Se­nior Di­rec­tor, Claims, Auto In­sur­ance

Digital Insurance - - CLAIMS - Con­tact In­for­ma­tion Lex­isNexis Risk Solutions­nin@lex­is­nex­is­ Risk.Lex­

What is the role of claims in the cus­tomer ex­pe­ri­ence?

Most would say that claims is where the prom­ise of a pol­icy be­comes re­al­ity for cus­tomers; some­times a very jar­ring re­al­ity. As noted in the an­nual J.D. Power Claims Cus­tomer Sur­vey, a con­sumer’s claims ex­pe­ri­ence can have great bearing on a car­rier’s abil­ity to re­tain and ac­quire cus­tomers. In re­cent years, cus­tomers’ have raised their ex­pec­ta­tions con­cern­ing com­mu­ni­ca­tions with and ser­vice from var­i­ous com­pa­nies. In­sur­ance car­ri­ers must keep up with to­day’s ex­pec­ta­tions by ex­pand­ing their dig­i­tal ca­pa­bil­i­ties and stream­lin­ing their pro­cesses to meet to­day’s cus­tomer ex­pec­ta­tions and main­tain their com­pet­i­tive ad­van­tage. Nowhere is this more im­por­tant than in claims pro­cess­ing.

Do dig­i­tal claims tech­nolo­gies re­ally cre­ate a win-win sce­nario for in­sur­ers and their cus­tomers?

In­sur­ers must face the re­al­ity that they need to cre­ate a pos­i­tive ex­pe­ri­ence for both their ex­ter­nal AND in­ter­nal cus­tomers. Ex­ter­nal cus­tomers ex­pect flex­i­bil­ity dur­ing their in­ter­ac­tion with the com­pany. They also as­sume that com­pa­nies will have tech­nolo­gies in place to best serve them. In­sur­ers who meet these ex­pec­ta­tions have a higher chance of both re­tain­ing and at­tract­ing cus­tomers re­sult­ing in lower operating costs and higher rev­enues. Con­cur­rently, to­day’s work­force ex­pects that employers will have the ad­vanced tech­nolo­gies needed to per­form their as­signed tasks and ser­vice cus­tomers. In­sur­ers that do not pro­vide staff with the best tech­nol­ogy could lose qual­ity em­ploy­ees to other firms that do. There­fore, in­sur­ers who in­vest in up­dat­ing and ex­pand­ing their use of tech­nolo­gies, along with data and an­a­lyt­ics, will garner higher in­ter­nal and ex­ter­nal cus­tomer sat­is­fac­tion, and see a re­duc­tion in operating costs and in­creased rev­enues.

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