Key lessons learned and insights from this year’s event
The second annual CoreLogic INTRConnect™ Europe 2024 was a resounding success, welcoming more than 450 professionals from across the insurance industry. We gathered as catastrophe risk management professionals, reinsurers, underwriters, claims professionals, and contractors to discuss important topics across property insurance and restoration and to explore solutions to the challenges that today’s environment presents to our industry.
Over the last 30 years, the re/insurance industry in Europe has become more complex with changes in both the frequency and severity of natural disasters, together with the increased uncertainty of climate change added to the mix. Other issues that weigh heavily on insurance and restoration businesses are inflation, new laws and regulations, and workforce challenges that stem from an aging workforce. There is an immediate need to figure out how to do much more with fewer resources.
As we explored how to accomplish more with less, we defined the one key takeaway from INTRConnect Europe this year: the need to foster collaboration across the industry.
Working as a collective — all insurance, reinsurance, and restoration functions, as well as technology vendors that support them — is the only way to overcome these challenges that have come to a head in today’s world.
It is only through collaboration across the entire insurance supply chain that every industry player can perform at the highest level, enjoy their jobs, and in turn, provide customers with the highest quality customer experiences.
Here are some approaches we can take in order to build an environment of collaboration:
Celebrate Our Collective Strength
In line with our theme for INTRConnect Europe 2024, we really are “better together.” Everyone — from professionals who work for property insurers to contractors — would benefit from focusing on being efficient both to make their own jobs easier and to simplify the jobs of their colleagues and partners.
For example, CoreLogic recognizes that establishing a robust contractor network benefits insurers and all of their functions. Providing job management and workflow solutions for contractors is a new, strategic focus for CoreLogic in Europe, and we understand that empowering these professionals will empower the entire ecosystem. When contractors adopt support resources and more efficient workflows, it trickles back to fuel productivity and speed for the insurers they partner with.
It is important to understand that everyone in this industry has a unified goal: to serve the people beyond the buildings that need coverage or restoration. By working to ease the burdens on everyone in the supply chain, we will all be better equipped to accomplish this goal consistently, for every policyholder and every customer.
Leverage Innovative Technology That Directly Facilitates Instant, Easy Communication
Property insurers and contractors can bridge communication gaps across all their processes by using integrated technology solutions — platforms and applications that connect with those of everyone they work with.
In an integrated digital ecosystem, when data is entered into one cloud-based system, it can automatically populate across all integrated solutions. For instance, data collected during the underwriting process that is useful for claims adjusters and restoration professionals can be stored within all technologies. An ecosystem that links underwriting, claims, and contractor solutions enables seamless information sharing, facilitating collaboration, and improving efficiency.
This system of instant collaboration facilitates better customer experiences because it gives insurance, catastrophe risk, and restoration professionals more time and all the information they need in one centralized place to keep customers informed at every step of the underwriting, claims, and restoration processes.
Leverage Insights From Other Property-Related Industries
Adopt a collaborative mindset to expand your data arsenal. Utilize data that is useful and advantageous for parallel markets, like real estate and mortgage verticals. Companies across all property-related industries can profit from using technology that ingests and analyzes data collected for mortgage, real estate, and insurance purposes to produce actionable insights specifically relevant to their businesses. Essentially, insurers can glean a lot of value by using technology that performs collaboration for them.
For example, in today’s increasingly natural disaster-prone world, underwriters and catastrophe risk professionals have an urgent, ongoing need for easy-to-use software that analyses and gives key insights into vast datasets without interrupting their workflow.
At INTRConnect Europe, we introduced Navigate™, CoreLogic’s latest response to the insurance industry’s pressing need for flexible, efficient catastrophe model solutions. The full catalogue of catastrophe models within Navigate leverages high-fidelity hazard, property, and financial data and modeling to give underwriters and catastrophe risk professionals a quicker, better understanding of the risk on every property they evaluate.
Navigate is a sophisticated SAAS catastrophe risk model service that gives users easy access to more than 180 high-fidelity catastrophe risk models. By providing this comprehensive catalogue of catastrophe models on the cloud, Navigate follows CoreLogic’s established on-premise platform, RQE™, in being fully API enabled so that companies can integrate it directly into their existing workflows with minimal disruption.
Insurance technology solutions like Navigate give catastrophe risk professionals and underwriters the insights that they need to fuel more meaningful collaboration with their colleagues and other stakeholders in the industry.
Focus on Policyholder Experience First
Keep your primary focus on policyholders, customers, and the lives beyond the buildings. By adopting this shared focal point, companies in this sphere, from insurers to contractors, will automatically foster a collaborative environment.
With this focus, insurers and contractors will leverage technologies that empower policyholders during their most vulnerable times. For example, one CoreLogic Claims solution we introduced at INTRConnect Europe this year — Engage™ — gives policyholders the opportunity to expedite their own recovery. This solution redefines digital claims by providing self-service capabilities for policyholders at the front end of the claims process.
With Engage, policyholders can easily register a claim, while the solution handles validation and triage, enabling straight-through processing. This streamlined approach enhances the overall policyholder experience, ensuring a seamless and efficient claims journey.
Technologies like Engage give insurance professionals the opportunity to collaborate more efficiently and frequently — with each other, with other stakeholders, and with end users — over more complex claims while technology covers the simpler ones.
Collaboration in the name of providing the best possible customer experiences extends to technology providers, too. Take advantage of your relationships with trusted vendors like CoreLogic. Provide feedback and work hand-in-hand with them so that they can focus on developing functionalities that you need in order to put customers first.
Think Outside the Box to Foster Collaboration Throughout the Industry
No matter what company you are a part of or where in the insurance ecosystem you are, pursuing unconventional strategies and ways of thinking can maximize your organization’s business potential and impact on your community. Viewing other providers in your space as partners rather than competition can foster a sense of community.
Using advanced technology to enhance processes can promote more efficient collaboration and more meaningful human interaction.
Also, continue to participate in community events like INTRConnect Europe, where you can glean knowledge from your peers and share ideas to improve the industry as a whole.
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