Filing an insurance claim is often a frustrating time for customers as they’ve likely experienced a loss. A claims process that is difficult or slow to produce results can further those aggravations and can cause customers to look elsewhere for their insurance coverage. There are a lot of factors that contribute to customer loyalty, and the claims experience tops that list.
Technology Band-Aids No Longer Bridging the Gap
Customer Pain Points
Insurance providers know that customers expect a mobile application and an online portal to manage their bills, policies, and claims. However, simply developing an app is not enough. Many forms still require customers to download and print them out to complete. Then they have to scan and upload the document.
This process is time-consuming and no longer realistic. The setup of a desktop computer with a separate printer has faded into technology history as more people rely on laptops. The need to print things in general has decreased as more industries get on board with electronic documents and signatures. Add in the cost of buying a printer and ink, and owning a printer becomes costly and unnecessary.
Electronic forms still pose problems for customers as well as many aren’t responsive. If the customer happens to be home and have access to their laptop, they can fill out the form. If they attempt to do so on their phone or tablet, however, many begin to experience compatibility problems. In a high-tech world, these kinds of difficulties are unacceptable to most insured customers.
Insurance Provider Pain Points
Even when insurance providers offer forms, they often lack the ability to capture the information contained within it. This means they have to manually carry over the information the customer provided, which takes time and is prone to human error. Many forms also lack all of the details insurance adjusters need to process the claim so they end up contacting the customer to ask for the information again. This aggravates the customer as it comes across as redundant and delays the claim.
Switching from paper to a truly high-tech digital process can save insurance representatives’ and adjusters’ valuable time processing claims, expedite the claim for the customer, and improve customer satisfaction with the overall claims process. The experts at Actec understand what insurance providers need out of their claims handling processes. Contact us to learn how we can help improve your claims intake, FNOL, and more.
Despite proper planning and safeguards, workplace accidents can happen. Injured employees often file worker’s compensation claims to help them pay for medical expenses and lost wages while they recuperate. However, some unscrupulous employees abuse the system and it costs everyone money. Fraudulent claims increase insurance premiums for employers, the workload for the remaining employees, the time required to complete projects or provide services, and manufacturing costs due to production delays.
When customers file a claim, they want a rapid but fair resolution. Insurance companies that establish high-quality standards of service and consistently adhere to them experience better customer retention than those that don’t. In addition, implementing these standards can reduce the cost of claims as well as the amount of time it takes to process them. While most insurers know this, many struggle with how to achieve this on a regular basis.
Insurance call centers fielding incoming claims need to familiarize themselves with common red flags that indicate fraud. While a call may seem ordinary at first glance, inconsistencies can tell another story. If an insurance representative thinks the claim may be dishonest, he or she can perform some rudimentary background checks. For example, did the customer finance the car? If the customer is upside down on the loan or recently lost his or her job, there is an incentive to get rid of the car.
Technology has forever changed how insurers interact with their customers. However, this is not always to the benefit of both parties. With increased online interactions (i.e. quotes, claim submissions, payments, etc.) came a rise in fraud. While banks and retailers have taken the lion’s share of negative press, the auto insurance industry is just as susceptible to cybercrime and fraud.
Insurers catch most instances of fraud after they already paid for the claim. However, it is harder to get money back from a fraudulent claim than it is to prevent fraud in the first place. This was not always the case. With the rise of powerful analytics, insurers can use the data to make predictive models. These models can trigger an investigation into a claim if it contains markers of previous cases of fraud. This will allow insurers to stop fraud before paying the claim.
Don’t let employee absences slow down your organization. As soon as an employee reports an absence, there are many steps to be taken. Automatic notification of all affected parties, activation of procedures to find a replacement, and beginning the intake process for absences related to short-term disability, long-term disability, or Family Medical Leave Act (FMLA) incidents are all crucial elements. Beyond this, Actec also records when the absence will begin and when the employee will return so you can plan accordingly, all without consuming your supervisors’ valuable time.
First notice of loss plays a crucial role in loss prevention for large-scale corporations. This manifests in multiple ways. Accidental misreporting or under-reporting can occur, resulting in lost time for the company. Intentional misrepresentation of time, injuries, and other issues can also occur. Without a system in place to track and verify these incidents, problems like these will arise. Studies have shown that the incidence of theft increases dramatically when the opportunity is evident. Employing a thorough FNOL program shows that a company cares about its employees in multiple ways, including increases to the bottom line.
Absence management procedures consist of many complexities and intricacies, but every company should know the fundamentals. This begins with timely coordination. Absences must be reported and confirmed promptly in order to optimize turnaround time. The next step is verification. The type of absence, anticipated duration, and other relevant circumstances must be documented thoroughly and accurately. Next, this data must be stored in an appropriate database where those who need to access the data can do so, and those who shouldn’t cannot. Finally resolution – it’s imperative to follow up so as to confirm the extent of the absence, what transpired, and whether or not further action or reporting is required. Within each of these large steps lie a number of smaller steps. For more information, ask us (the experts)!