The Future of Insurance – Ramón Lopez, VP of Claims Operations, USAA

The Future of Insurance - Apr 12, 2022

Highlights from the Show

• Ramón has been in Claims at USAA for 18 years, joining right out of college, starting as an adjuster
• One of Ramón's roles was to setup and lead the Claims Innovation team, which I featured in the first Future of Insurance book
• USAA built a number of tools for customers with the military member in mind, given that they could be anywhere in the world with questionable connectivity
• When the pandemic hit, that helped their ability to respond to customer needs in a new environment with much higher customer expectations
• That wasn't just because of what they built, but rather because they had a plan and a strategy in addressing situations like this
• Because USAA members often engage with them in other ways, like banking, that means they're more likely to have their app on their phone, which is helpful at deploying digital solutions for insurance and for Claims in particular
• As the bar rose for customer expectations, they realized they had to reimagine the process and experience against these new standards rather than what would have sufficed a few years ago, and that could lead to totally new experiences and solutions
• USAA partnered with State Farm on a blockchain solution in subrogation, which lead to lots of learnings
• How do you write the right type of contract with another insurance carrier that will ultimately be better for the whole industry?
• If you're building technology at two carriers, how do you align how the tech groups at each so they can be on pace with delivery with each other given the different approaches and pace at each company?
• How do you bring the entire industry along? Everyone's cost of admission to new technology is different given where everyone is starting from, so how you get companies to prioritize and engage can be hard. If you want everyone to join up, you need to find a way to build it so everyone can benefit from without massive cost.
• At USAA, Claims is a strategic part of the P&C business, so they move together in lock step; this has allowed them to deliver major technology projects and transformations faster than if Claims was fighting for priority, support or attention
• For Ramón, how you innovate and change really depends on where you are in your innovation journey
• If you're early on, you have a broad and big innovation strategy as you're in an expansion moment where there's a lot you can do
• As you get further in, the realm of possibilities contracts to being clearer and more defined, so you can contract to focus in more

This episode is brought to you by HOMEE (homee.com). And by the the book series, The Future of Insurance: From Disruption to Evolution by Bryan Falchuk (future-of-insurance.com).

Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

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