Ex­ter­nal Claims Man­age­ment

Digital Insurance - - CLAIMS -

Cus­tomer ex­pec­ta­tions have grown tremen­dously in to­day’s app-driven world. Con­stant feed­back is a ba­sic ex­pec­ta­tion, and the rapid sea change has left many in­sur­ers strug­gling to keep up. Com­plaints re­lated to claims have in­creased by 33% since 2015. Im­proved com­mu­ni­ca­tion greatly in­creases trans­parency, which al­le­vi­ates the claimant/in­surer dis­con­nect and mit­i­gates the as­sump­tion of ne­glect. Even when de­lays are in­evitable, in­sur­ers can over­come this through au­to­matic no­ti­fi­ca­tions to cus­tomers as claims are pro­cessed. These can be de­liv­ered in-app, via SMS, email or mail. Soon, this will go a step fur­ther as AI, chat­bots and other dig­i­tal chan­nels are in­te­grated into the en­tire claims process. For ex­am­ple, cus­tomers may be able to ini­ti­ate a claim or re­ceive up­dates through Ama­zon’s Alexa or Google As­sis­tant.

Be­yond com­mu­ni­ca­tion, there is a need to im­prove the value ex­change be­tween in­sur­ers and claimants. In­sur­ance is unique from other prod­ucts be­cause a cus­tomer can pay pre­mi­ums for months or years be­fore re­ceiv­ing tan­gi­ble value back from a claim. In­sur­ers must demon­strate to cus­tomers a sig­nif­i­cant value through­out the cus­tomer life­cy­cle. Claim pro­cess­ing is a key area for demon­strat­ing value, with fea­tures such as a quick and pain­less sub­mis­sion process, or set­tling claims through a va­ri­ety of elec­tronic pay­ment meth­ods.

The claims process is one of the most vis­i­ble and im­por­tant mo­ments in the re­la­tion­ship be­tween in­sur­ers and their cus­tomers. With dig­i­ti­za­tion, in­sur­ers can take steps to meet their cus­tomers’ ex­pec­ta­tions, de­liver trans­parency, im­prove sat­is­fac­tion, and ul­ti­mately re­tain loyal cus­tomers.

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