Parametric elements could become part of the basic make up of an insurance policy
With customer expectations increasing, and speed of settlement becoming more and more of a priority, the Chartered Insurance Institute’s Matthew Connell and Altus’s Patrick Hayward believe some parametric elements could become part of the basic make-up of any insurance policy.
Altus Consulting’s Claims Disruption whitepaper states that 21% of insurance customers want a claim to be settled within hours, and 100% of 18–24 year olds want claims to be settled within one week.
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