Insurtech Story Podcast Insurtech Story

In this podcast episode, we delve into the transformative impact of digitised claims processes on the insurance industry. Exploring the fusion of technology and insurance, we discuss real-world success stories, illustrating how companies have harnessed digitisation for remarkable efficiency gains and elevated customer satisfaction. Our expert guest breaks down the crucial elements of a thriving digitised claims platform, shedding light on how they revolutionise operations. From accelerated claims processing to enhanced fraud detection, we unravel the manifold benefits. Join us as we navigate the future trends poised to further revolutionise claims processing in this dynamic, tech-driven landscape.

 

Points of discussion:

 

1. How has the digitisation of claims processes revolutionised the insurance industry in terms of efficiency and customer experience?



2. Can you share some real-world examples of how companies have successfully implemented digitised claims systems and seen tangible improvements?

 

3. What are the key components of a successful digitised claims platform, and how do they contribute to streamlined operations and improved customer satisfaction?



Speaker Bio: Troy Stewart, is the President & Chief Operating Officer at Brush Claims. Stewart started at Brush Claims 12 years ago as a field adjuster, then shifted into a quality assurance review position, where he rose to the ranks of vice president of daily claims. Appointed as the COO, president and partner in 2018, Stewart was essential in the development of Brush Claims’ software suite Hubvia, which is planned to hit the market in late 2023. He also played a large role in the evolution of the HyDAP claims handling program, which boasts a 68-hour cycle time. And all these are a part of Brush Claims. In 2021, Stewart participated on behalf of Brush Claims in cohort seven of the prestigious Lloyd’s Lab by Lloyd’s of London. Excellent Troy! Very notable achievements.

In the digital age, securing insurance transactions is paramount. Technologies like digital identity verification and biometric authentication bolster security while ensuring a seamless experience. Challenges persist, with cyber threats evolving. Blockchain offers data immutability, enhancing protection. Artificial intelligence swiftly identifies fraud patterns, maintaining security without compromising user experience. Balancing these aspects underscores the industry's commitment to secure insurance transactions in an increasingly interconnected world.



Points of discussion:

 

1. How are technologies like digital identity verification and biometric authentication enhancing security in insurance transactions?



2. What challenges do insurers face in securing customer data during transactions, and how is blockchain technology addressing these challenges?



3. How do AI and machine learning detect fraud in insurance transactions while maintaining a seamless customer experience? Any notable examples?



Speaker Bio: Dheepak Rajoo, is the Chief Information Officer at Royal Sundaram General Insurance where he is responsible for Technology, Data and Transformation. He is a business-oriented technology leader, adept at bridging the business-tech gap with a keen grasp of goals and processes, offering diverse transformations for thriving in today's dynamic market. His visionary intellect positions companies on the disruptive forefront, blending visionary thinking and agility.

Across industries like banking, insurance, and finance, Dheepak hones his passion for efficiency, operational excellence, and enriched customer experiences. He's a catalyst for agile organizations, driving change at Royal Sundaram as CIO. At RBL Bank, he led multi-channel digital transformation, establishing an efficient IT PMO, tripling IT delivery speed through Agile. Dheepak spearheaded AXA Paris' digital shift, reimagined ING's banking processes, and facilitated Bharti AXA's data migration.

Shipping insurance is a vital safeguard in the realm of e-commerce and logistics. It provides customers with financial protection against the uncertainties of shipping, including damage, loss, or theft of their purchased items during transit. This coverage reassures customers, enhancing their trust in online shopping and the reliability of shipping services. Shipping insurance matters as it not only ensures customers receive their products intact but also cultivates positive experiences, reinforcing brand loyalty. In the dynamic landscape of e-commerce, offering shipping insurance demonstrates a commitment to customer satisfaction, reducing friction and instilling peace of mind throughout the purchasing journey.

 

Points of discussion:

 

1. Can you elaborate on the key challenges customers often face when it comes to shipping insurance? How do these challenges impact their overall experience with e-commerce and shipping services?



2. In the realm of customer experience, how can shipping insurance be better integrated into the overall purchasing process? What strategies or innovations have you observed that successfully enhance customer satisfaction and trust in this aspect?

 

3. How has technology-driven innovation influenced the evolution of shipping insurance, and what role does advanced tracking, data analytics, and automation play in enhancing the overall customer experience within this context?



Speaker Bio: Dan Spitale, is the Director of Customer Journey & Sales at UPS Capital.

Exploring the insurance industry's digital transformation, this podcast delves into how insurance brokers adapt to new trends, utilize data analytics, and embrace technology. It highlights challenges, cybersecurity concerns, successful collaborations, and customer-centric strategies for navigating the digital future. Essential insights for insurance professionals and those interested in the evolving insurance landscape.



Points of discussion:



1. Can you provide an overview of the current state of the insurance industry and how digitalisation is impacting the role of insurance brokers?



2. What are some of the key digital trends that insurance brokers are adopting to stay competitive in the market?



3. How can insurance brokers effectively leverage technology and digital tools to enhance customer experiences and streamline their operations? Any example?



Speaker Bio: Vidya Bhuta, is the Director and Principal Officer at Mialtus Insurance Broking, that has a presence in over 48 locations across the country. Vidya has over 17 years of experience in building businesses from scratch. She is a qualified broker and a serial entrepreneur with capabilities in strategy, analytical thinking, and disruptive technology.

The Importance of the Human Element in Underwriting explores how human intuition, experience, and empathy add value to the risk assessment process, complementing automated systems. This podcast highlights the role of underwriters in building trust with policyholders, providing personalised experiences, and addressing ethical considerations to ensure fairness and inclusivity in insurance underwriting.



Points of discussion:

1. In an age where automation and data-driven decision making are becoming more prevalent in underwriting, how do you see the human element adding value to the process?

2. Customer experience is a critical aspect of insurance underwriting. How do you believe the human touch in underwriting impacts the way insurers interact with policyholders?

3. Ensuring fairness and avoiding biases in underwriting decisions is essential. How do you approach ethical considerations in the underwriting practices, and what steps can one take to mitigate potential biases?



Speaker Bio: Ben Webster, is the Co-founder of Agile Underwriting Services. Ben is a seasoned professional with a remarkable track record in the insurtech space. With a passion for developing innovative insurance platforms, Ben has successfully built and scaled multiple bootstrapped insurtech start-ups from the ground up, turning them into profitable businesses. His extensive experience spans over 15 years, making him a true veteran in the industry. His deep understanding of the insurance landscape, combined with his technical expertise, enables him to drive transformative change and create meaningful value for both insurers and the policyholders.

Digital public infrastructure acts as a catalyst for financial inclusion in insurance by improving connectivity, enabling digital payments, and facilitating data analysis. Through collaboration between governments and insurers, an enabling environment is created to bridge the gap and expand access to insurance products. This infrastructure empowers individuals and communities, particularly in underserved areas, by providing them with convenient access to insurance information, affordable premium payment options, and tailored insurance products based on data analysis. By leveraging digital technologies and public infrastructure, financial inclusion in insurance becomes a reality, promoting economic stability and resilience for previously marginalised populations.

 

Points of discussion:



1. Can you explain what financial inclusion means in the context of insurance and why it is important?

 

2. What role does technology play in advancing financial inclusion in insurance? Are there any specific digital solutions that have proven effective?

 

3. How does digital public infrastructure contribute to financial inclusion in the insurance sector? What specific elements of digital infrastructure, such as connectivity and digital payment systems, are essential for expanding insurance access?



Speaker Bio: Rajiv Malhan, is the Head of FinTech innovations and Digital Public Infrastructure at Aditya Birla Capital. Rajiv is a strategic and tech savvy leader with more than 20 years of progressive experience in conceptualising and implementing Business & Digital Transformation strategies. He works closely with the Executive Leadership Team and Business Heads across various department in BFSI Domain to develop digital & business transformations roadmap. He also collaborates and strategies to ensure, transformational initiatives are fully integrated to organisational objectives and customer expectations.



He is an expert in solving complex business problems across the organisation impacting revenue, cost and customer experience by crafting simplified journeys through digital tools. Being an expert in his field, he is invited as a Keynote Speaker at various Forums to comment on Digital Public Infrastructure, Financial Inclusion, Emerging Technologies, Customer Experience, Customer Engagement Strategies, Simplified Customer Journeys, Gamification of Services & Metaverse in Insurance Domain to name a few.