STATISTICS:

EVENT: Fourth Annual Connected Claims Europe Summit - Day 1

The Fourth Annual "Connected Claims Europe" event, organized by Insurance Nexus, started today, September 18th, 2019, in Amsterdam, Netherlands. Insurance experts around the world will gather to discuss the future of claims in the industry.

With new technologies enabling both operational efficiency and a superior customer experience, from artificial intelligence to IoT technology and mobile customer communication methods, evidence shows now is a critical time for claims transformation in Europe.

Through a carefully-curated and researched agenda, featuring case-studies, practical strategies and interactive sessions, over 250 senior claims leaders (including 70% insurers) will hear from expert speakers on how to reduce costs through efficient processing of claims, incorporate dynamic customer communication to enhance the customer experience, develop strategies to implement new initiatives and more.

A few of the key-speakers present at the event include:
  • Mario RICCO, Global Head of Claims, Generali
  • Jonathan CLARK, Global Head of Business Solutions Claims, SCOR
  • Annarita ROSCINO, Head of Predictive Analytics, Zurich
  • Martin KROOS, Head of Claims, Achmea
  • Wolfgang HUNDERTMARK, Head of Claims, Germany, Austria, Switzerland, AIG
  • Matteo CARBONE, Founder and Director, IoT Insurance Observatory
  • Leire JIMENEZ, CEO, MAPFRE
  • Monica EPPLE, Head of Digital and Smart Analytics EMEA, Swiss Re
  • Antoine DANDOIS, Senior Management Consultant, Accenture




DAY 1 - main statements


Dr. Annarita ROSCINO,
Head of Predictive Analytics, Zurich UK
  • Analytics is a journey along which a team of analysts should work close with the business segments and in some cases be able to identify ways to transfer good experience between sectors
  • If the claims and policy data are stored in legacy systems, it is not unusual that the data might be either not accessible or of poor quality
  • External data could be used to fill the gaps in the data and to validate some of the information in our systems
  • Humans are and remain to be essential to the claims process
  • How to "predict a claim" - the key of succeeding in predictive analytics is to embed the concept in the company's culture


Noam SHAPIRA,
Co-Founder & Co-CEO, Setoo
  • Traditional insurance - long claim process, complex, unclear, one-size-fits all. This means in fact missing huge business opportunities in a world which is globally connected and of increased diversity
  • What would be a delightful insurance experience - no dispute, claims free, simple, fast payments
  • The Setoo platform allows insurers to create products with a pro-active claims facility (for example, a travel insurance product which can "see" if you are going to miss your flight connection from insured risks and already provide you the money to get another flight


Matteo CARBONE,
Founder & Director, IoT Insurance Observatory
  • IoT loss control use cases - Insurers can play an active role in one's connected life - connected solutions can prevent the manifestation of different risks and thus also reduce the claims burden on insurers
  • In some cases, to actually prevent a risk, the connected system should in fact take action, not only warn the insured (for example, shut the water supply if a possible tap water flooding is detected)
  • There are some barriers for the execution - knowledge (how to deal with the enormous diversity of the real life cases, what suggestions to make to the clients etc.), culture (people don't accept to be so closely monitored)
  • The most practical approach is using IoT in the claims process - reinvent the claim process through the use of telematics data in motor insurance; in home insurance IoT data help diminishing fraud rate, anticipating the first claim and instantly propose the repair solution


Jez GROOM,
Chief Choice Architect, Cowry Consulting
  • Cowry has identified at least 73 possible friction points in the claims process
  • Use of psychological elements when designing a claims app may essential to defining the claims experience
  • To get fluency and satisfaction the messages should be short, reassuring and very clear also about how the app works
  • The words used are very important; choosing the right pictures is also important (a too happy face will for sure not help the claimant feel better)


Lorenzo MORGANTI,
Big Data Senior Project Lead, AXA
  • AXA Sherlock is a system built and developed to counter claims fraud using machine learning and AI technologies; it is now evolving into an ecosystem of claims analytics enablers to cover the entire claims journey
  • The power of Sherlock lies in the network - million of data points help investigators to identify fraudulent rings
  • In Health insurance fraud produced by providers in much higher in value terms than that produced by customers - Sherlock identifies malicious providers and stops malicious behaviours
  • In motor claims the potential of images thanks to vision technology
  • Soon, thanks to satellite  high definition images and AI models, Sherlock will be able to predict NatCat losses, wheather related or earthquakes - affected customers in the affected area are assisted proactivelly



Ryan MCMAHON
VP Insurance, Cambridge Mobile Telematics
  • Whenever a crash occurs an entire chain of operations is put in motion
  • The benefit of telematic is that it first solves the first part of the problem - the devices send automatically an alert to rescuers , helping people at the scene at the accident
  • Telematics allow a rapid verification on the facts, reducing the process length and helping avoid frauds - issues as establishing is the driver has braking or not are no longer to be investigated - the system shown the exact moment when the driver has used the brakes; improves total loss prediction and overall accelerates the claims process with accurate, unbiased data


Monica EPPLE,
Head of Digital & Smart Analytics EMEA, Swiss Re
  • Smart analytics should be used on the entire business chain - product design, digital consumer, underwriting, business management, claims
  • Predicting features and parameters of a claim based on data will help to set the right thresholds for straight through processing
  • The AI Based Triange - descriptive analysis, predictive modelling & machine learning, unsupervised learning
  • Data quality and availability - relevant claims information, real time claims data in unstructured and not standardized text or documents, access to data warehouse, realistic effort and feasibility estimation
  • Application of Machine Learning methods - critical mass, representative claims data required to develop rules and patterns
  • Scoping of project and solution / model development - agile approach, start with a rather small segment (e.g. structured claims reports / data from a portal)
  • Quality Assessment & Validation - made by claims expert (involvement of early beginning)


Wolfgang HUNDERTMARK
Head of Claims, Germany, Austria, SwitzerlandAIG
  • For the next generations the importance of product elements moves from functional (i.e. quality) to life changing (i.e. motivation)
  • Claims and getting advice have the highest potential to delight global P&C customers
  • Within four years the percentage of digital customers increased by 60%
  • AIG's experience show that brokers are more interested to get involved in the claims process


Christoph KNAPP,
Executive Vice President, msg global solutions
  • A policy holder has an accident every 7 years, in average; as this doesn't provide for a claims routine, policy holders need assistance
  • An risk occurred involves a lot of emotions - the policy holder feels he/she has to do a lo of complicate and expensive things - as  call a towing car, report the incident to the insurer, take care by the repair in the workshop etc. All these operations can be fulfilled by an automated system








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