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Much has been shared and discussed how claims function is the most crucial in the business of insurance. We have written quite a few blog posts on the importance of claims processing. In this post let us talk about end-to-end digitization of claims that can transform the business.
The current and “now” generation of individuals expect much more than the earlier generations from the insurance industry. They have the ability to obtain information at the click of a button, or access websites and solutions from anywhere any time and therefore expect the same with insurance service as well. The obsession with the digital world means that the customer experience in insurance is quite high and needs to be on par or above other digital service providers.
Surveys by McKinsey & Company have shown that 81% of companies expect customer experience [CX] to be the main battleground across insurance companies. Another survey also tells us 70% of consumers base their opinion of a [insurance] business based on the quality of their Customer Experience [CX].
A truly innovative and seamless customer journey can be achieved by integrating three aspects—Artificial Intelligence [AI] & digital technologies, a new digital business operating model and overall digital integration of the claims ecosystem. When a survey was done by Mckinsey among businesses on disruptions, here is what it revealed-
So, what does the ideal claims processing experience look like?
1. Integrated processes that enable policyholders to complete their claims applications without any glitches. Insurers can adopt web/mobile-based applications that allow easy upload of supporting documents and images wherever necessary during the process. This gives policyholders the freedom to apply for an insurance claim without seeking a space to fill out forms or go through complicated workflows.
2. Easy workflow and round the clock support system is what customers expect when it comes to claims applications. There needs to be open communication between insurer and customer, a chatbot or other automated system to help customers resolve any queries they might have along the process. The entire process needs to be cost-effective and take the least amount of time. The same needs to be extended all the way to the payment and settlement of the claim.
Here is what a typical claims processing journey like [Mckinsey & Company]
Three key areas that an insurer needs to take into account when digitizing the entire claims processing.
1) Digitising the First Notice of Damage or Loss (FNOL)
Despite taking all efforts to avoid mishaps/incidents, claims are bound to occur. However, when customers are given an alert or advance notice to the customers on the loss of property or damage, costs can be minimized and the customer experience enhanced. With the help of digital claims management, customers can notify their insurers through any digital platform – Whatsapp, SMS, Facebook/Twitter/Instagram messages or email as well, or through the app.
Using the IVA/chatbot, insurers can then guide their customers through the First Notice of Loss process. They can enable the customers to share photos, videos, and other updates along the way without having to leave their loved ones or the injured person. This will allow customers to stay connected, complete the claims process without any delay and reduce stress as well, subsequently boosting the customer experience.
2) Proactive claims prevention via omnichannel communications
Dealing with claims, submission or processing is quite tedious tasks and one that not many customers look forward to. With the help of digital solutions and automation in place, insurers can reach out to their customers giving them an omnichannel experience and ensuring their claims submission process is seamless.
The ability to use any digital channel and switch between them during the submission process assures customers they matter and that the insurer is always with them. Sending a WhatsApp message during a storm or an approaching flood to the customers for example is a good way to help them plan ahead and it also makes their experience with the insurance provider better. Providing tips on how to stay safe or first aid is another way of ensuring policyholders reduce the chance of damage or loss. To successfully prevent claims, automated communications can be used to identify and trigger the right kind of communication to the appropriate customer base.
3) Automating claims analysis and management
Insurance policy purchase to claims processing can all be completely automated. When the company digitizes the claims function, customers can easily upload supporting documents, photographs and fill out the forms from anywhere any time. The system verifies the application, checks for fraudulent activities and authorizes/rejects the same within minutes, if not seconds. The claims can also be classified as a top priority, or regular claims and processed accordingly. The AI capabilities within the system can check the data provided, cross verify with the data in the system and clear out settlements seamlessly. All and any paperwork related to the claims are completely digitalized and the customer can check the status of their claims at any point of time online with the real-time tracker.
At Neutrinos, we have developed the “claims e-Submission” solution. The convenience and functionality of the claims e-Submission solution is one that is completely redefining the way insurance business is carried out. An end-to-end encrypted electronic claims management solution that enables customers to file their claims online and comes with features unparalleled. This app has the most user-friendly UX and has a process flow that is clear and easy to follow. Convenience and functionality are the highlights of this solution. We have put together a whitepaper talking about end-to-end digitization of claims processing which can be downloaded from our website. Do reach out to us if you are looking to digitally transform your business.