Customers have high expectations of their insurance company. Providing a good customer experience hinges on how well providers understand these expectations. Quality service and competitive product prices are still important, but customers aren’t willing to tolerate friction to get them. Customers need to know they are more than a file to their insurer, and they expect frustration-free interactions. Half of the customers will seek a new insurance provider after a single negative interaction. That number skyrockets to 80% with repeat bad experiences.
Here are several strategies to improve the online customer experience:
- Find their pain points. Companies that identify bottlenecks or common frustration points for their customers can take steps to remove as much of this irritation as possible from digital customer service. Live chat is a great way to facilitate these conversations with insureds and allows agents to resolve customer problems in real-time.
- Optimize for mobile and accessibility. Customers need to have access to their provider on any browser or device. Having a responsive website for all devices is an established standard, but it’s useless if the webpage can’t function properly on certain browsers. Customers won’t bother to download or switch to another browser. With every abandoned interaction, insurance providers lose some of that customer’s loyalty.
- Let them help themselves. Customers are tech-savvy and often want to find solutions on their own time. Some popular self-service options include knowledge bases, frequently asked questions, and community forums.
- Offer omnichannel communication. Customers have diverse preferences for how they engage with their insurance provider. Some prefer traditional communication methods, such as the phone or submitting a ticket through their portal. However, others want to reach out over social media, text message, or chat. Many use a mix of different channels depending on the complexity of their problem.
Insurance companies need to provide high-quality service during every customer interaction. Engaging with customers when and how they prefer is a significant step to meeting their expectations. Contact the experts at Actec to learn more about implementing text and chat support.
Small- to mid-sized businesses may think call centers aren’t something they need to concern themselves with. However, as business begins to flourish, lagging customer service can bring growth to a halt while eroding income potential. Companies that notice the following signs need a call center if they want their company to flourish:
- The phone never stops ringing. An uptick in customer calls is great for business unless the company doesn’t have the staff to handle all the calls. If employees are constantly fielding incoming calls, they’re going to struggle to complete their other tasks. A call center lightens employees’ workloads so they can focus on their primary jobs.
- Too many voicemails to sift through. Companies without call center support will start each workday listening to voicemails left overnight. Most of these voicemails won’t be emergencies, but companies can’t afford to keep an urgent request waiting as they work their way through the queue. A call center can field these calls and identify which requests need immediate attention.
- Delays in replying to business prospects. The world of sales is fast-paced, and companies can’t afford to leave potential clients waiting. Customers aren’t content to wait for an answer and will look elsewhere to find a solution. If another company provides an immediate answer, they will earn that customer’s business. If customer calls reach levels that the company can’t manage promptly, it may be time for a call center to meet customer needs and expectations.
- Current customers display increasing levels of frustration. Keeping the current customer base happy is just as important as securing new leads. If existing customers have to leave a voicemail and wait until the next day for a reply, their satisfaction and loyalty will drop accordingly. If a company sees a sustained uptick in frustration from its customer base, it may need a call center to handle the calls.
- The expense of more customer service employees limits growth potential. In-house customer service representatives are valuable, but they’re hard to maintain as a company grows. Expansion is exciting, but the company needs to be able to increase its customer service along with its business prospects. Call centers provide a much more cost-effective solution than hiring a slew of in-house employees.
If your business is experiencing any of the above, it’s time to consider a call center. Contact the experts at Actec to learn how our nearshore call center solutions can help your company.
The past several years have seen massive shifts in customer expectations, and the customer experience is more critical than ever. Recent reports underscore this fact, as three-quarters of customers list stellar service as a key factor in securing their loyalty. However, providing superior service in 2021 differs vastly from previous years.
Customer service expectations are always evolving, and companies need to know what their customers care about most. Here are the customer service trends defining 2021:
- Customer service is synonymous with the brand. In the wake of the pandemic, customers interact less with businesses in person. Most of their communication occurs online or over the phone, and call center agents are experiencing a massive uptick in support tickets. Online shopping is also driving this trend. Without face-to-face interactions, customers engage with a brand almost exclusively through its customer service representatives.
- Customers are reexamining companies’ values. The pandemic forced people indoors and gave them ample time to reflect on what matters most to them. Customers are extending this thought process to businesses and are taking a hard look at company values. Customers want to buy from companies that prioritize social responsibility, diversity, and empathy. It’s no longer enough to provide the fastest service or the greatest convenience. Companies need to prioritize these values to earn a customer’s business and loyalty.
- Transparency and data security. Half of a brand’s customers will leave after a bad experience, but it’s not always an unhelpful agent or issues with an order that drives them away. How a company collects customer data and what they do with it matters more to customers across the board. One survey found that 71% of customers would drop a brand if it disclosed their data to other entities with express permission. Companies must perform the sensitive balancing act of personalizing the customer experience without encroaching on their privacy. Transparency about data collection, use, and distribution is critical to earning a customer’s trust.
- A demand for messaging. Many customers contacted a business via message for the first time as the pandemic forced them indoors. Most of those individuals plan to continue messaging businesses. However, messaging is a broad term that encompasses many platforms, and customers want to engage on their preferred communication channel. Tickets across all messaging channels leaped in 2020, including text, live chat, social media, online forms, and email.
Companies need to engage with customers where they are, and this means adopting omnichannel communications. Your business risks losing its customer base if you’re lacking messaging channels like chat and live text. Contact the experts at Actec to learn more about our messaging solutions.
Insurance companies don’t often have frequent communication with their clients until a claim arises. While most insureds are fine with this limited interaction, how their insurance providers handle claims is the single most meaningful and telling interaction they have. If an insurance company mishandles the claim or fails to bring it to a satisfactory resolution quickly, they run the risk of losing a customer.
What Claimants Want
High-quality claims processes have three things in common: they’re fast, they’re efficient, and they’re transparent. Customers are no longer willing to accept vague or murky answers regarding where their claim is in the process. They also expect an error-free claim to receive their settlement quickly. Delays, mistakes, or confusion all cause insureds to reconsider their insurance provider.
Better data and automation can help insurance providers streamline their claims processes. The following are some of the ways insurance providers can utilize data:
- Automatic first notice of loss (FNOL). First notice of loss occurs when the insured first reports the incident to their insurance provider. However, many vehicles come equipped with telematics that can detect accidents and injuries. While some vehicles will dial emergency services in the event of an accident, insurance providers can use this same technology to trigger a claim on the insured’s behalf. Vehicle sensors and video imagery can give insurance companies an idea of the extent of the damage to make sure the most relevant adjuster receives the claim.
- Drones and satellite imagery. Similar to using vehicle telematics to initiate FNOL for car accidents, insurance companies can pull data from drones and satellites following major storms to identify damage to the insured person’s property. When the customer calls to report the loss, their provider can already be several steps into the claim to expedite the process and improve the insured’s experience during a stressful time.
- Greater accuracy on repair timelines. When insureds file a claim for a vehicle loss or property damage, the first question on their minds is how long it will take to fix so they can resume their lives as usual. Insurers can pull from historical data to see how long certain repairs will take based on the type of damage or loss the insured reports.
- Reduce fraud. Fraudulent claims increase costs, which increase premiums for all customers. By harnessing data from social media, insurers can identify fraudulent claims. Utilizing AI can also red flag cases that score high for fraudulent behavior.
Most insured don’t think about their insurance provider until they need to make a claim. How smoothly and quickly that claim processes play a significant role in customer satisfaction and retention. If your claims processes are frustrating customers or costing your insurance company business, Actec can help. Contact us to learn more about improving claims management.
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.
It’s common knowledge that first notice of loss (FNOL) represents the greatest opportunity to establish the insured’s satisfaction level. After this point, it is difficult to move the needle so it’s vital to ensure a smooth start to the claim. However, there are other factors at play when it comes to customer loyalty and retention.
How Millennials Are Changing Insurance Claims
It’s no surprise that millennials and other younger generations have a preference for technology when it comes to initiating and managing their claims. There is also a growing mentality that customers should be able to receive updates on their claim anywhere, at any time, in any way they so desire. This most often means having access to an online portal either through their smartphone, tablet, or computer.
In fact, when polled, 52% of auto claimants and 54% of homeowner claimants reported they would not recommend a provider that bars or lacks access to their preferred digital channel. Among customers that ranged between the ages of 18-24, that statistic jumped to 58% for both categories.
What makes this loss of recommendation so damaging is that younger generations rely on technology for research. If their peers are leaving negative reviews, it makes it very difficult for that insurer to appeal to them. Exemplifying the point, 41% of customers under 35 will post to social media and review sites about their negative experience compared to only 26% of customers aged 35-54 and 17% of customers 55 and older.
The Effect of Technology on Customer Expectations
The biggest challenge insurers are facing isn’t a shift in what their customers expect; it’s a change in where customers set the bar. Technology has allowed claims to move from FNOL to settlement faster than ever while granting customers unparalleled levels of access and control over the process. The pace isn’t likely to slow down anytime soon given the rate and sophistication of new tech and devices available on the market.
While every generation is growing more tech-savvy, there is no doubt that younger generations are driving the demand for transforming the claims process. Retaining customers lies in meeting these heightened expectations with a foolproof claims process. Contact the experts at Actec to learn about our custom solutions for your claim intake needs.
Mistakes happen, but they don’t have to happen often nor should they. Whether it’s a bad judgment call or a simple oversight, mistakes add up to much bigger issues down the line. The following are some of the most common errors that auditors encounter when reviewing claims:
- Failing to perform a thorough investigation. With multiple claims to juggle, it’s possible for a detail or two to slip through the cracks. However, missing important information such as the nature of the claim or the severity of injuries can lead to prolonged claims due to incongruous settlement offers. On the flip side, assuming injuries are extreme based on face value can result in overpayment as well.
- Failing to read medical reports. Not keeping up with medical reports can lead to poor control over medical treatments. Insurers may pay out for unnecessary treatments or erroneously withhold payments for medical care. Reading the medical reports thoroughly can help adjusters stay on top of those claims details.
- Failing to close claims in a timely manner. While some factors are out of adjusters’ hands, auditors have found many mistakes result from adjusters mismanaging their time. This prolongs claims and ultimately costs the insurer more money.
- Failing to keep proper documentation. Not only does this irritate customers, but it also costs time as well as money to re-confirm details multiple times. Taking detailed notes on all incoming documents/information expedites the claims process.
- Failing to maintain good contact with the claimant. Keeping the insured in the loop helps boost customer satisfaction, but it also helps keep insurers up to date on any new developments. Insured customers don’t always think to contact their insurer for every claim related event/situation after the initial incident.
- Failing to maintain claim continuity. Handing claims off from one adjuster to another without a specific reason (i.e. more appropriate field of expertise) can cause errors during the exchange and confusion for the customer.
For every mistake that occurs during a claim, the cost of the claim increases. Insurers can’t afford repeat mistakes, especially when the majority of them are easy to avoid. To that end, implementing a full-cycle claim management system can help dramatically. Contact the experts at Actec to learn more.
Absence management greatly reduces corporate loss through improved communications and tracking systems. Implementing these systems through a highly trained outsourcing provider allows all parties involved to focus on what they do best. Claims management plays a crucial role in succeeding through absence management. Without a custom-tailored claim intake and management process, salient details are likely to slip through the cracks, defeating the purpose of the program. Learn more about how these solutions play crucial roles in major corporations throughout the world: