Increase Customer Satisfaction After Receiving a Claim

Posted on

November 5th, 2018

First notice of loss (FNOL) represents the single greatest opportunity to establish a positive experience for customers filing insurance claims. However, while it’s the biggest, it’s not the only moment that can score customer satisfaction points. The following are several methods insurance representatives can use to improve the claims process following FNOL.

Keep it simple. Many customers choose to report a loss over the phone, but there are a number of mobile options available to them. However, many of these mobile platforms lack clear instructions on what the insured needs to provide. This means a representative will have to call them and ask them to clarify everything they already provided. This causes the customer to feel harangued and irritated. By providing clear details on mobile apps and websites, insurance providers can ensure a smoother experience.
Speed it up. Many claims stall during the evidence collection phase. Numerous insurers schedule and send out adjusters to assess the damage. Unfortunately, the resources needed to collect and assess the claim’s data are often lacking, causing delays. The more successful insurance providers are starting to rely more heavily on mobile apps to help them collect information to avoid these aggravation-inducing delays.
Update often. Even if there is no change in a customer’s claim status, he or she wants to know about it. Leaving customers wondering where they are in the claims process is frustrating. This can be as simple as an automated email or as personal as a phone call.
Rapid payouts. When an insurer settles a claim, the customer understandably wants their money as fast as possible. While many insurance companies still send check in the mail, some are beginning to offer direct deposit as a much quicker option.
Follow up. Many insurance companies sever communications with customers once they close their claims. However, this wastes a valuable opportunity to get feedback from customers. Insurers can learn where the pain points are in their processes and identify ways to improve.

Considering that 20% of customers never complain and opt to find a new insurance company instead, it behooves insurers to make their claims process as easy and pleasant as possible. To learn more about improving the claims process, contact the experts at Actec.

How Insurers Can Repair Damaged Customer Relationships

Posted on

September 10th, 2018

Andrew

smart devices Much like any other service-driven industry, insurance companies rely on customer satisfaction to stay in business. If customer satisfaction is low, insurers are at a significant risk to lose their customers to competing companies. Customer loyalty is no longer what it used to be, either. Forty percent of policyholders are unhappy with their current provider and they are considering switching to a new insurer within the year.
This is a significant risk for a few reasons. Insurance companies could see $400 billion in insurance premiums switch hands over the span of one year. That is a significant amount of destabilization in the industry. While some insurers may benefit from the change, many cannot withstand such a significant change in finances. One-fourth of customers are also willing to cancel an existing contract regardless of fees or penalties. Compounding this problem, customers are willing to shop online to purchase insurance rather than using their existing provider.

Stemming the Loss of Customers

Customer satisfaction is the key to loyalty. If customers aren’t happy, they have no incentive to stay with their existing insurance company. The following are several ways insurance companies can increase customer satisfaction:

Offer personalized services. Customers dislike when they call their insurer to discuss policy options and a representative directs them to a website for assistance. Customers want personalized services so they can feel secure in their insurance policy decisions. While insurers may balk at this notion citing additional time and cost, 41% of customers are willing to pay extra for this level of care and service.
Offer affordable solutions. Continuing with the above, just because customers are willing to pay more for personalized services doesn’t mean they are willing to overlook their policy’s price tag completely. Not all customers can afford Cadillac policies with all the bells and whistles. Many need realistic coverage that makes them feel safe in the event of a claim without gouging their checkbook.
Up to date technology. Customers expect to be able to access information about their claim from any device, at any location, anytime they want. This means insurance solutions need to be mobile friendly including an app for ease of access.

If your insurance business is struggling with customer satisfaction or noticing problems with customer retention, Actec can help. Contact us to learn how our innovative FNOL solutions can help your company today.

How to Settle Claims Quickly for Better Customer Satisfaction

Posted on

August 13th, 2018

Andrew

shutterstock_306793247 - Copy Customers and insurers both want rapid resolution for claims. However, insurers have to balance risk and fraud with customer satisfaction, which can result in some delays. The longer a claim sits unresolved, the angrier the customer will become. To help resolve claims without increasing risk, insurers need to put a well-organized claims process in place. Some ways to achieve this include:

Keep claims loads manageable. When claims adjusters take on too many claims at once, they are likely to drop the ball on at least one (if not more) of them. Forming claims into sets or groups based on necessary resources can help expedite the process while keeping the workload practical.
Identify the bottleneck. There are a number of reasons why claims don’t reach settlement. These include disagreements over what insurance will compensate, requests for medical treatment, and overlooked simple requests. These issues can halt a claim so identifying and addressing them can help get it back on track.
Triage claims. The number of unsettled claims can spiral out of control if adjusters don’t manage resolutions appropriately. Adjusters should first focus on claims that are ready for settlement. After that, the next most appropriate claims to settle are the oldest in order to regain those customers’ satisfaction. New claims with complex intricacies should also garner rapid attention as well so that the details don’t get lost over time. Adjusters should avoid working on claims where the claimant is uninterested in settling in favor of the above types of claims. They can always return to those claims after resolving ones that are more straightforward.
Pinpoint ways to improve going forward. Some claims remain unresolved for long periods due to inefficiencies in the claims process. When working claims, try to identify the reasons for this and implement new practices to prevent them in the future. For example, if numerous delays are the result of unanswered medical requests, consider adding a step to check for these requests at regular intervals to make sure no one misses them.

Improving claims processing from first notice of loss to settlement helps improve customer satisfaction and close more claims. If your claims handling processes are causing customer retention issues, Actec can help. Contact us to learn more about our Full-Cycle Claim and Incident Reporting Solutions.

3 Ways to Improve Claim Intake with Enhanced Call Center Customer Service Practices

Posted on

July 23rd, 2018

Andrew

shutterstock_138016598 - Copy When customers call their insurance provider to make a claim or discuss an existing claim, the experience isn’t always smooth. After wending their way through a phone tree, customers often just want to speak to a knowledgeable person about their claim. Many of these interactions flow through a call center, which represents a prime opportunity to improve customer retention. The following are several ways to boost customers’ experiences with insurance claim call centers.

Give representatives the tools and training they need. Customer service representatives (CSRs) need to feel confident that they can help any customer that calls. The best way to do this is a blend of quick thinking and expertise with systems and tools of the trade. Skimping on training or forcing representatives to work with outdated tools will yield average results at best, which isn’t a great start for improving customer satisfaction or retention rates.
Foster a positive working environment. Unhappy customers need fast resolutions to keep them from searching for new providers. However, representatives often take the brunt of customers’ anger. Insurers need to make sure they’re taking care of their people as well as their customers. Keeping CSRs in good spirits is vital to processing claims without complaints or delays. Some ideas to boost the office mood include providing snacks in the cafeteria free of charge, raffling off free movie tickets, recognizing performance-based achievements, etc.
Focus on soft skills. Most customers are hesitant to contact call centers because they don’t want to interact with a robotic CSR. Soft skills such as communication, adaptability, conflict resolution, and more are all vital to successful claims resolution. Call simulations or listening to recorded calls can help CSRs learn how to handle angry or upset customers without losing their cool or coming across as unfeeling.

Many insurers focus on closing cases as fast as possible, and they can sometimes lose sight of the customers on the other side of the claims. By investing in a quality claim reporting solution, insurers can spend less time on redundancies and focus their efforts on customer satisfaction, retention, and claims resolution instead. To learn more about claim reporting and outsourcing, contact the experts at Actec.

How to Improve Claims Customer Service

Posted on

June 19th, 2018

Andrew

shutterstock_138016598 - Copy Insurance claim adjusters have a difficult job. They take the brunt of angry client phone calls while managing a workload of dozens if not hundreds of claims at any given time. However, while customer service is part of the job, there are several ways to improve the experience to cut down on the number of complaints. Improving the customer experience isn’t just about resolving complaints either. Twenty percent of customers never complain at all; they let their wallet do the talking and find insurance elsewhere. The following suggestions can help improve the customer’s experience and loyalty.

Follow up often until settlement. Unlike sales calls, customers always want to hear from their claim adjuster. Adjusters should call more often at the onset of a claim when the customer is most upset and in need of guidance. By maintaining frequent contact, the customer isn’t left wondering about the status of their claim or what steps they should take next.
Provide emotional support. One of the most common customer complaints is that their insurance provider doesn’t care about them. While there isn’t enough time in the day for a claim adjuster to provide the amount of emotional support every single customer needs after an accident, showing even a little compassion goes a long way.
Handle complaints with grace. Most of the time, a customer just wants someone to listen to them and apologize for the poor experience. While no adjuster like to listen to criticism, validating a customer’s frustration helps retention rates.
Promote rapid action. Most customer complaints center on delays and lengthy claims processes. However, customers are the root cause for most of these delays. Pointing this out to the customer isn’t likely to yield a positive outcome; instead, the adjuster should encourage the customer to supply necessary documents as soon as possible.

Even when certain tasks are out of the adjusters’ hands, they can influence the outcome of a claim. If your company is struggling with customer retention rates, Actec can help. Contact us to learn more about improving your claims management processes.

How to Improve Claims Management Workflow in 3 Simple Steps

Posted on

June 5th, 2018

Andrew

shutterstock_251707783 sm There are only so many hours in a day, but clients don’t care about their insurer’s workflow problems. They want answers to their questions, rapid resolutions for their claims, and quick payouts for settlements. While insurance companies can’t make the day any longer, they can optimize their existing procedures to improve efficiency. The following are several ways to improve the claims management workflow.

Consolidate and Share Data

Insurers that rely solely on spreadsheets limit their service abilities. When insurance agents and adjusters need to access information about a claim, a massive excel spreadsheet is not the most efficient method. Storing data on several databases also makes it difficult to find all of the relevant information, which slows down the claims resolution process. By storing all data in one location and granting access to all relevant employees, insurers can speed up the claims management cycle.

Prepare for Emergencies

Many businesses operate well enough until they are hit with an emergency. They don’t have the ability to take on the additional work, so their day-to-day tasks sit on the sidelines until they can resolve the problem. This creates a looming disaster, as the sheer volume of backlogged work will swiftly overwhelm employees. If insurance companies consolidate their data as suggested above, adjusters and agents can access the information they need much faster, which better enables them to handle emergency situations.

Look for Trends

When data is easier to access and view, insurers can identify trends much faster. For example, an insurance company may notice certain natural disasters provoke more fraudulent claims than others do. They can then look at those false claims and search for commonalities to red flag similar claims going forward. This can save hours of time otherwise spent working on a case that may or may not be duplicitous.
Resolving bottlenecks in the claims management process doesn’t always have to be complicated. Sometimes, it’s as simple as revamping an existing system to make it work better. If your claims management process is causing headaches, contact the experts at Actec to learn how we can help.

How to Ensure Customer Satisfaction During Insurance Claims

Posted on

May 21st, 2018

Andrew

shutterstock_138016598 - Copy Insurance companies run any number of ads to try to lure new customers; however, retaining customers is just as critical for success. The best way to keep customers loyal is during the claims process. When a customer files a claim, they are often in a vulnerable state. They likely experienced a loss of some kind (i.e. car accident, theft, etc.) and need their insurance company to help them through the process. If their experience is less than satisfactory, customers may begin looking for a new insurer.

First Notice of Loss

First notice of loss (FNOL) is one of the greatest opportunities for insurers to guarantee customer satisfaction. This period of time is when the client is most upset as they are filing a claim right after an accident or loss. Insurers can improve their customers’ satisfaction during this phase by minimizing the amount of effort the client has to put forth. However, while FNOL plays a pivotal role in customer satisfaction, it presents less of an opportunity to improve the overall claim experience.

Acting in the Client’s Best Interest

While many insurers know that FNOL is vital to customer satisfaction, not as many realize that customers place a higher premium on their insurance company acting in their best interest. This part of the claims process can improve customer satisfaction and the overall claims experience. Factors affecting this include:

Managing the client’s expectations
Minimizing or eliminating surprises by supplying the client with solid information
Resolving the client’s issues the first time

Dialing in the Claim

Insurance adjuster can use a few additional approaches to improve the claims process. While they do not do much to improve the customer’s overall satisfaction, they do affect customer retention. These include:

Knowing the client’s personal information
Providing a personalized experience
Finding the client’s preferred contractor for repairs

Insurance companies that focus on the above can improve their customers’ satisfaction as well as their overall claims process. These two factors are vital to improving customer retention. If you’re losing customers to the competition, it may be time to overhaul your claims process. Contact the experts at Actec to learn how we can help.

3 Critical Steps to Improve the Claims Process

Posted on

May 4th, 2018

Andrew

cycle-2019530_1280 Improving the claims management process does more than improve customer satisfaction. It also improves employee efficiency, which allows insurance agents to close more claims on a faster timeline. Whether adjusters have years of experience and are learning new technology or they are new professionals that are used to automated software systems, any insurance agent can benefit from the steps outlined below.

Improving Workflow Processes

Many insurance companies toss around the term best practices, but what they usually mean is common practices. While there are rarely 100% right or wrong answers, agents should incorporate the following into their workflow:

Work outside the claims box. Falling for the idea that all simple fender benders, bicycle incidents, etc. are the same can result in expensive errors. Assuming one accident will play out as a previous similar accident is foolhardy. Agents should approach each claim with a renewed outlook to make sure they do not miss any important details.
Assess and address leaks in the workflow. The saying if it ain’t broke, don’t fix it does not apply in the insurance industry. While a claims process may be working on some level, major inefficiencies (or several minor ones) can add to the amount of time it takes to close the claim. Longer claims processes make for unhappy customers and cost more money in the long run. For example, most claims have an abundance of documents. By assessing how agents collect and file these documents, insurance companies can discover inefficiencies. Once they see the problem, insurers can implement a new process to streamline documentation.
Don’t underestimate processing details. No one stage of the claims management process is more important than another. To put it another way, agents shouldn’t take shortcuts during perceived less important stages of the claim. From pre-claim to post-claim processing, agents need to give the claim their due diligence. This means adjusters need to collaborate and communicate with other relevant agents as well as the customer for a timely resolution with a positive outcome.

Even the best claims management process needs frequent review to ensure it is as efficient as possible. If your claims management process is lacking, Actec can help. Our Full-Cycle Claim and Incident Reporting Solutions can address inefficiencies and improve claims procedures from start to finish. Contact us to learn more.

Top 3 Insightful Trends for Successful Claims Management

Posted on

January 22nd, 2018

Andrew

shutterstock_138016598 - Copy At the start of every New Year, insurers look for innovative ways to improve their business strategy. However, with a dizzying number of trends flooding the industry, it can be difficult for insurers to ascertain which trends will withstand the test of time and retain their value. Actec understands this predicament, and, as such, put together the following list of essential trends adopted by successful insurance firms.

The Human Touch

Artificial Intelligence (AI) and machine learning are here to stay, but that does not mean insurance providers never have to interact with their customers again. When a customer calls to file their first notice of loss (FNOL) after an accident, they want and need human kindness. While machines are fantastic at processing data, they lack the empathy and finesse required to manage FNOL.

Contextual Connectivity

Insurers need to increase how often they are in contact with their customers, but providers do not want to run the risk of irritating their clientele. While text messaging and email make communication easier than ever, an irritated customer is not an acceptable outcome. Insurers need to make their messages valuable to the customer. For example, a customer requesting information about homeowner’s insurance does not want a barrage of questions and quotes; they want good coverage to protect one of the biggest financial investments of their life. By understanding the context of the customer’s situation, insurance providers can adapt their conversations to help solve the customer’s problem rather than complicate it.

Perfecting Business Operations

Insurers that want to succeed need to make improving business operations a top priority. Accepting the existing state of affairs can lead to complacency, decreased customer satisfaction, and customer turnover. Part of the improvement process should include reexamining and revamping the claims management process. FNOL represents the single greatest opportunity insurers have to deliver superior customer service. If a customer is dissatisfied with their FNOL experience, it is almost impossible to win them over later in the claims management cycle. To learn more about improving your claims management system, contact the experts at Actec today.

Successful Claims Management with Superior FNOL Data

Posted on

December 4th, 2017

Andrew

shutterstock_306793247 - Copy Claims intake specialists cannot optimize the claim intake process without the right information. Missing analytics and failing to use the right tools can result in delays, unnecessary expenses, and frustrations for both the agent and the customer. Harnessing the power of quality data at the onset of a claim is vital to successful claims management. For example, insurers can gain insights from claims data to sort and prioritize claims to ensure they reach the right adjusters.

Gather Data at FNOL

The best time to collect information about a claim is when a customer initiates First Notice of Loss (FNOL). Insurance agents should ask for information about the loss, any injuries or damages that occurred, and encourage customers to collect as many photos of the incident as they can. Mobile apps often allow customers to upload photos, which can be a great help to adjusters.

Funneling Claims

Collecting all the relevant data at the outset of the claim can help insurance companies filter the claim through the right channels. For example, data collected about injuries during FNOL can help adjusters triage the claim. The severity of an injury can determine the route a claim takes. If an insurance agent has to transfer the claim to an injury team later down the line, it may require the new agent to redo work on the claim. This wastes time and money as well as reduces customer satisfaction. Proper data collection can help avoid this issue and get the claim to the correct adjuster from the start.
While early information gathering is key, insurance companies need a full-cycle claim solution for effective claims management. Actec’s claims management solutions include complete FNOL activity tracking to support the claims process. To learn more about using FNOL data for effective claims management, contact us today.