By: Karna Trautman, Head of Strategy and Transformation
Claims processing is often a pinnacle part of the policyholder/insurer relationship. While important to ensure every touchpoint is at peak performance for a seamless end-to-end customer experience, the claims process is perhaps the most important when it comes to loyalty and retention.
As an insurance carrier, your business may be looking to improve customer service by making claims processing more efficient, quicker, or require less time on behalf of the insurer. When it comes to interacting with an insurance company, improved customer experience is attributed to several factors:
Thanks to predictive analytics, insurers can forecast a policyholder’s claim needs and provide swift action. For instance, based upon similarities shared by previous policyholder losses, the insurer can use predictive analytics to understand the risk associated with a claim and automate decisions. By applying predictive analytics to the right scenarios, the insurer can operate quicker, provide a more efficient experience to the policyholder, and save or reduce resources.
Customer service reps will often need to pull data and information from multiple sources. Speed and efficiency in the contact center will aid in an improved customer experience. If contacted by the policyholder during this critical touchpoint and the experience is disrupted or less than superior, the insurance company runs the risk of an unsatisfied (and potentially lost) customer. To do this, consider how well-trained your contact center is at handling an omnichannel experience. Similarly, look at your processes to understand any potential gaps or impediments to a seamless interaction.
Ease of Use
To stay competitive, the claims process must be easy, and in the method they prefer. By amplifying the number of channels available to register and check the status of a claim, policyholders will feel comfortable interacting in a manner most familiar to them. Should the policyholder need to escalate an issue and contact someone during the claims process, they may desire a digital-ready call center with multiple methods in which to contact—chatbot, phone, email, text, app, website, etc. Policyholders are expecting insurance companies to have a robust contact center with numerous, well-supported channels.
By improving the claims journey for policyholders, insurance companies can optimize the customer experience while simultaneously driving their operational efficiencies. Many recognize that claims processing is important and is a critical touchpoint for the policyholder, but companies providing a complete end-to-end customer experience will have the advantage.
Today’s customer behaviors and expectations drive the requirement for immediate access to data. NEOS helps you fuel customer applications with the data needed to deliver optimal customer experience. Learn more about our signature Data Lake Accelerator.