At the Instech “Insuring the future of Mobility” event on 23rd May we got to hear about telematics, IoT, EV’s, the challenges with underwriting in this context and the opportunities that lay ahead of us. In a complex and changing landscape these Instech events have always brought a sense of clarity, direction and of course valuable networking, and this was no different.
At this particular event we were lucky enough to have stage time with Robin Merttens Instech Chairman, Matt Gilham, Director of WHITELK Fraud Performance Consulting, and Kevern Thompson, Business Unit Director, CAPS Consortium and our very own Paul Wishman, Senior Alliance Director, EMEA & APAC, EIS to discuss the future of claims. And with all three parties on stage having played a role in the remarkable claims transformation journey of esure.
And, of course, we started with Robin raising the question “what is an ambitious insurer?” A strapline and branding change EIS has built some notoriety around over the past year. It became evident that being “ambitious” means more than just embracing technology superficially - what Paul referred to as “just wanting a faster horse”. It involves a genuine commitment to business transformation, revolutionizing products, enhancing customer and employee experiences, and placing critical moments like claims at the forefront of transformative change.
“ambitious” means more than just embracing technology superficially... OR “just wanting a faster horse”
And as this drew quickly into the claims topic, where Matt immediately made the points that this really is about leveraging the power of data, the ability to develop insights and rapidly apply this in a human context. With Matt making it clear to the audience that he really felt there were three crucial aspects:
Accessing, storing and orchestrating the data
Selecting the risk engine (rules, scorecards, predictive modeling capability)
And mapping “intervention”, determining when you step in and how you achieve the best possible outcomes
Taking fraud as the example, this is about catching the bad actors and making the good actors' lives better as a result, not losing sight of this and making it better for employees to do their job in the process. And this allows the insurer to provide the right human support and input to customers at the right stages. This resonated following a recent webinar I attended with Matt where we talked extensively about “to be more digital you have to be more human”, something we will see coming up time and again as the industry grapples with the potential and the risks of generative AI.
The conversation went on to explore the data ecosystem and orchestration opportunity in more detail. Kevern came in to quickly describe the “motor claims ecosystem” and how CAPS provide the “piping” for a network to fully plugged into this including mobility services for things like onward hire, parts companies from whom garages can procure the parts and for all parties to connect to that information flow providing status and clarity back to the customer. In raising this it becomes clearer still that insurers can’t do this alone, it takes an awful lot of effort to manage the complexity of an insurance claim, and when you start to explore the depth esure has gone to solve these problems in order to derive a truly better and more digital experience, the ecosystem requirement comes ever more into focus.
Exploring this further Robin asked Paul to explain EIS’s role in providing recommendations on the ecosystem. Paul made it clear from the outset that the platform is an enabler of the client’s ecosystem and that the goal is self-sufficiency, and in the case of esure it’s therefore very much their ecosystem, which they continue to grow and explore. However, Paul described an imaginary Venn diagram where EIS, typically an SI (EY in the case of esure) and the client often build an initial set of recommendations. The key here is that once you are operating in a data-fluid environment, built-on MACH technologies, insurers can continuously explore and add new data sources and technology potential. Integrations and monetisation of partnerships can now be achieved in a matter of days or weeks, enabling insurers to stay at the forefront of innovation.
In conclusion, this conversation unpacked a series of interconnected recommendations for successful claims transformation – build a claims ecosystem, continuously evolve, automate where possible and prioritise the customer and employee experiences. One thing is for sure, putting “lipstick on the legacy pig” - Robin Merttens, will not deliver you a claims transformation as effective as that of esure. Go check it out for more details.
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