Vice President, Product Management
What is the role of claims in the customer experience?
We often forget that the sole purpose for buying insurance is to have it in the event of a loss. When a claimant makes a claim, his expectation is that the claim will be handled quickly and fairly. Even small losses are stressful. In today’s digital age, many claimants still prefer talking with a person when they first report their claim, but once the FNOL is complete there are many additional opportunities for insurers to engage them through digital solutions. Portals and mobile apps enable insurers to notify claimants of activities throughout the process and provide claimants with real-time access to information regarding their claim. Claimants can electronically sign documents and upload estimates and photos, and receive electronic indemnity payments via ACH, thus accelerating the settlement process; a goal for all insurers. Further, policyholders who experience superior claims service are more likely to stay with their current carrier.
How will the Internet of Things alter the claims process?
We are all connected all the time. Wearable devices, social media, and apps that retain data about where you’ve been are all aiding insurers in both claims settlement and claims prevention. Experimenting with ways to apply this data to risk analysis and loss prevention is key to allow insurers to control claims costs.
Do digital claims technologies really create a win-win scenario for insurers and their customers?
There is no question that digital claims technologies are improving the customer experience and as insurers harness more of the data that is available to them, they will see a marked reduction in claims handling time and costs. I’d say that’s a win-win.