A recent survey conducted by insurtech Sprout.ai reveals that a majority of claims handlers in the U.K. and U.S. believe technology will have a significant impact on claims processing in the next five years. The study also found that more than half of respondents struggle with reviewing and processing claims documents and evidence, while an equal number are dissatisfied with compliance and reporting processes.
One of the most common complaints received by claims handlers is delays or lack of communication, with 28% reporting such issues. Additionally, 20% of respondents requested more transparency in the claims process, while 17% suggested faster processing times. It’s worth noting that more U.K. claims handlers struggled with retrieving and reviewing claims documents and evidence compared to their U.S counterparts, at 36% versus 14%.
The research, conducted in collaboration with Opinium in March to April, provides valuable insights into the challenges faced by insurance claims handlers and the potential for technology to streamline claims processing in the near future.
Specifically, delays were found to be caused by various reasons across different insurance sectors. For instance, motor insurance claims experienced delays due to inadequate customer information (35%) while pet insurance claims were delayed due to document retrieval and review (30%). Similarly, health and dental insurance delays were attributed to approval processes (30%).
Overall, this survey highlights the need for improved technology solutions that can help streamline claim handling processes for insurance companies, allowing them to better serve their customers while minimizing delays and ensuring compliance with regulations.
In conclusion, it is clear that technology has the potential to revolutionize the way insurance companies handle their claim processing operations in the coming years. With over 95% of respondents confident about technology’s impact on claims processing within five years, it’s crucial for companies to invest in innovative solutions that can help them optimize their operations and improve customer satisfaction levels.
