At the start of every New Year, insurers look for innovative ways to improve their business strategy. However, with a dizzying number of trends flooding the industry, it can be difficult for insurers to ascertain which trends will withstand the test of time and retain their value. Actec understands this predicament, and, as such, put together the following list of essential trends adopted by successful insurance firms.
The Human Touch
Artificial Intelligence (AI) and machine learning are here to stay, but that does not mean insurance providers never have to interact with their customers again. When a customer calls to file their first notice of loss (FNOL) after an accident, they want and need human kindness. While machines are fantastic at processing data, they lack the empathy and finesse required to manage FNOL.
Contextual Connectivity
Insurers need to increase how often they are in contact with their customers, but providers do not want to run the risk of irritating their clientele. While text messaging and email make communication easier than ever, an irritated customer is not an acceptable outcome. Insurers need to make their messages valuable to the customer. For example, a customer requesting information about homeowner’s insurance does not want a barrage of questions and quotes; they want good coverage to protect one of the biggest financial investments of their life. By understanding the context of the customer’s situation, insurance providers can adapt their conversations to help solve the customer’s problem rather than complicate it.
Perfecting Business Operations
Insurers that want to succeed need to make improving business operations a top priority. Accepting the existing state of affairs can lead to complacency, decreased customer satisfaction, and customer turnover. Part of the improvement process should include reexamining and revamping the claims management process. FNOL represents the single greatest opportunity insurers have to deliver superior customer service. If a customer is dissatisfied with their FNOL experience, it is almost impossible to win them over later in the claims management cycle. To learn more about improving your claims management system, contact the experts at Actec today.