Filed Under:Carrier Innovations, Technology Solutions

Innovating the Contents Claims Process

Simplify, Empower, Collaborate

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.

Moving the contents claims process to the Web is a strategic step. However, if we do not change the way we execute the process, then changing the platform on which we function will likely leave us with the same dysfunctional system. Moving clutter from one closet to another still leaves you with a messy closet.

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.

3. Empower: Take Self-Service to the Next Level

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.  

An important piece of this new culture is improving the adjuster’s experience. We must regain and polish a “pro” adjuster mindset. The adjuster’s role is critical to the contents loss process. It benefits both the company and the customer having developed the adjuster’s self-worth and pride in his or her work. Adjusters are the frontline workforce directly interacting with the customer and should be valued as such. Incorporating technology that complements the adjusters’ tasks and improves efficiencies will attract and engage the right people with an end result of an improved “bedside manner” and a new level of loyalty.

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.

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