As published in FA News August 2019 edition.
Claim turnaround times are a top priority for brokers. However, lengthy processes remain a stubborn itch for insurers. What can be done to speed up the process?
Integration and investment
We need to look at the integration and investment into structures that enable departments to communicate and share data, which will drive customer satisfaction and fraud detection.
Effective claims processing plays a massive role in any insurance business. An optimal claims-handling process must improve the turnaround time of each claim while keeping operational costs to a minimum, all the while ensuring customer satisfaction. There is no easy solution and introducing flexibility to legacy systems is proving difficult. This is especially true when it comes to amending current claims processes.
The increasing volume of incoming claims has added to the burden. For insurers with legacy systems, it is proving troublesome to identify patterns in incoming claims as they cannot rapidly integrate with new technologies.
It is a matter of empowering the right people in the business, but also knowing that the right tools are in place to speed up the claims process. Issues like insufficient budget may hamper implementing the necessary systems to bring about change in the relevant deparments. In addition, integrations with the correct tools could, and should, become insurers’ biggest spend in the next few years.
More data, better service
Access to data is the first step in speeding up the claims process, especially the capability to store and analyse the data at hand.
Without this technical capability, data becomes meaningless. Insurers will not be able to identify patterns that drive fraud and they will not be able to understand customer needs, which are integral to improving the general customer experience.
However, expediting the claims process is about more than speeding things up within the company. Insurers must also focus on investing in robust technology that can be transparent while assisting with the claims process.
For instance, a claimant must be able to easily receive information from the insurer, such as the need for a driver’s license in a motor vehicle claim, to rule out any delays.
Do not forget the broker
Brokers also have a crucial role to play in getting the correct data to insurers and removing the possiblity of duplication of records.
It comes down to the right people implementing the right technology. Each insurer has its unique processes based on their offerings, but an optimal claims process will ensure that the correct technology is in place and is utilised to enhance the customer service experience.
Genasys Technologies RSA