Improving claims management efficiency is a multi-pronged effort. It isn’t enough to streamline processes or hire the best people. Insurers also need to upgrade their technology and enhance communication efforts. By making the necessary changes, efficient insurance providers can gain an edge on the competition. Clients value swift claims resolutions with few hiccups. By processing claims swiftly and accurately, insurers can improve customer satisfaction, increase revenue, and lower costs.
Start with the People
Insurance agents are the first people customers will interact with during a claim. Finding the best candidate relies on several factors. These include:
- At the very least, employees should have stellar qualifications. Unqualified employees can cause delays and make expensive errors.
- Employees need to have the right attitude to manage claims and interact with customers. When a customer calls in to report an incident or to get an update on an open claim, they are likely to be in an emotional state. Employees need to be able to interact with customers in a pleasant, calming, and professional way.
Implement Good Processes and Technology
Establishing a solid claims process can help eliminate redundancy and unnecessary steps. The following is an example of a good workflow:
- Create the claim
- Verify the claim
- Request corrections if necessary; verify again
- Provide an expert review
- Based on the review, reject and close the claim or resolve the claim
- If the claim is to go to resolution, seek final approval from superiors
- Close the claim
Insurers that implement a solid claims management process can then focus on improving the technology side of the claim. They can automate certain processes to streamline the entire experience. Today’s customers expect a certain level of speed and care that outdated legacy systems cannot provide.
Communication Is Key
Many customers report dissatisfaction with their experience because the claim took much longer than expected to resolve. While insurance providers cannot speed up certain processes, they can manage customers’ expectations. By utilizing effective communication, insurance agents can keep customers abreast of where the claim is in the process and how long it will take to reach a resolution.
If your insurance company is struggling with inefficient claims processes, Actec can help. Our Full-Cycle Claim and Incident Reporting Solutions provide improvements to first notice of loss (FNOL) and claims management. To learn more, contact us today.