Insurance companies need to find new ways to efficiently and cost-effectively manage claims to remain competitive and profitable. Canadian companies are tackling this problem ahead of the U.S. by embracing new technologies, modernizing the claims process, and moving away from cumbersome, outdated paper cheque claims.
Take a deep dive into these four factors that are gaining traction in the Canadian insurance market:
- Paying claims is expensive and inefficient.
- The InsurTech movement
- Modern payments reduce fraud.
- Increased severe weather events require more immediate payouts.