Wednesday, March 3African Business News
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Tag: FBNInsurannce

How insurers’ N97.2b claims settlement boost market penetration

How insurers’ N97.2b claims settlement boost market penetration

Insurance
Modern insurance claims process is increasingly complex. More variables and data are constantly coming into play, but carriers must determine appropriate settlements and flag potential fraud faster than ever. Aside technical challenges, insurers are also dealing with customers during stressful and vulnerable moments, especially at pandemic times when the delicate balance of empathy and automation must be struck to give the insured the peace of mind they seek The shift to a mostly-automated claims process will likely take a decade, as the initial steps in the core claims system transformation process are very long. Despite worries about another round of recession in the economy due to the negative impact of the pandemic that is mitigating the global economy, a few i...