In addition to a high-level overview of digital engagement and analytics, the presenters discussed three real life applications of digital engagement:
- Capturing Exposure Collection
- Claims & Incident Intake
- Loss Control Location Audits
Digital Engagement and Analytics: Overview and Trends
Digital engagement in the context of the insurance industry was defined as “tools to connect internal and external stakeholders throughout the industry value chain.” Users include adjusters, underwriters, claimants, agents/brokers, insureds, and other third-party suppliers. For commercial lines, insurance providers need to consider additional needs whether enabling a risk manager with key analytics and dashboards or how to best automate special handling instructions specific to that account. Insurers, MGAs, risk pools, TPAs, and self-administered organizations can leverage omni-channel engagement (including outreach by mobile, web, text, and email) to reach out to these stakeholders in an efficient manner.
But why does this matter? These days, digital engagement is no longer a differentiator, it is expected by business users globally. The same millennial consumers that are getting on-demand access to products, services, and information (i.e., Uber, Grubhub, and Facebook) are all expecting the same level of digital engagement in their work lives as well.
Digital engagement can also leverage analytics through:
- Real time access to insights via various sources and channels to make informed, data driven decisions
- Data driven workflows for easier and more effective communication based on the unique characteristics of each individual user
These tools can be made even more powerful with third-party data and AI integration, such as Gradient AI.
One example of third-party data integration is geographic information systems (GIS) data that allows for third-party and internal data, like that of Johns Hopkins, to be visualized on a map. Not only is this useful in monitoring routine location-based claims and incidents (e.g., due to weather), it is especially timely during COVID-19 outbreaks, when users can see multiple pieces of data from different sources—such as government mandated stay-at-home orders, hospital beds, and company locations—overlaid on a county, state, or country level map. This data is particularly crucial as jurisdictions fluctuate between levels of reopening.
The concept that “everyone is using analytics” was validated by our webinar attendee poll, in which nearly all respondents said they were using advanced analytics, and almost half said they were using analytics for nearly every decision in the claims and underwriting process.
After the high level overview, Cuckow, Carolan, and Duden dove into three real-life examples of how digital engagement tools could be used.
Exposure Data Collection
When policyholders or members have to provide data to an underwriter for renewals, digital engagement tools can be leveraged to gather exposure data. They can also be directed to a digital experience to input their data, resulting in an easier and more efficient interaction with the policyholder and creating a significant time reduction. For example, one risk pool was able to reduce its exposure collection time frame by 75%, from two months to two weeks.
Claim and Incident Intake
Another example highlighted how members/policyholders and agents could leverage digital technology to enter claims and incidents, reducing the unnecessary back and forth associated with traditional communication channels (e.g., paper, fax, phone). The external user can be directed to input their claims via an anonymous collection link, directing them to a webform to fill out details on any claim type (i.e., auto, property, worker’s compensation).
After the claim is entered, predictive analytics can be applied using third party models to score the claim based on factors such as medical diagnosis and the time/location of the event. The claim can then be automatically assigned to the right adjuster at the right time based on the severity to minimize litigation risk and improve policyholder satisfaction.
To further improve policyholder satisfaction, insurance professionals can consider providing automated notifications to claimants, updating them on the status of their claim and informing them of payment via mobile and SMS.
Loss Control Safety Audits
The final example of how digital engagement can improve client satisfaction is regarding loss control location audits. This example leverages mobile technology, which is especially key as those conducting the audit are often in the field and do not have access to a desktop. Empowering policyholders with the ability to enter data for audits via mobile device and receive automated corrective action notifications can help reduce incidents and claims.
Impact of Digital Engagement and Analytics
Digital engagement has the opportunity to lead to better outcomes for all stakeholders across the insurance value chain, including:
- Increased Policyholder and Agent Satisfaction
- Streamlined Processes
- Operational Cost Reduction