An overview of how millennials are influencing claims performance.

1. MillennialsMillennialsThe Challenge to Claims ServicesThe Challenge to Claims Services
How will millennials’ customer expectations
impact the insurance claims arena?
And what should Property/Casualty
companies do to prepare?

2. DigitalCommunicationPreferences

3. In a recent Celent survey on Insurance and Social Media
with 114 insurers responding, 80% are using social
media in their business, and 90% of those are saying it
will benefit the insurer through customer service.2
90%90%
WithWith
of millennials routinely researching products
online,1
companies should utilize social media.

4. But
yet71%71% 30%30%
More
than
More
than
Companiesneedasocialmediastrategy.
believe their
organizations need
to embrace new
technology or lose
market share.
do not have
a social media
strategy.3

5. Socialmediacanmakeorbreakacompany’sreputation.
Click to
see example
Millennials rely on
referrals and reviews
and a poor claims
experience can go
viral in minutes.
Having rules in place for handling
complaints and negative reviews
before they happen can help you
avoid making a bad situation worse.
Case:
United Breaks
Guitars

6. Also
Real-time content rendering will
drive user satisfaction, and CIOs
must invest in mobile applications,
social media content, electronic
forms and e-signature capabilities
to improve customer experience.4
Companies must deliver a
multi-faceted claims
experience—from
front-end IT management
systems with personalized
access to call centers,
quick accounting systems
and knowledgeable staff.

7. Engagewithyourcustomers.
40%40% 6%6%
Top-performing companies proactively email
40% of customers about open claims,
as compared to only 6% of low performers.5

8. Examples
Click to
see examples
Household insurance is keeping pace
with the likes of Know Your Stuff™
from the Insurance Information
Institute which creates a cloud-based
home inventory for use in a claim.
Mobile apps are needed
to manage policies and
submit/review claims
(such as FenderBender,™
which creates an accident
file or Allstate Mobile,™
which has an accident
toolkit and quick photo
claim app).

9. ClaimTrends:
ProductDevelopment

10. Of those,
Fewer thanFewer than
10%10%
1 in 21 in 2 insurers have
adopted cloud
computing.
are using it for
product development.6

11. Data mine
adequately so that
new trends can
be spotted
and addressed
Allow timely
delivery of
new products
and services
Provide exceptional
customer service
based on
insights gained
about the customer
Companies that have adopted new systems, and use
them fully, have a distinct competitive advantage.
Theyareableto:

12. Companies should utilize these to provide real-time data
to feed underwriting systems, immediately impacting
premiums along with input from experienced underwriters,
and giving the consumer control over their own risk.
Newtechnologiesarequicklybeingadopted such as black
box auto
insurance
and wearable
technology.
Are your systems flexible to customize to this level?

13. KeepClaimsKnowledgeIn-House.

14. Recruiting, training and mentoring new talent, as well as
transferring knowledge to data storage systems, are critical to
meeting today’s claim expectations and staying competitive.
And just like many industries, insurance companies
need succession plans for the baby boomer claims
associates on the cusp of retiring.8
Thevalueofworkforceintelligenceto
anorganizationcannotbeoverstated.
7

15. Remember Click to read
Employing Millennials
blog
Millennials still want and value a
real relationship, they just want
to start it online.
Hiring third parties is a
viable short-term option,
but “buying” expertise
will eventually be more
costly than homegrown.
While low-level claims may be
automated, complex cases will
always require extensive
expertise, and relationships will
continue to be critical.
Findingtherightbalance:

16. Contact:Contact:
@sydoniewilliamst
© 2015 General Re Corporation. This presentation is based on Gen Re's understanding of a number of external sources. It is intended to provide background information for our clients
and professional staff. It is time sensitive and may need to be revised and updated periodically.
+1 203 328 5745P
Sydonie Williams
sydonie.williams@genre.comsydonie.williams@genre.comE
/in/sydoniewilliamsIN
To learn more about
millennials and their impact
on insurance companies,
visit genre.com/millennials.
1. www.genre.com/knowledge/blog/identifying-millennials-attitudes-and-behaviors.html
2. www.celent.com/system/files/social_media_ii._infographic.pdf
3. www.the-digital-insurer.com/harvey-nash-cio-survey-implications-for-insurance and
www.canadianunderwriter.ca/news/most-insurers-using-social-media-tools-but-many-lack-a-strategy/1002270491
4. www.propertycasualty360.com/2014/05/27/10-tech-trends-impacting-pc-in-2014
5. www.insurancenetworking.com/news/editors_picks/inadequate-digital-engagement-continues-to-disappoint-millennials-35076-1.html
6. www.sap.com/bin/sapcom/hr_hr/downloadasset.2014-09-sep-02-17.insuring-millennials-no-different-think-again-pdf.html
7. www.insurancethoughtleadership.com/brain-drain-twenty-two-steps-to-reduce-the-impact-of-retirement-and-increas
8. www.propertycasualty360.com/2009/01/07/reversing-imminent-brain-drain
Claims will be just one of the units integrated into
the new customer service model as yesterday’s
innovation becomes today’s expectation.