Meet Alex, a busy professional who's always on the move, and ConfigurableInsurance, a forward-thinking insurance company keen on optimising its claims process. As Alex navigates the aftermath of a bollard that damaged his car, and ConfigurableInsurance seeks to efficiently handle his claim, both find themselves meeting face to face for the first time. But what do both parties want from this encounter?
Speed and Efficiency:
For Alex, time is of the essence. He can't wait days or weeks for his claim to be processed, and his outstanding digital experiences from other industries has influenced his expectation for his insurer. For ConfigurableInsurance, they also want a swift settlement. They know that not only do quickly settled claims boost customer satisfaction and loyalty, but it also reduces their costs and indemnity spend.
Alex often finds himself working late or spending quality time with his family, making it challenging to contact his insurer during traditional business hours. ConfigurableInsurance, wanting to ‘be there’ for their customers, can’t realistically operate a round-the-clock call centre. There is already a shortage of experienced staff and the staff they do employ have found themselves getting bogged down with repetitive and mundane tasks.
Reducing Human Error:
Alex wants accuracy, not excuses, to avoid unnecessary delays. His Amazon Prime orders always deliver the next day without fail, and what could be so complex about assessing his cracked bumper after a slight brush with a bollard? ConfigurableInsurance also want to minimise errors to reduce rework and maintain trust.
Alex values competitive premiums and efficient service. He signed up to ConfigurableInsurance due to their competitive cost, but he’ll stay with them long term if they provide a quality service during his time of need. ConfigurableInsurance has spent a lot on customer acquisitions and wants Alex to stay – they need him to stay if they want to profit from his business. They know that a negative claims experience all but guarantees Alex to leave.
Alex expects real-time notifications, much like he receives from other digital services in other industries. He just wants to be reassured that his claim is being processed. The reality is that if he’s left in the dark, he’s going to call his insurer at the cost of his satisfaction and the insurer’s resources.
This handshake between Alex and ConfigurableInsurance, then, should be easy -they both what the same outcome. So, what the key to this successful marriage? Digital technology of course.
At 360Globalnet, we recognise the dual perspectives of policyholders like Alex and insurers like ConfigurableInsurance. Our automated no-code digital claims processing solutions cater to both, ensuring a seamless and efficient experience for both claimant and insurer (as well as any other party to a claim). By integrating advanced technologies with a deep understanding of diverse needs, we're reshaping the claims process landscape.
Automated claims systems can quickly (and automatically) assess the validity of Alex's claim, cross-reference it with his policy details, and initiate the payout/repair process. Automated instant updates, triggered by both status changes and ‘length of time since last update’, ensure Alex is informed. Automation ensures consistent and accurate data processing through as much of the claim's lifecycle as possible, benefiting both Alex and ConfigurableInsurance.
Automation is two-fold in this regard. First, it reduces operational costs, potentially allowing ConfigurableInsurance to offer better rates to potential clients such as Alex. Second, the automation enables the swift resolution of the claim to Alex’s satisfaction, thus retaining him at renewal and saving on acquisition costs.
Automation, then, is two-fold in this regard. First, it reduces operational costs, potentially allowing ConfigurableInsurance to offer better rates to potential clients such as Alex. Second, the automation enables the swift resolution of the claim to Alex’s satisfaction, thus retaining him at renewal and saving on acquisition costs.
Automation in claims processing is more than just a technological advancement; it's a bridge connecting policyholders and insurers in the digital age. By understanding and addressing the needs of both parties, the insurance industry can harness automation's full potential, driving efficiency, trust, and mutual satisfaction.
If you'd like to find out more, get in touch today.