Video: Our founder’s fireside chat on claims automation

For teams inside traditional insurance companies, it hasn’t been an easy few years. The cost of processing claims is rising, while traditional sources of income, like interest from bonds and other investments, are dropping. Not to mention there’s a new crop of digital-first challengers in insurance — companies like Lemonade and Kin — who tout, among other things, exceptionally fast customer service.

All of this sets up insurers to need a range of new technological solutions, says Stefan Groschupf, CEO and founder of Automation Hero, who spoke in a fireside chat last week at the Claims Innovation virtual online conference. 

So how can traditional insurers take a more tech-savvy approach? What’s required is a shift in mindset and also a culture shift inside companies, Groschupf said. In a risk-averse industry like insurance, the best way for teams to ease into using new technology like automation and AI is to take small steps toward change and then iteratively learn and improve.

What’s the potential upside for insurers and claims teams who take the technological leap? The benefits are numerous:  

• better customer experience 
• lower operational costs
• better fraud detection
• better operational insights into claims
• lower claim processing time 
• better employee satisfaction

Check out our insurance use cases here. 

Watch Stefan’s full Claims Innovation talk below.