Today's leading senior claim executives are confronted with an increasingly difficult challenge — how to balance achievement of a carrier's targeted claims loss ratio with the delivery of a streamlined customer experience that enhances and differentiates its brand versus the competition.
Policyholder expectations are rapidly evolving, particularly with respect to the claim-reporting function. Once a highly decentralized, paper-intensive, agent-centric process, the claim-reporting process has become increasingly streamlined for many carriers through the adoption of direct loss reporting via a centralized call center facility.
Today, reporting options around the self-service channel, "on-demand" scheduling of third-party services at initial point of collection, and real-time assignment of claim-handling personnel are all expected menu options during the claim intake process. For fast-track eligible claims, several leading global insurers are now providing electronic funds transfers via direct deposit into a policyholder's bank account, thus enabling near-real-time return to pre-loss condition.
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