Almost a year ago, I received the unexpected news from my former employer - I was laid off. After six months at ManyPets, it came as a shock when the board decided to shut down the operations in Sweden. I remember the encouraging words of my friends who assured me that 'something good will come out of this.' Although I was initially skeptical, I now realize they were right all along, and I want to thank them for their support. One of the unexpected opportunities was the chance to support Wisentic in a growth project.
Throughout the autumn, I have been actively involved in assisting existing initiatives and developing new strategies. Additionally, I've had the privilege of driving Wisentic's expansion beyond the Nordics. Life took an unexpected turn and opened a new door that I could never have imagined.
At Wisentic, I have delved into the future of claims management - its opportunities and challenges. An interesting article from PwC reveals that two out of three claims managers feel constrained when it comes to developing their operations. And half of these managers lack a strategy to stand out in the competitive market.
In a Nordic context, however, I see a more optimistic picture. We are witnessing an exciting transformation in the Nordic region, where insurance companies strive to take control of the value chain before and after incidents occur. This is achieved through innovative solutions that focus on preventative measures with a personal touch, or by using connected homes and vehicles to anticipate and minimize damages. Nonetheless, my focus lies within the core business of insurance companies - claims management.
We face the same challenges today as we have for the past century: to efficiently manage claims with high quality and ensure satisfied customers. While some parts of claims management have become highly automated, other areas such as construction or animal-related claims still rely on manual processes. With advancements in artificial intelligence (AI) and machine learning (ML), even complex claims can now be automated relatively easily. Modern technology also offers the ability to quickly analyze insurance companies' data, which, in turn, can lead to cost savings through more efficient procurement and supplier management. Several smaller insurance companies have already made significant strides in this field, but for the majority, claims management remains a manual process.
Given the rapid global technological developments, Nordic insurance companies alone cannot effectively implement new technology continuously. Therefore, an increasing number of companies have chosen strategic partnerships to maintain their leading position in claims management development. Enhanced data collection impacts claims costs and customer satisfaction, improving procurement, not only for existing processes but also in areas with limited procurement opportunities, such as construction contractors and veterinarians. To achieve optimal results, enhanced supplier management is required through communication, incentives, and integrated value chains.
