Creating customer loyalty with personal property insurance policyholders is no small task. However, it can be done if you are willing to think big.
For many, it is simply easier to “play it safe” than it is to innovate or rethink current methods when it comes to handling contents losses. While more and more insurers are shifting their focus and beginning to downplay the high stakes game of low rates, the realization of how the customer experience impacts revenues takes center stage. No area is more fundamentally relevant and has a greater upside potential than claims, and more specifically, personal property claims.
From the insured’s point of view, moving to a Web-based claims process makes sense. Currently, the process does not give the customer much of a role; he or she provides a list of losses and the next point of customer involvement is likely when the check is received. A cloud-based system gives the insured the opportunity to be more engaged, provide greater detail for their claim, saves the adjuster time and, ultimately, the insurer money.
The strategic importance of how the front-line workforce intersects with the customer is a defining moment in the claim cycle and customer engagement. This is a critical step in building trust and loyalty. Today, technology is one of the most effective transformational factors for enhancing the customer experience with innovative self-service options. The social behaviors of the insured have evolved to a point where he or she not only wants to be involved in the claims process, but also demands it. Taking an analytical approach to modernizing and simplifying this vital part of the contents claim process is a paradigm shift. We must change as needs change and think as the customer thinks. Insurers will gain significant advantage by creating better levels of transparency and involving the customer in the process. Providing a safe, structured environment that assists and encourages customers to participate (at their convenience) and follow the entire progression of their claim will help achieve faster, more agreeable settlements with higher satisfaction levels and less exposure to liability and litigation issues.
While out-of-the-box thinking can be creative and unconventional, enlarging your vision of the claims process requires leadership, strategy, and innovation. We need to see beyond ordinary methods that do not improve the customer’s experience and claim efficiencies or lower cost structures. We are at the forefront of transformation in claims. The strategies above are just a few ways we can start to reorient our thinking towards innovation, focusing on improving bottom line results and profitability without the pressures of driving top-line growth.