Suncorp investS $50m in insurance claimS upgrade

Suncorp investS $50m in insurance claimS upgrade

Suncorp is pumping more funds into improvement of its online insurance claims filing and tracking processes as more consumers shift to digital platforms.

The company has set aside $50 million for upgrading its entire claims process within the next 12 months.

Last week, Paul Smeaton, Surncorp’s chief operating officer informed a Standing Committee on Economics that part of the allocation included funds for boosting the company’s comprehensive online experience for digital filing of claims.

Smeaton added that currently about 20 percent of total claims are lodged online while 80 percent are lodged more conventionally at their contact centres.

 “What we’ve found particularly during Covid is this move towards doing things digitally.”

Paul Smeaton, Surncorp’s chief operating officer

“How do you make that experience as good as the call centre experience? We’re investing quite a lot of funds in that regard”, Smeaton noted.

According to the chief operating officer, the improvements will help the company to satisfy its customers’ needs while making Suncorp “more efficient and effective as an operation”.

The Suncorp investment in a digital workforce is expected to assist the insurer to cut operational costs and this would “ultimately flow” into their policy and pricing structures.

The company’s spokesperson told reporters that the company is currently “prioritising digitisation initiatives” to offer improved experiences for its clients as part of its new strategies.

Digital Transformation

“Suncorp’s future investment in new technology will enable a faster and more efficient claims process and improved customer experience during disasters,” the spokesperson added.

Suncorp is already reviewing data relating to claims in order to establish how best future investments can be put into proper use.

Their list of priorities includes integration of AI and machine learning for digital filing and tracking of insurance claims as well as establishment of a more express claims management process and self-filing of simple claims.

The list also features use of AI and machine learning to handle cash settlements and an improved webchat and collaborative browsing that enhances customer support.

“Over the last three financial years, Suncorp has seen continued growth of its online and ‘zero touch’ claims processes and we anticipate that this will continue,” Suncorp’s spokesperson said.

The zero-touch process includes Suncorp’s AI-powered bot Watson, designed specifically for helping customers filing online car insurance claims.  

The 2018 financial year results for Suncorp consisted 7 percent of claims that were lodged online with four per cent being done via the bank’s ‘zero touch’ process.

These numbers more than doubled in 2020 to 14 per cent of claims filed online and eight per cent lodged through its zero touch.

Company Author

https://insuranceclaimsgroup.com.au

Our company author is a seasoned professional in the insurance space, with a background in claims, property repairs and market research. When not researching new and exciting topics to write about, our author is working behind the scenes on other literature for Insurance Claims Group, keeping the team up to date with the latest ClaimsTech, industry insights and helpful tips.

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