IT Insights Future Processing

Claims inflation refers to the increasing costs associated with settling insurance claims, and it can significantly impact the profitability and sustainability of insurance companies.
In this episode, together with our guest, Manjit Rana, GM Insurance - UK, EMEA & APAC at Clearspeed, we explore various aspects of claims inflation, focusing on the role of technology in addressing these challenges. We also discuss the topic of challenges faced by Insurance leaders in managing claims inflation.

Innovation is on everyone’s lips nowadays, but it’s not surprising seeing how important it is in the growth of companies but also how it can enhance our daily life, smoothen and accelerate certain processes and save time and money. However, it is quite a challenge to implement innovation within organisation.
The guest of this episode is Nic Sproul, CCO at I Love Claims and former Director at Gallagher Bassett, who brings a wealth of experience and expertise in driving innovation within the insurance sector. Together we discuss the challenge of implementing innovation and how it is connected with certain change of mindset, letting go of what we know and pursuing the unknown.

76% of insurers agree that competitive advantage will not be determined by their organization alone, but by the strength of the partners and ecosystems they choose. Because of that insurers will have to consider mapping emerging ecosystems to assess how they can best offer coverage.
Our guest is Evangelos Avramakis, Lead Corporate Foresight, Intelligence & Development at Swiss Re. In this episode we discussed the role of Insurance in the emerging digital ecosystems and why it is so important to look at the ecosystems through a non-industry specific lens.

Throughout its 350+ years of history, Lloyd’s has become the world’s leading insurance marketplace. Its focus now is on building a braver future – one that is more sustainable, resilient and inclusive and part of that journey is created by the Future at Lloyd’s programme.

In this episode we have a pleasure to talk with Bob James, Chief Operations Officer at Lloyd's of London at this extraordinary London’s landmark, Lloyd’s building. We discuss the vision beind the marketplace digital transformation, its presence as well as the future of further innovation. We also touch upon the challenges Bob had to face on the journey.

When we asked ChatGPT to write me an intro for this interview it suggested the following: “Over the past few years, generative AI has emerged as a powerful tool for businesses to automate various tasks and gain a competitive edge. In the insurance industry, generative AI is being used to streamline operations, reduce costs, and enhance customer experience. From underwriting to claims processing, generative AI is transforming the insurance landscape.”

It is indeed a fine example of self-promotion, but does it truly reflect reality?

My guests are Danilo Raponi, Group Head of Innovation and Emanuele Colonnella, Innovation Activation Manager at Generali and we are discussing the state of generative AI in Insurance, but not only.

Recent statistics from Price Waterhouse Coopers say that 41% of insurance customers are likely to switch insurance providers due to dissatisfaction with their carrier’s digital capabilities. It has posed a challenge to the insurance sector on how to make customers loyal and how to improve their digital experience with claims.

Our guest offers a new approach to that problem and believes that the processes insurers use haven’t adapted to the capabilities of the new technology implemented by the carriers.