Posted on 2 July 2024 by
Recent findings from our industry survey has revealed a strong consensus among insurance professionals for greater transparency and automation in claims processes.
Read the full summary below.
2 July 2024
[2 MIN READ]
Part 1: RDT’s claims tech trends series
At RDT, we recently polled the insurance industry to gain insights into the state of claims automation. The aim? To understand what’s working, what isn’t, and where the industry is heading. In our survey, we explored key issues such as transparency, efficiency, and how automation can enhance claims processing. The results were eye-opening.
Poll results: Insurers call for greater transparency
Transparency is a major concern within the insurance industry, with 94% of respondents agreeing that claims processes aren’t as transparent as they should be. This is a serious issue that impacts not only customer satisfaction but also operational efficiency. Furthermore, 91% of respondents believe that insurers should provide more granular and accessible updates to brokers and policyholders on claim statuses.
While automation holds significant promise, it’s clear that transparency continues to be a major challenge. So, why aren’t claims processes more transparent? Let’s take a closer look.
Barriers to transparency
Despite the widespread desire for more transparency, feedback from the survey revealed a number of barriers to achieving it. Among these, respondents pointed to the inefficiency of legacy systems and outdated processes as the primary roadblocks. In addition, a lack of confidence in existing processes was cited, with many insurers expressing reluctance to share the full complexity of claims.
The need for modernisation is evident, and automation is a critical tool in making claims processes more transparent. However, change is often easier said than done.
Joe O’Connor, Deputy CEO, RDT 
In response to the poll’s findings, Joe O’Connor, Deputy CEO at RDT, shared his perspective:
“Transparency and automation are essential for modernising claims processing in insurance. The survey results show that there’s a clear demand for more detailed and accessible claims information. The industry recognises the importance of modernising claims, but it’s clear that there are hurdles to overcome. While challenges remain, there are cost-effective solutions that too many insurers overlook, potentially harming both their policyholders and their own businesses.”
What’s next?
The findings of our poll provide a clear picture of where the industry stands, but it also raises the question: How can insurers overcome these challenges and move towards more efficient, transparent claims processes?
At RDT, we believe automation is the key to unlocking transparency and efficiency. By using cutting-edge technology, insurers can transform their claims processes, reduce operational costs, and offer better experiences for policyholders and brokers alike.
Stay tuned for more insights
This article is just one part of our ongoing exploration of the future of claims automation. Look out for upcoming surveys and insights as we continue to dive deeper into how insurers can optimise their processes and achieve better outcomes for everyone involved.
Read Volume 2 here.
Transform your claims process with RDT
If you’re ready to streamline your claims process and make it more transparent and efficient, we’re here to help. Get in touch with RDT today and find out how we can assist you in transforming your operations.
