This article is part 1 of 2 on predicted trends in the insurance industry, with this post detailing how Livegenic met past standards and metrics predicted in 2019. Click here to read part 2, and how we aim to achieve the LexisNexis’ industry predictions for 2025.
We at Livegenic pride ourselves on remaining ahead of the curve. It’s not enough to offer state-of-the-art virtual solutions to insurance carriers; we design updates and new products based on the necessities and feedback of the industry. This invaluable data is how we predict the future needs of carrier and consumer alike.
And if there is one word that could describe the last decade of change in ALL business, it would be: “Digital”.
Nearly all companies big and small have a digital component, even if it’s as simple as your neighborhood sandwich shop having a social media presence. This would’ve been unthinkable even 10 years ago, but as smartphones have grown in popularity and decreased in cost, consumer’s expectations have changed with them. Businesses have realized that their customers are living in a Digital World, and they better adapt with the buyer to stay abreast.
So, how has Livegenic lived up to changing tides and trends in the industry?
Risk Solutions experts LexisNexis recently released an outstanding claims study on the Future of Claims that’s worth reading. Today, we want to take a look at a very interesting section of the report: A look back to their previous predictions in 2019. Let’s see how Livegenic performed.
From the LexisNexis “Future of Claims 2021 Report”
“2019 Study Predictions:
- Accelerated Claims Automation Adoption
- Greater Alignment of carrier claims automation practices with consumer desires
- Increased virtual claims handling, accompanied by human touch ”
Livegenic has more than met every one of those industry predictions! Let’s explore how:
“Accelerated Claims Automation” - Livegenic tools are designed to support the automation/acceleration of the claims process. Our apps speed up standard procedures and streamline inspection phases via virtual capabilities. If you can operate a smartphone, you can file a claim SOLO!
“Greater Alignment Of Claims Practices With Consumer Desires” - Our entire mobile suite is designed to make claims more convenient and in-line with the expectations of carrier and customer alike. As partners of ours, like DuckCreek, have pointed out, younger consumers are expressing more preference for automated options and quicker cycle times. Social media and virtual banking apps have set the standard for the online usability process; users want the option to handle things themselves, quickly, with the option of person-to-person assistance if necessary.
“Increased Virtual Claims Handling, with Human Touch” - Our customer portal provides instant collaboration for virtual claims handling, allowing for seamless interaction between two parties, be they client, carrier, policyholder, or TPA. It’s all the benefits of “Do it Yourself”, with the guidance of a professional to show you how.
Livegenic doesn't just help improve turnaround times or SLA metrics for carriers, it also helps facilitate communication with customers, giving them more options as to how they handle claims (either collaboratively with their adjuster, or asynchronously through our self service capabilities).
Prior to Covid, the industry was already moving towards incorporating virtual claims, but the process was slow. There was still some hesitation to trying things “The New Way”
Quarantine changed everything, forcing business owners to adapt to remote inspections whether they were ready or not. We’re proud to have been of some small help by making that transition as manageable and user-friendly as possible. Our new users found themselves surprised: much of the feedback we’d received indicated that many that hadn’t trusted “The New Way” were blown away by just how surprisingly simple it was to use Livegenic.
Had the global crisis not have occured, these predictions were still where the industry seemed to be heading. Consumer expectations have been leaning more towards self-service and automation for some time in other industries. The great disruption of 2020 and beyond gave insurance the push to catch-up and meet the challenge.
LexisNexis also included in their report some very exciting predictions for the state of the industry in the year 2025. Click here to read how Livegenic is already working towards the future!