In the pursuit of delivering customer-first products with a seamless experience from purchase to claims, each carrier must first become a customer-centric organization.
Aside from receiving a quote, the claims process is usually the principal (if not only) point of contact between an insurer and policyholder, hence the much-used tag ‘moment of truth’. The claims process therefore must be not just fit for purpose, but able to enhance the customer experience, creating a true differentiator between a carrier and its competitors. Accordingly, carriers the world over are currently investing heavily in artificial intelligence, machine learning, automation, robotics and digital portals with a view to delivering a new kind of claims – fully digital, transparent, efficient, accurate, Connected Claims.
And yet, bringing about personalized, seamless and omnichannel, (i.e. Connected) claims is not simply a case of refreshing or reorganizing a single department; the process has the potential to disrupt an insurance carriers’ operations entirely. The successful insurance carrier of the future will not be built on siloed departments. It is precisely this need for interconnectivity that requires insurance carriers to reinvent how claims teams have historically functioned to maximize the benefits of technology and provide a higher standard of customer care.
Given the depth and pace of innovation taking place within the insurance industry, Insurance Nexus decided it is crucial to put a spotlight on the achievements of the insurance carriers, leaders and brokers driving lasting change and demonstrating excellence in their field. The Insurance Nexus Awards 2019, taking place Chicago on September 12th, 2019, are designed to recognize genuine, truly innovate and impactful approaches to excellence in the North American insurance space and Insurance Nexus are delighted to reveal the finalists of the ‘North American Claims Management Team’ category, as chosen by our judges from hundreds of entrees.
There are 15 categories of awards, recognizing teams and leaders from across customer, claims and innovation units, as well as from product, business, brokering and leadership positions. The ‘North American Claims Management Team’ category recognizes the team in a carrier tasked with effectively handling claims to ensure claims are resolved as soon as possible. The judges were tasked with identifying the team who goes above and beyond, making the claims process seamless for customer and carrier alike. The finalists are:
Farmers Insurance – providing insurance since 1928, the companies comprising the Farmers Insurance Group of Companies make up one of the country's largest insurers of vehicles, homes and small businesses and provide a wide range of other insurance and financial services products. Farmers today services more than 10 million households with more than 19 million individual policies across all 50 states via a network of over 48,000 exclusive and independent agents and nearly 21,000 employees.
MetLife - Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. One of the world’s leading financial services companies, MetLife provides insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world.
ProSight – Initially a start-up, ProSight Specialty Insurance Group, Inc. has grown rapidly since its inception, and was featured on The 2014 Inc. 5000 list of the fastest-growing private American companies. Since 2014, ProSight has invested heavily in the use of in-cab camera technology as a part of their new insurance package for transportation customers. These cameras monitor and record events such as crashes, hard braking, and lane departures to improve safety and reduce the corresponding accident claims.
RoamRight – a subsidiary of Arch Capital Group Ltd., RoamRight was established in 2012 by Arch, building upon their previous travel insurance underwriting support. RoamRight offers direct-to-consumer travel insurance plans for leisure, business, student and group travelers with domestic trips and travel abroad.
Westfield Insurance – Established in 2008, Westfield Insurance is a multi-line provider of business property and liability insurance, personal lines insurance (including auto, homeowner’s and speciality), agribusiness insurance and surety bonds.