Do you regularly conduct Customer Satisfaction Surveys? If so, how do your customers rate their claims experience? If your rating is high, you’re doing better than the majority of your competitors. If not, you’ve probably got some (or a lot of) room for improvement.
Improving the Customer Experience
Did you know that your back-end claims process can directly impact your end customer experience? Manual processes, paper-based files, delayed approvals, and information spread across multiple systems can slow down claim turnaround times dramatically – not only frustrating your claims administrators but resulting in poor customer service. Not to mention the time policyholders spend on the phone to their carrier to get access to their claim status.
Last month, EY released a report that showed how the claims process could make or break an insurers relationship with their customer base. A whopping 87% of policyholders believe the claims experience impacts their decision to remain with their insurance carrier. EY encourages insurers to look at an advanced technology that can transform the claims process “from a necessary back-office function into a source of competitive advantage, market differentiation, and increased customer loyalty.”
Automated processes and workflows are primarily used for improving claims adjuster efficiency, but when these automated workflow engines are applied to the claims process, internal workflows and tasks are automatically generated to enhance the customer experience. At ClaimVantage, we have worked closely with global insurers to streamline their claims information in one system, implementing automated workflows and tasks, which ensure each step in the claims process is completed promptly.
Can you Meet your Customers Expectations?
Earlier this month, Accenture released a similar report advising insurers that legacy software makes it impossible to meet customer expectations. Digital technology has transformed customer expectations – customers expect to be able to access almost everything through their mobile devices, at a time that suits them, through the device of their choosing.
Insurers are beginning to invest in more advanced technology to support digitized distribution channels, but as time has told, legacy systems struggle to support this type of delivery.
Accenture also encourages insurers not to merely confuse legacy systems with obsolete IT – newer IT systems with a poor set up, or integration can be just as damaging to business outcomes. There are some key items outlined below that you may identify with if you are dealing with a legacy system issues:
- Duplication of data across multiple systems,
- Obsolete or complex technology that only a handful of your team understand,
- Difficulty implementing new initiatives, due to inflexible technology, or
- Necessary manual workarounds to complete the claims process.
Unfortunately for those insurers who haven’t begun planning a claims transformation project, there is a risk of being left behind. Policyholders are becoming more and more demanding in our ever-changing world, switching between service providers at the drop of a hat. As the competition for customer retention increases, don’t risk getting left behind – evaluate your claims systems and develop a plan to meet the future needs of the market.