There are two words that are music to the ears of property and casualty claims adjusters: Quick settlement. And guess whatclaims filers are singing those same words too. With the proof is Accenture (www.accenture.com), and its latest survey, Consumer Experience with Claims.
The consultant (it calls itself a management and technology services organization) conducted a random phone survey of 1,005 U.S. adults, uncovering 241 respondents who had filed a P&C claim within the last five years. Of those, the report found that 94 percent listed quick resolution as a highly important factor in the claims process.
Duh, you say? But consider this: Only 74 percent of the respondents cited the settlement amount as highly important. Time over money? Strange days indeed.
Vic Guyan, a partner in Accentures claims solutions group, said customers want more input in decisions and feel a need to be kept informed throughout the claims process. And technology is the only way to make that happen, he said. Customers want to move quickly and share information. That wont help if the claims handler cant get off the phone. They have to automate routine functions to improve service.
The ability to automate the claims process is important, not just for any one particular claim, but for how customers perceive the insurer. The ability to do things online is an indication of what the company is about, Guyan said. It says something to the customer even if they dont have a claim to file. He likens it to other online financial services. I wont do business with a broker that wont give me online access to my account, he said.
The study also found that 20 percent of the respondents believe submitting claims via the Internet is extremely or very important. Thats a striking number, Guyan said. They are putting a greater value on speed.
But speed is not the only factor. Some claimants want a more personal connection with the claim handler. That connection needs to be available if insurers hope to retain customers once the claims process is complete. For most of those customers, once the initial sale is made the only dealings they have with carriers is during the claims processso its that function that determines how policyholders feel about the carrier.
The need for the personal touch is supported by the study, which shows that 42 percent of claimants expressed frustration with a lengthy process and 41 percent were dissatisfied with a lack of communication.
Some other fun facts from the survey:
If a claim took one to three days to settle, few customers would have a bad feeling about thatonly six percent said they would be unlikely to refer a friend to the carrier and eight percent said they would be unlikely to stay on as a customer. But if the claim takes four to seven days, those numbers shoot up: 28 percent said they would be unlikely to make a referral and 26 percent unlikely to stay a customer.
Take that claims handling experience up to 15 days or more and you can kiss the customer and any referrals good bye. The study showed that 65 percent of customers would not make a referral and the same percentage would be shopping for a new carrier.
Finally, theres the part about simply keeping your customers in the loop. Its important. If customers are satisfied with a carriers ability to keep them informed on the progress of a claim, 76 percent said they would give a referral and 69 percent said they would likely stay on as a customer. Of course, thats assuming theyre satisfied with the job done by the claims rep. Unfortunately, 41 percent surveyed say they werent. ROBERT REGIS HYLE
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