Ventiv Technology

What is the ultimate answer? For many personal business lines, it's the concept of "touchless claims" – the ability to process a claim from First Notice of Loss (FNOL) all the way through to settlement without a human touching it. In effect, technology handles the entire claims process, including information capture, damage assessment, repair estimates and electronic communications to the customer, suppliers, and other third-parties. An Industry Trifecta Insurance companies have a notoriously bad reputation for being late adopters of modern technologies. So, what is the catalyst that is driving this change in the industry? There are at least three major forces at work pushing that transformation -- and having a direct impact on many insurance processes and operations. Digital Transformation Apple. Google. Amazon. These companies -- and others -- have created the new paradigm for today's customer experience. Customer expectations have grown exponentially. People want immediate same-day delivery and service. They want 30-second credit approval. They want customer service 24/7/365 -- when they want it and how they want it. And from an insurance carrier perspective, they want speedy response, instant communication, excellent service, and quick settlement of claims. These pressures have forced insurers to re-evaluate their core systems and processes. Just as importantly, carriers are looking to invest - heavily - in technology. In fact, Deloitte's mid- year 2021 insurance outlook echoes that sentiment "with 68% of those surveyed planning to increase spending on data analytics (up from 49% in Deloitte's 2021 outlook survey) and 66% allocating more dollars to upgrade customer relationship management software. Fifty-nine percent will increase spending on artificial intelligence (compared to 40% in their last survey), while about half of respondents also plan to boost budgets for robotic process automation (up from 30%). The Impact of COVID-19 The pandemic gets blamed for a lot of things -- usually all bad. But the one dramatic influence it had on the insurance world was to accelerate the pace of change. With social distancing protocols and restrictions on large gatherings, insurers were forced to transition their workforce to remote operations, straining internal systems, adjusting work structures, and changing routines. TOUCHLESS CLAIMS | 2

• Cover