A recent poll conducted by insurtech Sprout.ai has revealed that a majority of U.S. and U.K. insurance claims handlers are confident that technology will have a significant impact on claims processing in the next five years. However, the research also shows that 55% of respondents struggle with reviewing and processing claims documents and evidence, as well as with compliance and reporting.
Despite the positive outlook on technology’s role in claims processing, many claims handlers are still facing challenges in retrieving and reviewing claims documents and evidence. The polling indicates that U.K. claims handlers are facing more difficulties than their U.S. counterparts, with 36% of U.K. handlers experiencing issues compared to 14% of U.S. handlers.
Furthermore, specific delays in different types of insurance claims have been attributed to different factors such as inadequate customer information in motor insurance claims, document retrieval and review in pet insurance claims, and approval processes in health and dental insurance claims.
The poll was conducted in collaboration with Opinium between March to April this year, providing valuable insights into the current challenges faced by insurance claims handlers in both regions. It is crucial for companies to leverage technology to streamline claims processing while improving communication and transparency to effectively address these challenges.
In conclusion, the results of this poll highlight the need for insurers to prioritize technological advancements that will enable them to process insurance claims faster while improving communication transparency among customers and employees alike.
Additionally, there is a clear need for better training programs aimed at helping insurance professionals navigate complex regulations while ensuring compliance with industry standards.
As such, it is essential for insurers to invest heavily in modernizing their claim processing systems while addressing concerns about data privacy and security.
Overall, this research underscores the importance of leveraging technology to improve efficiency while maintaining high levels of customer satisfaction across all stages of the insurance lifecycle.
