The claims process is at a crucial point in its evolution, with companies now having to adapt in order to streamline their claims management and improve the experience for their customers.
Advances in Artificial Intelligence technology and Machine Learning are driving the industry forward when it comes to helping companies increase efficiency and reduce overall claims lifecycles. As a result of these emerging advances in technology, companies are facing new challenges across the process and are often struggling to keep up with the pace of change, whilst still ensuring a seamless and straightforward customer journey.
Stepping up to the challenge isn’t easy and and the way companies use data will set them apart and either drive a strong customer bond or drive them into the arms of a competitor. Companies need to follow these three steps:
1. Firstly, get all of the company’s data in order. Data often comes from multiple disparate systems, some through acquisition and some by design. Few companies have all the data they need
2. Next, analyse this data effectively, this will help businesses to better understand customers and their preferences
3. Finally, businesses must then design, select and implement solutions to suit the needs of its customers, based on known facts.
Empowering the customer and keeping them updated at their pace thourgh an onmni channel experience is essential. The customer of today now knows exactly what they want and when. This new world for the claims process offers a tailored customer journey to secure more multi-policy customer relations, and help consumers lead a controlled process, at their pace.
The traditional process was single channel and an insurer led journey, where the assessors would review the claim made against the insurer’s schedule and in some cases, wouldn’t offer any assistance to replace the subject of loss. It was a lengthy settlement process with limited payment options.
The new system is a transparent and consumer centric journey that offers chatbot technology for dynamic questioning, allows customers to capture the detail and book the service suitable to their time and needs, and sends automatic updates on the progress directly to the customer via an online tracker. It has enabled the majority of claims to be paid in hours, with multiple electronic payment options to suit customers.
Customers don’t want to be steered by the insurer led journey anymore; they need advice, reassurance and to be given more choice. Insurers will need to focus on developing more customer focused strategies to make their customers understand the value in purchasing insurance cover.
By connecting the dots in the new process, we can focus on improving the features of today’s solutions, removing non value-add touchpoints and look to achieve what has yet to be real, offering a seamless process throughout.