If an insurance provider’s claim cycle is out of touch with modern expectations, they will struggle to keep up with their more tech-savvy competitors. Optimizing the claim cycle can boost customer satisfaction as well as improve their loyalty. Insurers looking to improve their claims cycle as a means to boost customer retention should focus on the following areas:
- Be proactive. Accidents happen and claims follow suit, but insurance providers can take steps to avoid costly, time-consuming claims. This means running risk profiles on clients to identify who is most likely to report a loss. Instead of waiting for a high-risk client to submit a claim, insurers can take steps to help them reduce their risks.
- Make the process customer-centric. Insurance companies used to make business decisions that met their own preferences first before considering their customers’ outlooks. This was often the case because operations could flow more smoothly with convenient structuring. However, what is helpful for the insurer may impede the customer. Insurance providers that wish to remain relevant need to take steps to provide personalized, transparent, and rapid services that make the process easier for customers.
- Provide swift responses. Identifying threats and opportunities early allows insurance providers to develop a rapid response plan. Anticipating customer’s needs and concerns can keep business operations flowing smoothly. For example, younger generations rely heavily on social media and online reviews of companies and their services. By using smart software or artificial intelligence, insurers can monitor social media posts that mention them in both a positive and negative light. This gives them the opportunity to engage to prove their superior service skills.
- Go digital. Mobile apps for insurance providers aren’t a new concept, but some insurers are taking technological advancements to the next level to give them an edge. Connected devices, data analytics, and the Internet of Things are transforming how the industry operates. The data gives insurance companies actionable insights to improve the customer experience as well as detect fraud sooner.
Customer expectations are ever increasing and insurers need to be ready to meet them or risk heightened customer turnover rates. If your existing claims process is struggling to keep up with customer demands, Actec can help. Contact us to learn more about our claims management solutions.