Library: Notarise – 6 tips for improving the claims process

Executive summary :

It’s important that insurance companies improve the claims process to provide a convenient experience for customers. Here’s how.

Claims need to be convenient and therefore digital…

There is a reason that insurance is necessary for some of the most expensive and important assets a person owns, such as a house or a car. If there is an accident or an issue, the cost to repair can be astronomical. Insurance companies provide their customers with peace of mind that if the worst happens, they won’t be financially drained.

In today’s digital world, it’s more important than ever that insurance companies provide a convenient and digital claims process, a transaction which can make or break a loyal customer.

Why insurance companies need improve the claims process

A recent study from JD Power found that insurance companies are well behind where they should be in providing a smooth, digital experience for their customers. They found that in the past year, only 40% of claimants interacted with a claims agent through a digital channel. Compare this to the fact that more than 80% of the US population does their banking online.

People have come to expect that nearly every transaction in their lives is available to them through their computer or mobile phone, and that includes insurance claims. In many cases, a claimant begins the claims process when they are under stress, and potentially in an unusual place or odd time of the day. Having to wait until a call center opens the next morning or sitting on hold to reach a person on the phone is not only slow and inconvenient, it’s also stressful for the claimant. We’re at a point in time where consumers expect immediate assistance and an excellent customer experience — and insurance companies need to meet these demands.

What customers expect from insurance claim adjusters

One of the first things that happens when a claimant reaches their insurance company is that an adjuster is assigned to the case. The role of the insurance claims adjuster is critical to the claims process. The adjuster takes the claimant through the different steps including investigation, policy review, damage investigation and payment.

The better the experience a claimant has with the adjuster through the process, the more likely they are to be a long term, loyal customer and to recommend their insurance company to others.

However, depending on the size of the insurance company, an adjuster might not be readily available at certain hours of the day, or they might be busy assisting other claimants. Making customers wait on hold for someone to help them creates frustration and ultimately, a poor customer experience.

Today, claimants are used to the efficiency and flexibility that comes with doing things digitally. On their smartphones, they are able to check in for a flight while riding in a taxi to the airport. They can order groceries to be delivered the next morning while lying in bed. They want to have the same experience when filing an insurance claim.

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