London, 25 February, 2013: Xuber, Xchanging's insurance software business, has published new research which forecasts the influence recent innovations in the personal insurance market are set to have on the commercial insurance arena in ing years.
The insights, centred around claims, are set out in a new report ‘Personal Insurance Trends for Commercial Insurance to Watch in 2013 - How Innovations in Personal Insurance will Inspire Commercial Insurance to Raise the Bar’. The report identifies the shifting expectations of consumers and the increased relative importance placed on non-price related factors such as response times and ease of access to data. Among the recent trends in personal insurance predicted to cross over into the commercial space are:
• Gaining insight with ‘big data’ to control losses and validating claims more effectively
• Using information intelligence, such as telematics, to look at patterns of client behaviour to set policies and assess claims more accurately
• Enabling claims handlers to share data with other departments in real time, both online and offline to make the claims experience smoother
• Deploying technology to support real-time collaboration with multiple intermediaries to streamline the claims process
• Going beyond the remit to provide a resolution as well as compensation.
The report’s findings will be elaborated on at the third annual Strategic Claims Conference, to be held in London on the 5th March 2013, and chaired by Richard Clark, Head of Business Development and Specialist Commercial at Xuber.
Richard Clark, Head of Business Development and Specialist Commercial at Xuber, comments:
“The personal insurance market is leading the industry through its example of placing customers at the heart of the claims process. Advances in technology now mean that consumers expect a seamless and streamlined buying process as par for the course.
“The emergence of big data and sophistication of supporting IT systems can only help insurers to understand customers, and meet their needs with new products and refined policies. No claim is an island, and by streamlining the claims process insurers will ensure customer claims are handled as quickly and efficiently as possible – both retaining older customers, and gaining new ones.
“In the past we have seen that trends in the personal insurance space tend to permeate into the commercial space over the course of time, with many adopting methodology more commonly seen in the personal industry for their own needs. Even though B2B claims are inherently more complex, technology that enables claims handlers to access information about each stage of the business process – from first notification of loss through coverage verification to final settlement – will no doubt create a superior claims experience for both claims handlers and claimants alike.”
‘Personal Insurance Trends for Commercial Insurance to Watch in 2013 - How Innovations in Personal Insurance will Inspire Commercial Insurance to Raise the Bar’ is now available to download from Xuber’s website, click here.
For further information, please contact:
Tel: +44 (0)20 7780 5509
Tel: +44 (0)207 294 3603
Tel: +44 (0)207 566 9714
What we are
Xuber is an international software house that has been a trusted provider of innovative specialist commercial insurance software, end-to-end, for over 30 years. Xuber forms part of Xchanging plc, the business process, procurement and technology services provider and integrator.
What we do
Xuber provides software for insurance specialists, by insurance specialists. The unique configurability and flexibility of its offering removes constraints and enables business growth via greater integration and globalisation. Our solutions are currently deployed by 130 brokers and carriers in over 40 countries across the UK, US, mainland Europe and Asia Pacific.
What we want to be
Xuber wants to be regarded as the number one global insurance software provider by delivering products and services that are recognised for outstanding quality, reliability and innovation.
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