The Way Forward to Instant Insurance Payments
By Slice Labs
Customers expect on-demand, seamless, intuitive and simple experiences - whether buying groceries, watching a show, or paying their bills. Buying insurance is one area that is often fraught with friction, especially when it comes to claims processes and payments. Traditional home and automobile claims can take between 15-30+ days to settle the claim before it is even sent for payment, which is often still a paper check, sent by mail. Even with direct deposit, insurance claims payments that take days and sometimes weeks to process no longer have the innovative edge they once had. Data scientist, Andy Clapson and Metod Topolnik, CEO and Founder of Simplepin walk us through laying the foundation to delivering the same on-demand customer experiences in insurance claims and payments via the use of AI, small data and behavioral science.