It’s common knowledge that some insurance companies perform better than others do. Expensive or premier policies, however, don’t always correlate to superior coverage or a better experience. The most effective insurers demonstrate superior efficiency, better financial outcomes, and happier customers. Identifying why those providers succeed and emulating those qualities is a good place to start for new or struggling insurers.
The following are several hallmarks of an effective insurance provider:
- Outstanding management of technology. It’s not enough to invest in a high-tech upgrade every few years or so. Insurance companies need to frequently evaluate their processes and organizational structure to ensure maximum efficiency. For example, implementing a data-driven software program will fail if the company can’t share information easily due to antiquated department siloes. Identifying and rectifying pain points can ease technology transitions and improve innovation.
- Strong, customer-centric mobile app. More often than not, a customer doesn’t want to call in and sort through a phone tree for a simple update on their claim. Successful insurance companies know that superior customer service is key to keeping members happy and ensuring continued growth. An easy way to achieve this is to set up a mobile app that allows customers to access files, submit claims data, and more.
- Maintaining Compliance with Regulations. There are numerous regulations that apply to the insurance industry. Antiquated systems slow down the claims process, which can lead to unintentional mistakes and increase the risk of fines or penalties. High quality insurers implement up-to-date processes that allow them to remain compliant and produce accurate compliance reports.
- Understanding the rapidly changing industry. Insurance is not unique in its recent transformation as technology rapidly accelerates capabilities alongside customer expectations. Almost every industry has experienced massive changes; however, insurance providers have the significant challenge of overcoming legacy systems. The outdated approaches to claims management cannot keep up with the sheer quantity of data available. This incompatibility affects responsiveness, customer satisfaction, and risk calculations. Insurance companies that want to withstand the test of time will need to keep pace with new technology as well as other factors influencing the industry.
Actec understands the difficulty involved for insurers to juggle new technology, claims efficiency, compliance, risk, and more. If your claims management process is causing more headaches than it is closing cases, we can help. Contact us today to learn more about our full-cycle claim and incident reporting solutions.