The COVID-19 pandemic has spurred innovation and accelerated the pace of technology adoption across industries. It has also expanded our idea of what’s possible, says McKinsey partner Elixabete Larrea—and insurance is no exception. What can claims organizations do to effectively meet diverging customer preferences in the face of constant change?
In these videos, Larrea and McKinsey partner Kristen Ganjani preview the trends that will shape the future of the insurance industry and discuss what organizations need to know to position themselves to thrive.
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Claims 2030: Dream or reality?
Consumer expectations are expanding to include everything from on-demand service and a seamless omnichannel experience to transparency and predictability. For the insurance industry, these evolving demands present both challenges and opportunities.
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Four trends that will shape the insurance industry
What will the claims process look like in 2030? The future of the industry will be shaped by four emerging trends: digitally enabled human interaction, a transition from risk transfer to risk mitigation, a more proactive approach to customer service, and strategic thinking about new skills and the talent of the future.
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The intersection of technology and human interaction
Today’s technology is already capable of handling simple claims from start to finish. How can we combine those capabilities with human interaction to provide the best possible customer service? It all depends on the complexity of the claim. In this clip, we look at how the claims process will evolve to capitalize on the strengths of both human and machine solutions.
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From risk transfer to risk mitigation
What if we could automatically deploy a home’s storm shutters in advance of a hurricane? Or prevent an accident by notifying workers that they’re too close to a dangerous machine? This kind of claim prevention is already possible. But to move the needle on claim prevention, the industry will need to drive customer adoption in an economically viable way.
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Proactive customer service
Increasingly, consumers expect the same high level of interaction with claims organizations that they enjoy with other products and services. Three themes—hyperpersonalization, connected space, and freedom of choice—will shape proactive customer interactions in the years to come.
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The talent of the future
Automation could lead to the loss of as much as 50 to 75 percent of jobs in some areas of insurance. How do we prepare our workforces for an unpredictable future? In this segment, we talk about the skills that will be in greater demand and how to help workers build the resilience they will need to adapt to new roles.