6December 2020Copyright © 2020 Siliconmedia Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorJeff RodriguezEditorial StaffAaron Pierce Ava Garcia Ashik JainJoshua ParkerVisualizerJohn Goutham*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditor's NoteJeff RodriguezManaging Editoreditor@finanacialtechreview.comThriving Amid the Post-Pandemic Challenges 2020 has been a momentous year for every industry, and it's no different for the claims processing industry. The COVID-19 pandemic brought radical changes resulting in economic fallout, shifted employee needs and customer expectations, and accelerated digitization. The insurers responded to the pandemic by implementing required measures to ensure business continuity and help customers to survive. As the year comes to an end, a bird's eye view of 2021 shows that it will be a period of recovery. Insurers have to strategize proactive actions for expediting business revival and pivoting long-term growth in the future. While technology can significantly bolster the efforts, it's still no easy task, and the road ahead has various challenges related and not related to COVID-19.Starting with challenges unrelated to the pandemic, cybersecurity and data privacy concerns are a priority. There is an increased focus on securing data investigated and utilized during claims processing and is expected to continue in the near future. Further with the technological advancements in the industry (especially artificial intelligence systems), regulators may scrutinize their use and set new compliance guidelines for operations. Among the pandemic-related challenges, business interruption is a major obstacle. According to Deloitte's 2021 insurance outlook, claims is expected to be a concern as court challenges over COVID-19 claims payout and as the industry and governments around the world consider public-private approaches to provide coverage for future pandemics. The sudden shift to virtual claims handling will also continue to challenge remote-working employees and push insurance companies to innovate for enhanced customer experience.With these and many more roadblocks, the claims processing industry will witness monumental changes, and companies will accelerate efforts to thrive in the post-pandemic world through the right mix of technology, data, and people. In this edition of Financial Tech Review, we bring you the story of some of the most successful claims processing solution providers that deliver the best outcomes for their clients. This edition also offers a combination of thought leadership from subject matter experts with real-life stories on fostering robust partnerships and exclusive insights from CIOs and CXOs. We hope this edition will provide you with the right assistance in choosing the claims processing solutions that best fit your requirements. Let us know your thoughts!Email:sales@finanacialtechreview.comeditor@finanacialtechreview.commarketing@finanacialtechreview.com December 01, 2020, Vol 01-04 Published by Siliconmedia Inc. To subscribe to Finanacial Tech ReviewVisit www.finanacialtechreview.com
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