Ep 4 - Matt D. Fatheree, CEO of Fourseventy Claims
Release Date: 01/02/2019
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Everybody wants the new, shiny object.
And in the insuretech world, it’s no different. Each year—we see new technology solutions rising to the surface, and the conversation at conferences turning towards the next best thing. But is this really where our focus should be?
When we integrate technology into our business, unexpected challenges get put in front of us. The quality of technology is in how effectively it can anticipate and deal with these roadblocks. Often times, the bells and whistles distract us from assessing this.
On today’s episode of FNO: InsureTech, we are joined by Matt Fatheree—President, CEO of Fourseventy Claims—to discuss his experience integrating technology solutions into his company.
Tune in to this episode to hear about the hurdles, so you know what to expect moving forward.
“The problem now is—in our view of the world—the process doesn’t fit the new technologies that are emerging. We have a very old claims process.” - Matt Fatheree
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The FNO: Tips
- There is no all-in-one solution that currently exists for the insuretech space
- More than drones, the smartphone has significantly impacted insuretech
- There are many hurdles to using drones: pilot licensing, data usage, upload limitations, etc.
- Tying new insuretech systems requires more labor than one would think
- The claims process is very outdated, typically operating in 7-day cycle times
- Accuracy is just one part of the equation—we have to pick up speed and reduce cost
- It’s easy to find the new technologies, but onboarding a labor force to be culturally bought in is challenging
- Dealing with data collection and processing always presents struggles - the technology should primarily make this process easier
- Innovation will force field adjusters to find work in the virtual assistance roles
Fourseventy Claim Management