Improving Performance with Call Center Outsourcing

Posted on

April 25th, 2017

shutterstock_138016598 - Copy Staffing and managing an internal call center is a challenge for many insurance companies. This becomes especially difficult if the company boasts 24/7 availability. Many companies could benefit from outsourcing their call centers. Below are some of the top ways outsourcing call centers can improve an insurance company’s performance.

Focus on Core Areas of Expertise

Many insurance company executives want to invest their employees’ time in what they do best: resolving claims, gaining and retaining customers, and developing new ideas to improve their current services. However, finding and training staff on call center protocol takes a lot of time. Executives also have to deal with any employee turnover, so staffing an internal call center demands much of their attention. Handing off call center services to a qualified company removes this distraction and allows insurance companies to focus on refining their services.

More Support and Less Stress

Outsourced call centers provide additional support for insurance companies. If a customer tries to call their insurer and discovers they will have to deal with a long wait time, they are likely to abandon the call. If this happens too often, they may begin shopping around for another provider. Policyholders also become agitated after long wait times, which can create unnecessary tension between the customer and the insurance agent.
Outsourcing call centers allows insurance companies to focus on their areas of expertise as well as reduce stress for both insurance agents and policyholders. To learn more about how outsourcing call centers can improve company performance and efficiency, contact the experts at Actec.

Fixing Your First Notice of Loss Process

Posted on

April 11th, 2017

Andrew

smart devices Proactive claims handling is necessary for insurance providers to thrive. A company using a dated paper-based system cannot deliver the level of service customers now expect of their providers. The greatest opportunity insurance carriers have to ensure customer satisfaction is when the customer provides their first notice of loss (FNOL).

FNOL Checklist

Insurance companies should ask the following questions to evaluate their FNOL process:

Do customers have a variety of options for initiating a claim?
Can customers use their smartphone or tablet to initiate a claim?
Can customers upload information via photos?
Do claims representatives have easy access to the data they need to begin the claim?
Do customers receive real-time feedback about their claim?

If an insurance provider cannot answer yes to all of these questions, it is time to overhaul the FNOL process. Failure to provide a certain standard of service can result in customer retention issues.

Putting Customers First

Implementing customer-centric FNOL solutions can reduce complaints as well as help protect a business’ reputation. By focusing on the customer’s experience, businesses provide the following benefits to their policyholders:

Ability to choose the method of FNOL (i.e. through a call center, website, or mobile app)
Enable digital interaction such as text alerts about missing data or uploading photo documentation
Streamlined FNOL submissions to improve the speed of the claim as well as reduce errors

To learn more about customized FNOL solutions that improve customer satisfaction, contact the experts at Actec.

Using Data and Analytics to Improve FNOL

Posted on

March 28th, 2017

Andrew

shutterstock_251707783 sm Utilizing data and analytics can transform how insurance companies operate. However, there’s a misconception that insurers can upgrade their systems and automatically reap useful customer insights. Inputting data is not enough. Insurers need to delve into multiple elements to make the most of improved data collection. These components include:

Digitalization
Risk management
Technology
People/Subject matter experts

For first notice of loss (FNOL) purposes, digitalization plays the biggest role. Insurers who realize this and adapt can keep pace with the rapidly transforming insurance industry. For example, insurers who implement effective data collection and analytics analysis can use a plethora of behavior-based information provided by their customers.
Most customers are willing to share this information because it secures improved and personalized policies and services. This data aggregation process is digitalization. Gathering customers’ data to provide products tailored to their needs saves the customer time and provides value over other companies that do not perform this service.
Having this data automatically available saves time for FNOL as well. Prefilled data can pull driver, vehicle, and policy information for verification purposes. Digitalization also improves information accuracy as it removes the element of human error. This can help reduce FNOL from an average of 15-25 minutes to seconds.
FNOL provides insurers with their greatest opportunity to deliver a positive claim experience for the customer. Frustrated customers are less likely to renew their policies or recommend their insurer. Implementing effective data collection and analytics can remove these irritations as well as help insurers provide superior services. To learn more about implementing effective FNOL processes, contact the experts at Actec.

Is Your Claims Process Ready For Autonomous Vehicles?

Posted on

March 7th, 2017

Andrew

greenhouse gas truck The number of automated processes within any given vehicle continues to grow as technology progresses. Fully autonomous vehicles are on the horizon and insurance companies need to prepare themselves for this reality. Autonomous vehicles will change claims management to a significant degree. Some examples of these changes include:

Targets of claims and lawsuits
How adjusters allocate liability
An increase in product liability claims

With incidents involving traditionally operated vehicles, most claims and lawsuits target one or more drivers. By removing drivers from the equation, individuals will turn to the car and technology manufacturers. Technology may be insusceptible to distractions and alcohol, but it can wear down over time. Experts expect many autonomous vehicle lawsuits to focus on the potential for fatigued software to malfunction.
Meanwhile, insurers will need to consider how they will assign liability after a customer makes a claim. Another liability headache adjusters should expect is dealing with shared ownership of a vehicle. Autonomous vehicles come with a hefty price tag, so more than one individual may own and operate the vehicle. This adds an additional layer of complexity to allocating liability.

Expect More Product Liability Claims

Specialists are predicting a rise in product liability claims for one significant reason: money. Car manufacturers and software development companies have much deeper pockets than one individual does. This makes them a lucrative target. Engineers responsible for crash avoidance algorithms could also find themselves liable or pulled into lawsuits.
While autonomous vehicles pose certain difficulties for insurers, experts agree the technology will reduce accidents. Insurers may need fewer dedicated auto adjusters as a result, but they will need a proportionate increase in product liability adjusters. Regardless, insurance companies need to examine their current claims management process. To learn more about custom claims management solutions, contact the experts at Actec.

FNOL and Technology: Human Element Still Required

Posted on

February 23rd, 2017

Andrew

shutterstock_138016598 - Copy As more cars integrate some sort of smart technology, auto insurance agents find themselves wondering if they will soon be out of a job. While OEMs can report accidents and get the first notice of loss (FNOL) process rolling, agents can rest easy. Customer, particularly younger customers, still want a human element involved in their claims process. This is great news for insurance agents as Generation Y made up the largest portion of auto insurance claimants for 2016 at 40%—this is a 7% increase from 2015.
While their customer satisfaction levels are the lowest of all the generations making claims, their perception is improving. Generation Y also has significant influence over the auto insurance industry. Because of this, many insurance providers are taking steps to address this generation’s wants and needs.
While Generation Y values smartphone apps and text alerts, they appreciate human interaction more. For example, a Generation Y claimant is more likely to use a mobile app for FNOL purposes than other age groups. However, they will want to talk to an actual agent about next steps and how their claim is progressing.

The Shifting Role of Insurance & Claims Agents

Successful insurance agents will adapt to new technology to meet their clients’ needs. Learn how customers are using technology and be ready to fill in the gaps. In addition, when a customer calls they have much higher satisfaction levels when they remain on the line with that agent. Their satisfaction drops if the original agent transfers them to a call center and it takes an even greater hit if the agent tells the customer to contact the call center himself or herself.
Customer satisfaction affects customer loyalty. Agents cannot afford to neglect client’s concerns or rely too much on technology to do the heavy lifting of a claim. To learn more about improving your business’s approach to FNOL or overall claims process, contact the experts at Actec.

Smart Devices Changing FNOL for Property Claims

Posted on

February 2nd, 2017

Andrew

smart devices Major sales and ecommerce companies have set the bar high when it comes to customer expectations. As a result, more and more insurance companies are investing in mobile options for their clients. Customers now want mobile alerts, email notifications, and mobile apps to access their claim data at any time from any device.
This trend saw a lot of growth within the automobile insurance industry in particular. Customers could report their First Notice of Loss (FNOL) within minutes of an accident. They could also upload images from the accident. Some vehicles can trigger the FNOL process upon impact depending on if they have an OEM system designed to respond to accidents.

Digitization of Property Claims

Property insurance companies are seeing a similar revolution in FNOL. An increasing number of homeowners are investing in smart appliances and devices for their homes. These appliances and devices are capable of monitoring not only the device, but the surrounding area as well. For example, some homes have smart devices designed to prevent flooding. The device can monitor moisture levels in areas prone to leaks and notify both the homeowner and insurance company of a potential loss.

Smart Devices, FNOL, and Data Security

High-tech homes provides a greater level of convenience when it comes to FNOL and the resulting claims process. However, there is one major issue raised by both insurance companies and customers: data security. Sharing data in this manner carries a much higher risk for cyber breaches. While connected homes are in the early stages, insurance companies should expect to see more as cybersecurity evolves to address modern cyber threats.
Regardless of whether a customer or an electronic device triggers FNOL, it is a vital process in the claim cycle. Mismanaged FNOL can damage customer relationships and reduce referrals as a result. To learn more about FNOL, contact Actec.

Technology Expedites FNOL Claims

Posted on

January 3rd, 2017

Andrew

shutterstock_138016598 - Copy First Notice of Loss (FNOL) is a great opportunity to ensure customer satisfaction with their insurance provider. It sets the tone for the duration of their claim and can help put the customer at ease during a stressful time in their life. The longer a client has to wait on their insurance to resolve their claim, the more frustrated they become. As such, it behooves insurance providers to process claims quickly and efficiently. However, antiquated methods of assigning claims after FNOL causes delays and aggravates clients.
Manually selecting an agent interrupts FNOL processing because the individual assigning the claim has to look at all agents’ caseloads, licensing, and availability. To address this problem, companies can invest in customized, in-house FNOL solutions to meet their customers’ wishes. Actec understands the need for this kind of service and provides Full-Cycle Claim and Incident Reporting Solutions.
In addition to custom designed in-house FNOL solutions, Actec’s system can address clients’ needs as they occur rather than on a predetermined schedule. Actec’s Full-Cycle Claim and Incident Reporting Solutions provide a variety of additional benefits as well. Some of these include:

Call logging from start to finish
Timestamped FNOL activity tracking, notice entry, and more
An FROI and maintenance system specific to each state
Tracking catastrophic escalation

Actec knows FNOL is vital to customer retention. Having an effective, streamlined FNOL process helps guarantee customer satisfaction. To learn more about Actec’s custom in-house FNOL solutions, contact us.

Tips to Improve Your Mobile Insurance Strategy

Posted on

December 13th, 2016

Andrew

phone The insurance industry is sometimes slow to adapt to new technologies. However, as of 2015, almost 70% of adults in the United States own a smartphone. This is almost twice the number of adults who owned a smartphone in 2011. With smartphone ownership skyrocketing, insurance companies cannot afford to overlook mobile applications.

Mobile Benefits Everyone

Mobile capabilities cease to be an option but a necessity as more millennials come of age. The millennial generation may be driving the need for mobile apps, but rising customer expectations across the board are pushing for it too. Going mobile can benefit insurance companies as well. For example, offering mobile solutions for First Notice of Loss (FNOL) can give an insurance company a competitive edge. A mobile app can also provide recommendations for vetted service providers. This will help ease the customer’s stress. Improving the customer’s experience during a time of crisis goes a long way toward retention.

Be Forward-Thinking

It is not enough to adapt to customers’ wants after they happen. If your competition had a mobile app before you, you are already behind the curve. While insurance companies cannot predict accidents, they can detect them as they are happening. An example is using sensors in the home. These sensors can detect plumbing problems. The sensor will then notify the insurance company, who can then contact homeowners about the issue. This can help prevent catastrophic water damage, especially if the homeowner is out of town.
Making these necessary changes can be daunting, but there is no need to take on these tasks alone. Contact Actec to learn more about custom solutions to improve your claims process.

Improving Claims Denial Management

Posted on

November 21st, 2016

Andrew

absence management video image border Claims denial is part of any insurance revenue cycle, particularly when it comes to healthcare. While it is unrealistic to assume claim denials will drop to 0%, there are ways to prevent it from happening. According to the American Medical Association (AMA), denial rates ranged from 0.54% to 2.64% for major private payers and up to 5% for Medicare. Rates are down across the board from 2012, but there is still room for improvement.
The cost of claims denials has prompted some providers to focus on avoiding denials in the first place. The process involves:

Putting an automated procedure in place
Identifying and evaluating reasons for denials
Enhancing front-end processes for the revenue management cycle
Handling denials using an expedient method

The vast majority of denials are avoidable. By identifying the most prevalent reasons for denials, providers can improve their processes to reduce these issues. Some of the most common causes for denial include:

Payer does not cover services
Claim submitted outside of time limit
Duplicate claim submission
Relevant information missing

Rather than waiting for a rejection notice, providers can take an active role in claims denial management. By reducing inefficiencies that cause or promote common errors, providers can save money by avoiding denials. The best way to achieve this is with a custom in-house solution to address your specific claims process. Contact Actec to learn more.

Improve FNOL Customer Satisfaction for Better Retention

Posted on

November 10th, 2016

Andrew

shutterstock_138016598 - Copy First notice of loss (FNOL) occurs when a customer first contacts their insurance provider to make a claim. It should not come as a surprise if the customer is upset. They were either just in an accident, experienced a theft, or some other kind of damage occurred to their insured property. An insurer’s FNOL process offers a major customer service opportunity to improve customer satisfaction and retention.

How to Improve FNOL Satisfaction

A claim intake specialist may feel they cannot improve a customer’s experience if the customer is already distressed. It is true the specialist may not be able to improve the customer’s situation in that instant. However, there are steps they can take to leave a positive long-term impression.
The claim intake specialist should explain the policy coverage to the customer. Even though the customer selected their current level of coverage, they may not remember every detail about their policy. No customer wants to be left in the dark when it comes to what his or her policy covers.
The specialist should also provide details on the claims process. The customer may not know what steps they need to take or when to expect their claim payout. If the customer knows it takes 5-7 business days for their claim payout to process, they will not be wondering where their money is three or four days after filing their claim.
Improving customer satisfaction through FNOL goes beyond retaining current customers. Customers who are delighted with their insurance provider’s performance are much more likely to recommend their insurer to others. To learn about custom in-house solutions to improve your FNOL process, contact Actec.