8DECEMBER 2020IN MY OPINIONInnovation with Purpose: Delivering on the Promise with Claims TechnologyBy Jamie Lee, Senior Vice President and Chief Service Officer at AflacIn the insurance industry, we have a unique opportunity to sell more than just a tangible product--we provide an intangible service, a promise stating that our business will be there to support policyholders in their time of need. This devotion to take care of insureds when they face a covered injury or illness and file a claim is vital--especially in times like those we have all been facing in the wake of COVID-19.The smartest companies are the ones that can marry a commitment to innovation with a customer-centric heart, molding their plans for the future around what the customers want and need. These companies innovate with purpose.Policyholders expect their claims experience to have three key characteristics: speed, ease of use, and accuracy. But there are hundreds of ways to innovate within those categories, and insurers with a purpose-first mindset can take the time to discern which new features and technologies customers need the most. Those insights, gained through intentional, targeted consumer surveying are immeasurably important in helping insurers connect with consumers in the modern insurance landscape.Embrace EfficiencyWhen someone has to file a claim, especially one for a significant illness or injury, it can quickly snowball into a financial strain. And because 39% of American workers say they could not survive for a month without their paycheck,1 it is critical that insurers help provide fast financial relief for insureds in a time of crisis. That is why speed and efficiency are essential. Policyholders need payment from a claim as soon as possible, especially to get help with the expenses that health insurance doesn't cover. For insurers focused on purpose, it is motivational enough to get insureds what they need as soon as possible but, it must be done without sacrificing accuracy or compliance.Today, innovation in the area of speed, likely includes using artificial intelligence (AI) and machine learning (ML) to minimize the amount of human interaction required to process routine claims, helping ensure documents are processed quickly while reducing the risk of error. In doing so, employees' skills can be reserved for tasks that robots just can't replicate, such as those requiring relationship building and empathy over more manual tasks like data input. If you dream a little, the Jamie Lee
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