A digital transformation can be deemed successful if it is able to radically reinvent the claims customer journey as well as the claims ecosystem with the aid of IoT, AI, ML, and other such digital technologies. In order to implement such a transformation, the claims department must pursue deep and cross-functional collaborations with other disciplines such as IT and marketing. In the current scheme of things, only those insurers that take swift and decisive steps to transform the claims ecosystem can hope to stand up and deliver to the new and much higher expectations of today’s customers.
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In the process, they must make sure that their overall efficiency and claims-handling accuracy continue to improve at all times.