Altus Insurance whitepaper spreads - Flipbook - Page 23
Upgrading the line and service
improvement
Chapter Summary
• Altus Consulting tracks over 100 claims technology solution providers in its knowledge base.
• The early stages of the claims lifecycle has seen the greatest share of technology innovation, reflecting
the industry’s early focus on delivering digital loss noti昀椀cation and data upload capabilities.
• In this chapter we have highlighted 8 claims technology solutions that are providing innovation into the
industry at various stages in the value chain.
Over the last decade, there has been a proliferation of technological innovation
in the insurance sector, with countless new software solutions emerging.
In the early iterations of ‘insurtech’, the solutions
coming to market were broadly driven by opportunities
to enable the creation and speedy launch of new
products, and to improve distribution and growth for
insurers, but with limited focus on claims.
This has changed in the last 昀椀ve or so years, and
we are starting to see some of the claims-focussed
solutions reach a level of maturity. This is, however,
still a revolution in its infancy. There is some way
to go for the latest o昀昀erings to deliver widescale
transformation in claims, particularly when looking
at claims with elements of complexity and third-party
suppliers involved.
In this section, we set out the high-level output of
our review of over 100 claims-focused technology
vendors, and identify some examples of innovation
which we believe will help pave the way for new,
optimised operating models in claims.
Insurtech analysis overview
Record & Investigate Claims:
42%
Record, Investigate
& Manage Fraud:
11%
Prevent
Claims:
2%
Manage Fraud:
8%
Settle Claims
9%
All Stages:
27%
Figure 7: Insurtech analysis overview
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