CODEBLUE
14
“ The insurance industry is paying close attention to the technological advancements of other industries but continues to significantly lag behind in the adoption rate of the innovations that exist today in the marketplace ”
— Jason Manns , COO , CodeBlue
currently faced by insurance carriers . The first is the effective management of labour and the expenses associated with insurance carrier workforces . “ This is particularly important because , in today ’ s low unemployment rate economy , there are shortages of qualified and technically proficient insurance staff . I expect the virtual technologies that are now available will significantly change traditional insurance carrier staffing models ,” he says .
The second challenge insurance carriers face is the embedded inefficiencies in the claim handling process from inadequate initial claim damage evaluations . “ For example , it is common for insurance carriers to experience 25 % to 40 % supplemental claim payments due to inaccuracies in the initial damage evaluation process .” Today , technology is available to provide real-time digital capture of damages at the policyholder ’ s initial loss report , reducing supplemental work .
Lastly , policyholder engagement presents a new challenge . The expectations of customers have increased to the point where an Amazon-like standard of service , with same-day turnarounds between orders and deliveries , has become the norm . “ This level of service with regards to policyholders seeking immediate same-day property claim inspections
MARCH 2020