Insurance customers’ expectations are being shaped by their experiences with companies like Amazon and Uber. New expectations of choice, convenience, tailor-made solutions, and lower cost, are both a challenge as well as an opportunity for Insurers to improve revenue, profitability, customer centricity, and retention.
That experience is especially important in today’s digital age where the availability of social media provides a near-instant forum for reviews of sub-optimal customer experiences.
Hurdles to a Better Claim Process Experience
Claims processing systems represent a major labor and cost pain point, often requiring a large number of forms and documents. The process remains costly and inefficient because it is based on paper files, associated attachments, and manual workflows. Leading to low customer satisfaction and lack of a consolidated view of operations.
The way forward for claims
Making a claim is the biggest pain point for customers, yet the biggest opportunity for you to win lifelong customers. Streamline your process to make claims hassle-free and avoid the frustration caused by repeatedly having to re-key information. An Automated Claims Process reduces the complexity of back-end databases and disparate files.
Revolutionizing the Auto Claims Process in four easy steps:
- Report your Claim: Customers can file a claim online through any device and know upfront what to submit as evidence (videos, photos, documents, text/notes, etc.)
Capture data closest to its source – Document capture provides capabilities for capturing images and marking the damaged parts of the vehicle.
Self Service– Once documents and data have been captured, they’re routed efficiently via FCI’s automated claims process
Streamlining the claim process: Once documents and data have been captured, the FCI’s automated claims process manages the entire process.
- Improved customer satisfaction
- Increase customer/ policyholder control over the process
- Minimize interactions with the contact center and reduced waiting time
2. Claim Assessment: Insurer receives all required evidence moments after the incident — investigation/ assessment begins without delay.
- The team involved in claims can access information at the touch of a button
- The customer is informed of claim status via system-generated emails
- Built-in fraud deterrence via requirement to submit visual evidence for every claim
3. Claim Adjustment: Digital features of the claim process move the process forward rapidly. Insurance adjuster collaborates with others in the supply chain and manages the key stages of the process.
- Better and faster repairs and replacements
- Increased operational efficiencies and a comprehensive view of claim
4. Claim Settlement: Insurer identifies damages/loss and settles up the claim
- Faster time-to-settlement
- Better claims experience for customers
Through a revolutionized claims process, customers will be able to more efficiently handle less complex claims entirely through digital Omni-channels. They can have accurate and transparent information about their claims that will be shared or “pushed” proactively to them through online channels.
“Superior customer service will not be defined by the level of human interaction or by different offers, rather by the level and quality of customers’ experience”
Following are some business-driven outcomes from implementing an Automated Claims Process:
Business Driven Values
- Reduced turnaround time: Eliminating time-consuming manual data entry, insurers can capture the data from paper claims and route the captured data into the adjudication system.
- Reduced costs: With a more efficient process, data entry staffs can be directed to other tasks such as customer service and paper-based costs will be reduced.
- Increased Efficiency and Productivity: Eliminate error-prone manual data entry for greater data accuracy, faster processing, enhanced information accessibility, and reduced processing costs.
- Maximize Revenue and Profitability: Automate claims processing to reduce processing costs, speed up claims resolution cycles, enhance customer service and scale across multiple lines of business.
- On-the-Go Claims: Provides immediate, online access to all claim information and supporting documentation.
- Customer Engagement: Energize and enrich customer relationships by offering adequate communication and responsiveness by including status updates and alerts to claimants.
- Accurate: The solution includes a variety of features that eliminate typical data entry errors and other inconsistencies.
- Secure and compliant: Store critical data securely and efficiently while assuring authenticity and reducing total cost of ownership. It also enforces compliance and electronic records retention.
Adopt a Seamless Claims Experience with FCI
To be competitive in the insurance industry, organizations need a comprehensive solution to help respond to the challenges of today’s digital economy, while driving efficiency and delivering an effective claim experience for customers. FCI helps you focus your efforts on your customers’ digital journey by offering an easy to adopt claims transformation.