Vice Pres­i­dent, Prod­uct Man­age­ment

Digital Insurance - - CLAIMS - Con­tact In­for­ma­tion In­sure­soft (866) 299-1314 | sales@in­sure­­sure­

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.

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