While gaining new customers is vital to an insurance company’s success, retaining existing customers is more so. This is because it costs significantly more money to acquire a new customer than it does to retain one. If an insurer is experiencing a high volume of customer turnover, they may need to examine their claims process. The claim cycle is a vital part of the customer’s experience. By streamlining how customers file claims, insurers can improve customer satisfaction and retention.
Meet Customer Communication Expectations
Today’s customers want technological solutions to their insurance needs. This means an insurance company should offer communications through several channels including a website, a mobile app, and traditional methods of communication (e-mail, print, etc.). To remain competitive, insurers need to upgrade their system to allow customers to complete a variety of tasks from their phones or tablets. Some examples include:
- First notice of loss (FNOL)
- Updating policy information
- Requesting information about new or existing policies
- Communicating about open claims
Customers want a variety of electronic communication options. Insurance companies that fail to meet these expectations will lose their customers to more technologically advanced competitors.
Prompt and Accurate Claims Processing
Customers dislike complicated or lengthy claims processes. Improving communications and minimizing the amount of back and forth required to close a claim go a long way toward improving customer satisfaction. For example, if an insurance agent provides the wrong information or requests information from the customer several times, that customer will be unhappy with his or her experience. If this occurs every time the customer tries to make a claim, they will eventually find a new insurance provider.
Implementing an effective claims processing system can help insurance companies address any issues with how they resolve claims. Actec’s Full-Cycle Claim and Incident Reporting Solutions allows insurers to customize their entire claims process including FNOL intake, managing client and customer-specific questions and scripts, and much more. To learn more about improving how your company manages claims, contact us today.