Chief Product Officer
What is the role of claims in the customer experience? Is a digital claims process the lynchpin to meeting new customer expectations?
For many insurers, the claims process is the most intensive engagement with a customer.
However, there is an inherent friction that comes after initiating a claim. NAIC data shows that claims make up 60% of customer complaints. There is also a correlation between unhappiness and retention; A study from Accenture found more than 80% of customers disappointed with their claims experience had either switched insurers or was planning to do so. Digital capabilities are a key driver of insurer retention and are more likely to keep their customers by offering simple, fair and fast processing.
How will artificial intelligence, machine learning and related technologies revolutionize the claims process? How should insurers try and stay abreast of this curve?
From an internal workflow standpoint, Artificial Intelligence and Machine Learning enhance the speed and transparency insurers deliver to their customers when a claim has been filed, by pulling in data from external resources and customergenerated data (i.e. video uploaded claims) and then analyzing it to make actionable decisions. On the front end, Gartner estimates customers will have more interactions with chatbots than people by 2020. ML and AI have unparalleled ability to enhance customer satisfaction and engagement in a claims environment. AI and ML are among the cutting-edge technologies that insurers should focus on to reduce friction in claims processing.