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ITA Pro Weekly, December 10,2020

VIaaS revolutionizes claims process, Prudential launches VC firm, 4 tips for digitizing life insurance, and more…

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Hot off the presses!

Insurers can dramatically improve the claims process – and meet evolving policyholder expectations – through the use of virtual inspections as a service (VlaaS), managed repair, and other building blocks that improve technology and service accessibility for claims organizations of all sizes. In this week’s Electronic Chat, Robin Roberson, managing director, North America at Claim Central Consolidated, talks about the many benefits of VIaaS for insurers, what makes her business stand out from other providers, and more.

 “Many auto and property claims express repetitive damage scenarios that require less technical competency to assess, but at the same time, reflect the bulk of customer experiences. Not having to dispatch staff to conduct field inspections through the use of virtual inspections removes a significant time factor from FNOL to settlement, improving the results for a primary service key performance indicator (KPI), claim cycle time.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

PruVen Capital, a global, multistage venture firm backed by Prudential Financial, Inc., has launched its first fund with $300 million in capital to invest in emergent technology startups in North America, Europe, Japan, Singapore and Australia.

“PruVen Capital is driven to create both financial and strategic value for its stakeholders. Our multi-stage approach allows us to support leading entrepreneurs from garage to IPO,” says group leader Ramneek Gupta. “We offer the best of both worlds in being a completely autonomous fund that’s backed by the resources of Prudential, the largest life insurer in the U.S. with more than $4 trillion of gross life insurance in force and more than $1.5 trillion in assets under management as of Sept. 30, 2020.”

 

As Millennials age and COVID concerns grips the nation, insurers need to provide a more digital approach to life insurance sales. But how can they invest in digital transformation while avoid the most common pitfalls involved in the process? Barbara Peterfi of Innoveo highlights four smart ways life insurers can up their digital game.

“Despite the regulatory challenges and the complexities of underwriting, insurers have a lot of customer data on their hands, which could be used to drive the customization of products to better meet customer needs. While these custom offers provide value for customers, companies need to make sure that the data is used in a way that is transparent and comfortable for any policyholder.”

 
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