and enhance efficiency.
• Insurers will gain insights into policyholder behavior, preferences, and trends for tailored products and services.

The new year presents challenges and opportunities for the insurance industry. Insurtech, exemplified by companies like Brush Claims, paves the way for insurers to exceed expectations, enhance efficiency, and stand out in a competitive marketplace. By adopting these resolutions, the insurance industry can leverage technology for unparalleled policyholder satisfaction and workflow optimization.

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