Claims processing is one of the most tedious tasks for both insurers and customers alike. While both parties are never keen on making a claim, in the event that it is required, it becomes important for them both.
What do customers seek during these times?
- Quick resolutions
- Clear communications
- Regular status updates
What are insurers looking for?
- Accurate processing
- Higher efficiency
- Eliminating chances of risk and frauds
The problem today is that neither parties are getting any of these, resulting in the claims processes becoming long and expensive for insurance companies, while customer experience and satisfaction takes a significant impact. This is why insurance leaders are making significant investments in digital claims processing today, leveraging on new-age technologies like AI and analytics that enable data-driven decision making.
The need to advance to digital claims processing
The focus today is on digital transformation to enable enterprises to deliver customer-centric solutions for better customer experience (CX). So, those played that make the effort to work on CX will not just level up on customer loyalty but definitely have a competitive edge as well. How can this be made a reality?
- Identify and collate existing data sets that can aid in process enhancement
- Research on external data that can be applied to overcome challenges
- Invest in advanced technologies that can reduce costs and improve efficiency
- Work on building and enhancing analytic capabilities
- Leverage on practices followed by others that can be incorporated immediately
Delivering a seamless customer experience
A streamlined approach that enables faster, transparent and efficient claims processing is what will rate insurers high on customer experience. Here’s what’s making the much needed difference:
- Telematics is changing the way automotive insurers function with the help of a tiny databox that tracks and records the way cars are driven, rewarding good drivers as the data directly reflects on the premium amounts.
- Artificial Intelligence (AI) is helping insurers detect fraudulent data by scanning claims while also streamlining internal processes like billing and underwriting.
- Robotic Process Automation (RPA) is fastening processes and increasing operational efficiency by automating mundane, time consuming tasks.
- Leveraging on IoT, Chatbots offer a heightened CX as they enable faster processes like form fills and quicker responses to queries.
- Applications that provide real time updates and are a one-stop solution for all customer needs.
To enjoy a competitive advantage and deliver satisfactory customer experiences, Insurance enterprises must work on a strategy that delivers an engaging and exceptional experience. With an experienced team and full suite of solutions and services designed exclusively for insurance enterprises, the Neutrinos platform is adding great value. We are helping insurers overcome challenges and deliver applications that rate high on customer satisfaction. Leading insurers have leveraged on our low code MXDP and have rolled out solutions that delivered higher revenues and greater efficiency. Talk to our experts for more details.