Library: PEGA – Why insurers need to modernise the claims customer experience

Executive summary :

The Amazons and Googles of the world have set the standard for how companies should interact with their customers. They personalise interactions, anticipate needs, and allow customers to seamlessly conduct business across channels, all while keeping them informed of the status and positioning themselves for the next sale.

As insurance becomes customer centric, so claims must modernise 

Tech giants provide role models

Significant changes have taken place as insurance shifts from a risk and product centric business to a customer-centric business. Claims leaders are now aiming for the Amazon style experience insureds have come to expect. Many carriers, however, have yet to fully leverage the advanced digital technologies and capabilities that enable what is quickly becoming table stakes in the industry.

Customer retention is becoming the new growth engine for insurers, and it’s increasingly evident that loyalty is not driven by price alone.

Engagement holds the key

According to an article by the Forbes Business Development Council on insurance “…growth and retention will rest heavily on service-based strategies that improve the customer experience.”

While a recent customer loyalty survey conducted by Bain & Company highlights the implications of claims not investing in customer engagement technologies, where: 56% of respondents indicated claims digital channels were slow and difficult to understand, and – perhaps as a result – 20% said they want more seamless access to a live person.

It’s important for insurers to reimagine the desired brand experience, assess the impacts of new digital devices and capabilities, and figure out how they can work together to modernise the claims customer experience.

Engage insureds with proactive, personalized messaging

The industry’s longstanding customer engagement model of waiting to hear from the insured after something bad has happened is shifting to proactive outreach. Carriers, for example, now have a greater ability to map policies in force against predicted weather events and catastrophic (CAT) storm paths. This, in combination with the ease of communicating through digital channels, creates opportunities for carriers to proactively engage with insureds before, during, and after a claims experience.

Pre-event, personalised messaging to the insured’s desired channel can address safety, loss avoidance (eg links to emergency board-up services), and provide links and instructions on how to file a claim if damages occur.

A number of carriers have taken this one step further with proactive claims notifications, setting up a claim, and assigning an adjuster before the insured has even called to report the damage. One leading personal lines carrier leveraged aerial imagery post-hurricane Harvey to identify impacted autos that were protected under the policy.

Proactive, personalised messaging at scale can now round out the experience.

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