Insurance carriers today face a significantly transformed claims environment, one in which tech-enabled consumers, rising customer expectations, and increased regulatory scrutiny are demanding that companies respond even faster to customer claims. The aftermath of Superstorm Sandy on the East Coast vividly demonstrated that carriers that respond quickly and comprehensively to catastrophic incidents can boost their reputation in the marketplace, gain market share, and retain customer loyalty.
This paper, produced in collaboration with Sutherland Global, documents how the growing “need for speed” in claims processing can increase pressure on people, systems, and back-office processes, and suggests actions and tools to help contend with the quickening demands of the insurance marketplace.
Oxford Economics Research Team
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