Tag: First Notice of Loss

Artificial Intelligence Is Improving Claim Processing and FNOL

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May 17th, 2021

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fnol aiMovies and television depict artificial Intelligence (AI) in a variety of ways, most of them sensational. In real life, artificial intelligence is a little less thrilling and a little more practical. The implications and uses of AI can prove every bit as fascinating, but we’re not likely to see sentient machines conversing with us or trying to take over the world any time soon.
Instead, these intelligent machines are automating tedious tasks and improving efficiency across all industries. For insurance companies, this means improving claim management and automating time-consuming claim and FNOL processes.

AI and First Notice of Loss

Insurers can expect AI to affect every aspect of the claims process from first notice of loss (FNOL) to resolving the claim. Improvements to FNOL are of particular importance as it has the greatest effect on client satisfaction. The claims process is cumbersome and unwieldy to a client not familiar with the process. AI can help insurance agents streamline and expedite claims for faster settlements and happier clients.

How AI Improves Claims Efficiency

Several administrative tasks within the claims process consume much of an insurance agent’s time. AI can take over these responsibilities, allowing agents to focus on investigating, appraising, and mediating the claim. For example, if a client wishes to review the history of their claim, an AI chatbot can assist them while the agent continues to work the claim. AI can also recognize common red flags for fraudulent claims or unnecessary repairs. An adjuster will need to make a final review, but it saves the time and expense associated with a human performing the legwork of these tasks.
The primary benefit of AI is its ability to help insurers recruit and retain customers. It does so by improving claims proficiency and reducing labor expenses. If your insurance company is struggling to acquire or maintain its clients, Actec can help. To learn more about enhancing your claims process, contact us today.

5 Biggest Trends Transforming Call Centers

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March 23rd, 2021

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Most insurance companies that utilize call centers view it as the cost of doing business, but new trends are changing this perception. Modern call centers can do much more than provide a necessary service. They can engage with their customers in new ways to improve customer satisfaction. With customer expectations higher than ever, insurance providers need their call centers to deliver where it matters most.

The following call center trends are driving value and revenue:

  1. Prioritizing the customer experience. The customer’s experience affects their satisfaction with their provider, likelihood to purchase future products, and their continuing loyalty. While obtaining new business is important, retaining existing customers has a much greater effect on revenue.
  2. Making data-driven decisions. Insurers will struggle to improve customer satisfaction if they don’t know their pain points. Call centers gather a plethora of data that can help insurance providers identify customer preferences and trends. They can then harness that data to provide in-demand products, mitigate recurring problems, and tailor marketing efforts to meet customer expectations and desires.
  3. Personalizing every interaction. Customers expect call center employees to know who they are, what their existing coverage and policies are, and have access to previous calls they’ve made. Legacy systems can’t deliver this kind of experience, which forces the customer to repeat themselves every time they call. Without personalization, customers feel like a file number and that their insurer doesn’t care about them.
  4. Implementing omnichannel communication. Customers expect offline and digital options to communicate with their insurer. This goes beyond web portals or email. Today’s average customer is well-versed in technology, and they expect their insurance provider to keep pace. Insurance providers need a call center that can deliver exceptional service across all channels, including chat support, social media, and text.
  5. Bringing call centers closer to home. Offshore call centers appeal to many insurance companies because they’re comparatively inexpensive, and they can offer customer service around the clock. However, many insurers are realizing offshore call centers have hidden costs. Customers across the board have voiced complaints about the poor quality of service, as well as raised concerns about data security. Bringing call centers closer to home allows insurers to vet that new agents have the right skill set and experience for the job.

Meeting customer expectations is critical to retaining their business. Communicating with them when and how they want to, as well as providing superior service, can help achieve that goal. To learn more about enhancing your communication and call center services, contact the experts at Actec.

Elements of Effective Digital Claims Management and FNOL

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March 16th, 2021

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Insurance companies rely on key performance indicators (KPIs) to evaluate the effectiveness of their processes. Insurers can generate more value for the customer while reducing their expenses by focusing on the following foundational KPIs:

  • Customer experience
  • Claims efficiency
  • Claims accuracy

The most direct means to boost these KPIs is by digitizing the claims process. Digital claims simplify the process for customers by allowing them to electronically initiate first notice of loss (FNOL), upload images, and receive updates about their claims. Digital processes are also more efficient than manual claims management, as they allow agents to process more claims in less time. Digital systems can identify errors and red flag potential problems as well, which helps avoid clerical delays.

It can be challenging for insurance providers to make the leap as technology is constantly evolving. However, the most successful digital transformations share several elements:

  1. Digitizing claims prevention efforts. Insurance companies have a trove of data available to them to identify customer trends. By issuing data-based safety notifications, insurance companies can provide simple tips to help customers avoid a loss. For example, if the weather forecasts a winter storm, insurance providers can send automated texts to their customers with tips for driving during winter weather. Reminding drivers to slow down, put chains on their tires, or stay home unless it’s necessary to go out can help prevent claims.
  2. Digital FNOL. Customers expect fast and simple solutions to all their problems, but their urgency increases exponentially following a loss. Providing a digital, easy-to-use option for FNOL gives customers agency over their claim while expediting the process. Implementing text or chat FNOL services provides customers with another channel of communication. This service allows them to obtain answers to common questions about their claim, which eliminates confusion and anxiety.
  3. Automating claims management processes. Automating fraud detection, progress updates, and other administrative processes drastically improves claims efficiency. Digital software can identify the type of claim, route it to an appropriate agent, check it for fraud, and more within minutes compared to the lengthy process of checking it all by hand.
  4. Electronic appraisals and repairs. For simple claims, customers can submit details and pictures that allow appraisers to assess the damage or loss. Insurers already have a list of their preferred repair shops. Digitizing the process can identify which provider is closest to the customer. They can even schedule the appointment electronically, so the customer doesn’t have to do any heavy lifting during the claim cycle.
  5. Automatic settlements. One of the biggest pain points for customers is when a repair vendor is out of sync with their insurer. They may have to pay for the expense out of pocket and seek reimbursement from their insurance provider. However, the insurer may have already sent the payment to the vendor, which worsens the customer’s confusion and frustration as they try to get their money back. Automating the process eliminates this bottleneck. Insurers can automate several types of settlements, such as paying for a repair service, replacing the damaged item, or offering a cash settlement.

Digitizing claims processes can generate value by boosting KPI performance. While every step of the claim should be custom-centric, FNOL is the single greatest opportunity insurers have to secure customer satisfaction. Contact the experts at Actec to learn how text and chat FNOL services can improve claims management.

5 Customer Service Red Flags for Call Centers

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March 9th, 2021

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Customer service is a critical component to securing customer loyalty. No matter how stellar a product or service might be, customers will look for other options if the support is lacking. Knowing the warning signs of customer service issues allows businesses to address the problem before it costs them customers. Some of the biggest customer service red flags for call centers include:

  1. Long wait or hold times. The negative effects compound rapidly when a company makes customers wait. If it takes too long for a business to answer a call, the customer begins the conversation from a place of frustration. If the customer then has to wait on hold, that aggravation builds. If they have this experience every time they try to contact customer support, they’ll be more likely to look for a new provider. Customers also expect rapid replies to their chat support and email inquiries.
  2. Communication problems. Businesses noticing an uptick in unanswered calls and open chat windows may have a customer service issue. Not receiving an answer or support is equally as frustrating for customers as it is to sit on hold. Inefficient routing can also irritate customers as they have to repeat their inquiries every time a representative transfers them.
  3. A lack of repeat customers. If a customer likes a product or service, odds are they will make purchases again in the future. If businesses notice a dip in purchases from their established customers, poor customer service may be the culprit.
  4. Customers leave or close accounts without an explanation. Customers don’t always explain why they moved on to a new provider or vendor. However, most customers will break ties with a company after a negative experience with customer service. Keeping an eye on service cancellations or closed accounts can provide some insight into the quality of the company’s customer service.
  5. Prioritizing speed over quality. If a company evaluates customer service representatives based on how many calls or inquiries they resolve, this will cause representatives to rush. Rushing rarely produces quality customer service, and representatives may provide incorrect answers in their haste. Customers can sense when a representative is trying to complete the call as quickly as possible, and the quality of service often lags as well.

Providing superior customer service is critical to retaining existing customers and their business. Investing in a high-quality call center can help ensure the customer’s experience is satisfactory from start to finish. Contact the experts at Actec to learn how a nearshore call center can improve customer satisfaction and loyalty.

4 Ways COVID-19 Changed Insurance Buying Habits

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February 23rd, 2021

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The pandemic has changed several aspects of society, from how people gather to how children attend school and even how consumers purchase insurance. While factors such as age, location, and income all influence insurance purchases, recent consumer surveys have identified several trends regardless of demographics. Some of the most significant trends include:

  1. Fewer life events. Life events that typically drive insurance purchases, such as weddings and having children, aren’t happening during the pandemic. Many consumers are delaying these things in favor of waiting out COVID-19. Many are also dealing with unemployment or a reduced income, meaning they have less cashflow for insurance purchases.
  2. Increased desire for life insurance. Over half of American consumers see a greater need for life insurance due to the pandemic. However, while more people want life insurance, traditional underwriting requirements like medical exams are harder to complete. Unsurprisingly, half of the consumers indicated they’d be more likely to buy a life insurance policy that uses simplified underwriting.
  3. Consumers are shopping around. Over one-third of consumers plan to shop around for or switch to a new auto insurance provider. Reduced cash flow is once again the driving factor behind this trend. It’s a direct reflection of the desire to keep insurance costs down to save money.
  4. Consumers prefer digital channels. Nearly 60% of consumers used a digital platform to shop for auto insurance. Digital channels were growing in popularity before the pandemic, but they’re in high demand now to stay socially distant while shopping.

Having digital channels to engage with customers meets their preferences and needs. It helps improve customer loyalty and can give businesses an edge over carriers that don’t offer digital options. Actec’s text and chat support solution can help answer questions customers may have, streamline communication, and more. Contact Actec to learn more about integrating text and chat support.

Why Your Business Needs Live Chat Support

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February 9th, 2021

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Businesses connect with their customers through several channels. They interact with them through phone calls, emails, and social media. However, adding chat and text support to the list can reap significant rewards. Providing top-notch customer service is also critical to compete with other organizations. The top benefits of live chat and text support include:

  1. More conversions. Most organizations are in the business of selling something, whether it’s goods, products, or services. The transaction often begins online as eCommerce continues to grow in popularity. Unlike a brick-and-mortar store, however, there is no sales associate or help desk to assist the customer. Chat support helps bridge this gap to improve the customer’s experience and facilitate a purchase.
  2. Better user experience. Nothing is more aggravating for a customer than calling a company, navigating a complex phone tree, and repeating their inquiry multiple times until they connect with the right department or agent. Chat support software can store historical data about previous inquiries to reduce repetition for the customer.
  3. Convenience for the customer. Calling customer support, messaging a social media page, or sending an email all have one common pain point for the customer: time. For example, when a customer urgently needs an answer about their insurance policy, waiting on hold can be agonizing. Live chat can provide immediate answers with minimal wait times.
  4. Advantage over the competition. Beyond the better customer service element, chat support can help companies obtain new business. If a customer is comparing two products from competing vendors, the company that offers chat support to answer their questions is more likely to earn the customer’s business.
  5. Motivates agents. Customer service representatives deal with stressed, upset, and irate customers on a regular basis. Fielding these calls can take a toll on agents and erode their drive. Writing messages over chat or text, however, is much less fatiguing as agents don’t have to absorb the customers’ moods.

Chat support can improve customer service, employee engagements, and profits. Contact the experts at Actec to learn more about our chat and text support services.

Reducing Claim Adjuster Stress to Improve Productivity and Customer Satisfaction

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January 28th, 2021

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shutterstock_174875483Claims adjusters deal with the brunt of the customer’s ire during the claims process. While the hope is for a smooth claim and rapid resolution, this is not always possible. When dealing with multiple parties, adjusters are at the mercy of the client and any third parties. They cannot move forward with a claim until all involved individuals submit the necessary information. Unfortunately, this can result in angry clients as well as stressed out adjusters. Adjusters do not often receive the recognition they deserve. Not only do they help resolve claims, they also detect fraud, find ways to reduce claim costs, and more.

Make the Work Meaningful

Nobody wants to perform a job that has no perceived impact, and claims adjusters are no exception. They want to perform tasks that engage their minds and provide tangible results. Some examples include improving claim efficiency or helping individuals affected by a claim. If an adjuster spends most of his or her day stamping and filing paperwork, they are unlikely to feel fulfilled by their work. Insurers that treat their adjusters like problem solvers instead of paper pushers will see improvements in claims costs, fraud detection, and customer service.

Promoting Work-Life Balance

Many employers interpret the term work-life balance as a means for employees to goof off instead of buckling down and completing their work. However, that is a callous view of workplace morale. Adjusters can burn out if they do not mind their work-life balance. When this happens, their work and productivity suffer. Insurance providers need to make certain that their adjusters are getting adequate rest and downtime. Otherwise, they may begin making costly mistakes. Technology can help by taking on the most tedious jobs and allowing adjusters to focus on their most meaningful tasks. This is especially important in an increasingly remote workforce where it can prove difficult to separate personal and professional time.

Create and Support a Strong Workforce

Many insurance professionals have recently retired or will so do so. Insurance companies need to retain their current workforce in order to train the next generation of adjusters. In their final years of employment, adjusters will want predictable schedules and value-driven tasks. However, not just seasoned workers want a good work-life balance. Millennials also value work-life balance in addition to meaningful work. If insurance providers don’t address what rising and existing adjusters want from their job, they will struggle more than their competition to attract and retain talent.

Skilled adjusters are vital to an efficient claims management cycle. If your company is grappling with inefficiencies and angry customers, Actec can help. Our full cycle claim and incident reporting solutions can improve the claims process from first notice of loss (FNOL) to claims resolution. Contact us to learn more.

4 Benefits of Allowing Call Center Employees to Socialize

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December 28th, 2020

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Considering that call center employees spend their working hours on the phones with customers, opportunities for socializing may seem scant. However, agents aren’t tethered to their seats from the moment they arrive to the instant they clock out of work for the day. Employees visit the breakroom for coffee, take breaks for lunch, or pass each other in the halls.

While productivity-driven employers may frown upon idle chatter, socializing amongst agents can reap several benefits:

  1. Happier employees. Call center agents spend a significant portion of their day at work. If employees don’t engage with each other, the office can quickly become a dreary place. Call center employees who don’t enjoy their work environment are less likely to grow their skills or deliver superior service to customers.
  2. Faster onboarding. The first few days on the job are often daunting for new employees. Even if their employer provides extensive training and guidelines, employees often learn better from their peers. They can discover helpful tips that help them perform better at their job and find their fit within the company’s culture.
  3. Less employee turnover. Call centers often struggle to retain employees for several reasons, some of which are outside of their control. However, allowing employees to socialize is an effective means to reduce the turnover rate. The environment is friendlier, which helps employees perform better. These successes often lead to praise and recognition, which fuels future efforts in the workplace. When employees thrive in the workplace, they’re more likely to stay.
  4. Better collaboration and coaching. All teams are stronger when they work together. Call center employees that socialize are more likely to help each other out or offer advice. Without this camaraderie, employees are less likely to improve, engage, or enjoy their work.

Managing a call center is a challenging task but well worth the effort. If your company is considering investing in a call center, Actec can help. Contact us to learn more about our nearshore contact center solutions.

How Will AI Change FNOL and Damage Detection?

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September 28th, 2020

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When a person initiates a claim following a car accident, they trigger a series of events beginning with first notice of loss (FNOL). Prior to AI, FNOL intake required a lot of back and forth between the insured and their insurance provider. Determining the extent of the damage, if a vehicle was salvageable, and the estimated cost took time and could cause delays. Further complicating matters, the inspection process is tedious and a common source of contention for underwriters—does it really cost that much for the repair? Harnessing the power of AI expedites the process and removes doubt regarding the true cost.

Using AI for Damage Detection

When tooling a machine to detect damage, the AI must first learn what a fully functional vehicle and its parts look like as well as varying degrees and types of damage. It absorbs sets of data and uses that knowledge to compare images of the damaged car components to their unblemished counterparts. The goal is to teach the machine to grade dents and scratches based on severity. It can then compute the estimated cost to repair it.

Reducing Costs with AI

Another helpful, money-saving feature is that the AI can determine if a part is actually damaged or not. Surface scratches and dents may look severe, but a machine can examine the part from all angles and rely on the historical data it learned previously. It may report that the scuffs are cosmetic, meaning it doesn’t need replacing during the repair. This translates to cost savings for all parties involved.

The AI does all this through a process called computer vision. It imitates how human eyes work while surveilling the damaged vehicle. It can perform a vehicle inspection and determine the severity of the damage at remarkable speeds as well as produce a full report to provide to the insured. Faster turnaround, precise reporting, and reduced costs benefit both the insured and the insurance provider.

FNOL is the most significant factor that affects customer satisfaction during a claim. However, delays and doubts about damage reporting accuracy can erode insureds’ trust and faith in their insurance provider. AI can eliminate those issues while resolving claims on a faster timeline. To learn more about improving customer satisfaction and FNOL, contact the experts at Actec.

5 Tips for Hiring the Best Call Center

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September 14th, 2020

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Many growing businesses turn to call centers to handle the influx of customer service calls. This allows their employees to spend more time on providing specialized services or focusing on other, high-priority tasks. However, switching to a call center represents a significant change in company culture and employee responsibility so businesses need to make sure they contract with a call center that best meets their needs.

The following are some guiding principles for identifying top tier call centers:

  1. Make security a top priority. Many call centers have moved to the cloud for several reasons. It’s easier to install technology and render services that way. It’s also a good fit for businesses that have agents operating at multiple sites. However, companies will want to make sure their data is secure as well as investigate what redundancies and data recovery the call center offers in the event of a disaster.
  2. Look for compassion. Businesses need more than a person to answer a ringing phone. They need a friendly voice to help answer customers’ questions or resolve their issues. This is particularly important in the insurance industry when handling calls related to a loss. First notice of loss (FNOL) is the single greatest opportunity for securing customer satisfaction. Having a compassionate agent can help achieve that goal.
  3. Ensure a call center’s services align with business goals. Businesses should identify what they need from a call center and compare providers that meet their established criteria. Creating this short-list in advance saves time by avoiding interviews with providers that don’t offer the necessary services. This is particularly important for businesses that require special features like chat support or around the clock services.
  4. Meet with the call center. A provider may check every box from security to friendliness to specialty services and still fall short of the mark. Several providers may look good on paper, but businesses need to perform their due diligence by taking a tour of the call center’s facilities. If the call center’s leadership and management style differ vastly from a company’s culture, there could be significant clashes later.
  5. Determine how much location matters. Call centers can be offshore, nearshore, or onshore. Onshore call centers often have restrictions on hours of operation either due to time zones or expense. While offshore call centers are often cheaper, there can be a significant cultural divide that can cause friction between customers and the company. Nearshore call centers offer the best of both worlds by having similar cultural experiences and decent proximity for business meetings while providing enough distance to cover more hours of service.

Outsourcing calls gives companies a competitive edge for several reasons. For example, if one business has a customer service line and the other does not, potential customers are more likely to opt for the option they can call with their questions. Customers also prefer businesses that offer extended hours for customer service calls beyond the traditional 9:00 to 5:00. Contact the experts at Actec to learn how investing in a nearshore call center can improve your business.