In 2018, insurtech investment and interest from insurers in technology solutions appeared to keep up with trends seen in previous years, though not all segments of the insurance industry have seen equal enthusiasm for value propositions that aim to improve business processes. Underwriting and distribution might see a lot of innovation, for example, but solutions that are solely focused on improving the claims side of insurance are sometimes harder to find, a leader in this space tells Insurance Business.
“There is less in claims or sometimes claims is just embedded into some of the insurtech solutions, but not often,” said Kieran Rigby, global president for Crawford Claims Solutions who is responsible for the company’s business segments in the United Kingdom, Europe, Asia-Pacific and Latin American regions. He added that the frontend can be made “slick and fast” with innovations from insurtechs, helping insureds easily buy short-term policy cover or coverage for their valuables, for example, “but the backend for the claims can be very traditional, so there hasn’t been the applications brought to bear to really improve that, to make that as slick as the frontend.”
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