Back in the day, most customers didn’t expect their claims to be dealt with there and then. They let their insurers know about the claim, sat back and waited for a letter via the post office or a telephone call to keep them informed. Not so today. Digital technologies not only demand business agility but also open up new, more rapid means of communications. Customers expect to be supported on their own terms—and fast—whether by ‘phone, e-mail, text or accessing an online portal to track their claims’ progress.
Claims can be an emotional business—both for the claimant and the insurer. Those making the claim may have suffered loss or injury and could be handling some difficult personal issues as well as having to process “the paperwork;” rapid handling and automated processes will be welcomed. Dealing with claims swiftly and effectively is also in the best interests of the insurer. It is a well-known fact that the majority of claimants say they would renew the policy with their insurers if a claim is handled well. Processing claims quickly and efficiently, then, not only results in better customer experiences but also impacts on the bottom line and enables the insurer to release capital back into the business.
Insurers need to put some fundamentals in place to ensure claims run smoothly and effectively. As a starting point, an integrated system is a must. By introducing automation into your claims system to manage your business rules, serve your regulatory demands and address customer service commitments, you can be that much more efficient—and you’ll find you can decrease your claims expenses at the same time.
One of our most recognized digital leaders is Amazon. From the outset, their customers have been able to track the progress of their purchases and monitor the status of their orders online. I believe the time has come for insurers need to take a leaf out of Amazon’s book. Ask yourself about your current claims process—is everyone involved in the claim able to share the same view of it? If you introduce a single view of the entire claim, all the information, from documents, notes, tasks and other data is at your fingertips—and perhaps more satisfyingly, viewable by your customers for complete transparency. You can also ease the process by introducing self-service tools. With customers, agents and anyone within the claims supply chain getting involved using an integrated portal, you’re starting to take a step toward running your business like a digital leader.
Finally, don’t ignore the simple solutions, like using an embedded instant messaging system to enable claims staff from across many different departments and locations to keep in touch. Instant messaging inspires instant teamwork and makes sure you can resolve claims in the fastest possible time frame.
We’re helping insurers deliver these fundamentals today. Our customer Rick Laabs, CIO of Mutual Benefit Insurance Group talks about a “return on investment (ROI) savings of two points on our loss cost ratios” using Duck Creek Claims. The Duck Creek software can adapt as fast as you need to, and is easy-to-use and swift to deliver end-to-end claim management and resolution for all lines of business.
Interested in claiming back your claims capabilities? Contact me today firstname.lastname@example.org.