The evolution of the insurance industry has fostered a recent recalibration of customer expectations. Once again, insurers are propelled into another phase of adapting to changing customer needs. While many insurers implement a robust customer-first strategy, the recurring challenge associated with a client base with ever-evolving ways of thinking places insurers in a constant state of catch-up.
To achieve longevity for your business, we share strategies to accelerate the claims lifecycle and elevate customer service, to help you stay ahead.
Deliver insights through technology and innovation
Parallel to the industry’s shifts, digital transformations and enhanced data insights are among the leading customer expectations for insurers right now. As with other industries, customers are becoming increasingly self-serving, with a growing appetite to handle services through seamless, online touchpoints. Gallagher Bassett’s (GB) global insurance industry whitepaper found that 20% of participants nominated the dynamic shift in customer expectations as their main challenge in 2024.
For insurers, leveraging leading technologies with the support of an expert claims partner can provide access to valuable insights that help expedite and enhance customer outcomes. We know that customers want a personalised experience, and thankfully, it can be simple to deliver with claims-management technology that fits the needs of your business and the demands of your insured. We establish the current state of the claim lifecycle and opportunities to accelerate this using our best-in-class analytics platform, Luminos. This framework establishes opportunities to eliminate manual assessment and efficiently pursue claim resolutions without unnecessary delay. Through strategic partnership and leading technologies, insurers are empowered to make quicker and more effective decisions, act with confidence and deliver exceptional claims management; meeting customers where they are.
Accelerate your processes and deliver superior claims outcomes
Current customer expectations have also followed suit with a global push for services to deliver quicker outcomes and response times. For insurers, solving complex claims efficiently and accurately can be easier said than done when claims volumes are on the rise. To drive long-term improvements for your customer experience, partnering with an expert administrator can alleviate internal pressures, ensure complaint ratio reductions, and enhance your Net Promoter Score through robust system controls. As competition soars in the insurer marketplace, perfecting your customer service offering via a shortened claims lifecycle is a critical step.
Our commitment to early claims intervention is based on a simple fact – the faster a claim is resolved, the better it is for you and your customers. This philosophy ensures that every claim is addressed quickly, reserved accurately and a determination is made in line with the policy wording. Customer experience goes up. Claims leakage and overall costs go down.
Speak to our claims experts about how you can future-proof your business against ever-changing customer expectations, book a free consultation here.
