Pre-COVID, I remember visiting with a Senior VP with a major regional insurer. He didn’t feel the InsurTechs were a significant threat. He believed that the excessive regulation, product complexity, and the economic power of workers comp insurers created a rather insurmountable barrier to the InsurTech business.
Maybe that was the case back then, but it’s definitely no longer the case today. InsurTechs have begun their attacks via disintermediation strategies aimed at pulling off specific and profitable business sectors…and they are realizing success. In fact, you can see the rise of InsurTech's marketing strategies being adopted by major insurers. That fact tells of the impact InsurTechs are having on our market.
The lesson here is that the “Magiont Line” Insurers once believed would protect them, has been breached. The reason is simple. Consumers are demanding the kinds of service levels they are getting from every other facet of their lives. Consumers are no longer willing to accept the Henry Ford idea that the consumer can have any color they want, as long as it’s black. A digital transformation strategy connecting consumers, insurers, and providers is a necessity for survival in the workers' comp market as we have come to know it.
Executives today are facing a “Terminator Moment”. Digital warfare is here. It is changing the world as we know it. It is calling out to insurance executives “Come with me if you want to live.”
Recently, McKinsey reported that digital transformation strategies can reduce the cost of a claim journey by as much as 30%. Thus, the good news is that investments in InsurTech strategies will result in more satisfied customers, lower costs, and higher growth.
The opportunities facing insurance executives today for building a strong and healthy future abound. However, time is running out quickly. Failure to act today is to invite failure into your future.
The mission of EHS is to deliver technologies aimed at making the journey of an insurance claimant a simpler, shorter, and more supportive experience. We achieve that mission by delivering digital solutions that decompress the time demands on the claims and medical professionals by streamlining and automating workflows. At the same time, we deliver technologies that augment their intelligence in dealing with complex human problems. We are prepared to meet you at whatever stage you find yourself.
In a nutshell, we can demonstrate how better science delivers better decisions, which produce better claim outcomes, lower costs, and more satisfied clients.
To learn more, drop an email to our Chief Revenue Officer, Don Adams (DAdams@EHSBaseLine.com)