4 Key Elements that Improve Customer Claim Satisfaction

Posted on

December 30th, 2019

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.

Leveraging Analytics to Improve Claim Accuracy and Customer Outcomes

Posted on

April 1st, 2019

Andrew

Insurers have to go through a lot of information when working a claim. They receive notes from adjusters, details from customers, and then have to compare it all against fraud analytics. With each insurance representative handling numerous claims, there isn’t enough time in the day for them to sift through every piece of data they encounter.

With data analytics, insurance companies can better track claims escalation, priority, and potential fraud. The following are several ways data analytics can improve insurance claims:

Fraud detection and prevention. Out of every ten claims that cross an insurance agent’s desk, one of them will be fraudulent. Prior to data analytics, fraud detection was limited to rules-based programming that fraudsters could easily trick. Now, insurers can use predictive analysis to apply rules, search databases, make models, and more for more accurate fraud detection.
Handling litigation. Sometimes customers dispute claims and they end up in litigation. Data analytics can pinpoint factors that typically lead to litigation, which allows insurance companies to assign those claims to more senior agents. Their skillset can allow them to settle those claims faster and at a lower expense.
Assigning claims. This isn’t limited to litigation. Agents have varying areas of expertise and ensuring claims are assigned to the best fit can be a challenge. Agents often receive claims based on very limited data. As a result, claims often end up being reassigned, which causes delays and irritates the customer. Data analytics can group loss characteristics to assign claims to the adjusters that fit best.
Improving settlement accuracy. When claims come in at a regular pace, insurance agents can give each one more attention. Following a disaster, however, settlements often get fast-tracked to help customers sooner. However, issuing blanket checks can result in exorbitant or unfair settlements. Analytics can help balance settlements by analyzing claims against claims history.

Using data analytics can help insurance companies differentiate themselves from local competition. Data can also help improve the customer’s experience, boost retention, and save money. Contact the experts at Actec to learn more about improving your claims processes.

3 Surprising Trends Pioneering the FNOL Revolution

Posted on

February 12th, 2018

Andrew

what's next img Several factors are driving change when it comes to First Notice of Loss (FNOL). Before sophisticated technology became commonplace, first notice of loss was almost universally initiated via a phone call. Now, policyholders can log onto their computers or phone apps to trigger FNOL. Although this change seems monumental, it is nothing compared to the latest trends looking to shake up the industry.

The Shifting Definition of Work

Until recently, the workforce was 100 percent human. With the rise in artificial intelligence (AI) and machine learning, however, that is set to change. Machines can now finish several tasks in minutes that would take humans several hours to complete. While businesses cannot and should not automate all tasks, automation is changing how people perform their jobs in the insurance industry.

The Cycle of Retiring and Rising Employees

The insurance workforce is on the precipice of major change. The industry expects around 70,000 of its professionals will retire in the coming year. While many are looking to millennials to fill that gap, there is the significant problem that almost two-thirds of them have a negative view of the insurance sector. Even though millennials will make up almost half of the workforce by 2020, the insurance industry will still have a labor problem on its hands if it does not change millennials’ perception of the insurance sector.

The Decline of Mobile App Use

In two years’ time, experts predict that mobile app use will drop by 20 percent. However, this does not mean technology is a waning trend. Instead of using mobile apps to initiate FNOL or ask claims questions, people will utilize chatbots. This technology relies on AI and language processing to complete simple tasks while providing satisfactory interactions. Even though many rebuke the idea of chatbots, this technology has made major strides in recent years. The experience is so seamless that many individuals do not realize they are chatting with a machine rather than a person.
Insurers need to keep up with industry trends or risk falling behind their competition. That is why Actec offers FNOL and full cycle claims solutions to address insurance company’s needs. To learn more about improving FNOL and claims processing, contact us today.

How to Catch Fraud Before You Pay the Claim

Posted on

January 2nd, 2018

Andrew

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.

How Data Models Work

Data analytics are not new, but insurers had not been able to use them to their full potential until now. Statistical modeling and machine learning were not readily available in the past, but the technology has made significant strides in recent years. For example, an insurance agent could always survey claims data and try to draw conclusions. However, this method would prove too slow and too prone to error to be reliable.
With machine learning, the insurance agent presents the machine with sets of data (in this instance, true claims and fraudulent ones). The machine then learns over time how to develop insights into these sets of information. The machine can then use this knowledge and apply it to new claims. Through this method, the machine can interpret with reliable accuracy if a claim is high risk of being fraudulent.

Catching Fraud During FNOL

It is best to identify fraud during or right after first notice of loss (FNOL). This is because each step after FNOL is investigative or communicative. It is easier to look for fraud at the outset of the claim than to go back after the fact and try to find the relevant information.
Internal and external data are both relevant for fraud detection. Internal data, the information insurance agents collect, can provide common fraud statistics. However, external data is just as important for statistical modeling. This includes information such as regional demographics or weather conditions during the time of the loss. All of this data combined creates one premier set of data to use for predictive modeling.
Fraud is not the cost of doing business—at least not anymore. Fraud detection and prevention will always be a crucial element to claims management, but, with new technology, insurers can simplify and expedite the process. They can even identify fraud before they pay the claim. To learn more about claims management and fraud prevention, contact the experts at Actec.

Successful Claims Management with Superior FNOL Data

Posted on

December 4th, 2017

Andrew

shutterstock_306793247 - Copy Claims intake specialists cannot optimize the claim intake process without the right information. Missing analytics and failing to use the right tools can result in delays, unnecessary expenses, and frustrations for both the agent and the customer. Harnessing the power of quality data at the onset of a claim is vital to successful claims management. For example, insurers can gain insights from claims data to sort and prioritize claims to ensure they reach the right adjusters.

Gather Data at FNOL

The best time to collect information about a claim is when a customer initiates First Notice of Loss (FNOL). Insurance agents should ask for information about the loss, any injuries or damages that occurred, and encourage customers to collect as many photos of the incident as they can. Mobile apps often allow customers to upload photos, which can be a great help to adjusters.

Funneling Claims

Collecting all the relevant data at the outset of the claim can help insurance companies filter the claim through the right channels. For example, data collected about injuries during FNOL can help adjusters triage the claim. The severity of an injury can determine the route a claim takes. If an insurance agent has to transfer the claim to an injury team later down the line, it may require the new agent to redo work on the claim. This wastes time and money as well as reduces customer satisfaction. Proper data collection can help avoid this issue and get the claim to the correct adjuster from the start.
While early information gathering is key, insurance companies need a full-cycle claim solution for effective claims management. Actec’s claims management solutions include complete FNOL activity tracking to support the claims process. To learn more about using FNOL data for effective claims management, contact us today.

Documentation Secrets for Successful Claims Management

Posted on

November 1st, 2017

Andrew

shutterstock_138016598 - Copy Proper documentation is crucial to closing insurance claims with a positive outcome. As the saying goes, “if it’s not documented, it doesn’t exist!” That’s why insurance adjusters need a full-cycle claims system to help them document all facts relating to liability, damages, coverage, and more. This information is especially helpful if a new insurance adjuster picks up the claim part way through processing.

Tips for Documenting Claims

Documenting claims is a delicate business. Claimants often experience anxiety or lack of focus when attempting to communicate, and notes that make sense to one adjuster may be confusing to another. Below are several suggestions for effective documentation.

Provide regular training on documentation. The methods for documenting claims continue to improve as claims become more complicated. Training adjusters on the latest documentation procedures is key for quick and efficient claims resolution.
Log everything. Whether it is a phone call, a face-to-face consultation, or an inspection, the adjuster should keep notes. It is impossible to remember the specifics of every claim so detailed notes are essential.
Focus on the facts. It is easy to read into a client’s emotions, but this can result in biased documentation. For example, making a notation such as, “The client was distraught,” without the client saying so themselves is conjecture.
Time-stamp and geotag all photographs and videos. Visual evidence is an excellent way to support written records. However, an adjuster needs to be able to prove when and where they took the photo or video. Recording the date, time, and location digitally crucial.

Maintaining accurate and up to date notes on a claim is an important element of the claims management process. Poor documentation can prolong a claim and affect customer satisfaction and retention. To learn more about effective claims management, contact the experts at Actec.

Is Your Claims Management System up to Par?

Posted on

October 18th, 2017

Andrew

shutterstock_306793247 - Copy Insurance companies encounter a number of hurdles on their way to business success. Aside from the inherently competitive nature of the insurance field, companies must also remain compliant with strict regulations as well as meet growing customer expectations. An effective claims management process plays a significant role in a company’s relative success within the industry. In particular, a company’s claims management process needs to find ways to control costs, decrease incidents of fraud, and keep customers happy.

Reducing Expenses

The longer it takes an insurance company to settle a claim, the more it costs the insurer. This is because of increased administrative costs. One way to mitigate this is to automate some of the claims management process. For example, investigating a claim by hand without automation takes much longer and is prone to errors. Resolving errors draws out the amount of time it takes to close a claim. Automation can also detect incidents of frauds. Long processing periods, errors, and fraud all eat into a company’s profits, so it behooves insurers to invest in some automation technology.

Identifying and Handling Fraudulent Claims

When an insurance company pays out for a fraudulent claim, the cost does not stop with them. The customer also takes on the burden of this unnecessary expense as premiums often increase to account for the added expenditure. Claims management software can help detect fraud and trigger an investigation well before the insurer settles the claim.

Closing Claims in a Timely Manner

The amount of time it takes to settle a claim has a direct correlation to the customer’s overall satisfaction. Swift claim resolution also gives companies a competitive advantage over those who take longer to settle claims. Expediting the claims process also saves time and money as well as boosts customer satisfaction.
The best way for insurers to address costs, fraud, and claims processing time is with an efficient claims processing system. This is why Actec offers full-cycle claim and incident reporting solutions. Contact us today to learn more about managing risk and settling claims while improving customer satisfaction.

Improving Performance with Call Center Outsourcing

Posted on

April 25th, 2017

Andrew

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.

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.