Optimising the claims process

Eclipse spoke to Modern Claims Magazine to discuss how the claims process can be optimised for customers, in order to provide the best possible claims experience. 

In recent times, it’s become increasingly difficult for insurers and claims companies to streamline operational efficiencies whilst simultaneously improving customer experience, and the stakes today are noticeably higher than they were a decade ago.

As the market is becoming ever more saturated, it’s no longer enough for companies to just say they’re different. Instead, they need to develop personal and meaningful customer relationships, not only to resolve some of the most frustrating aspects of making claims, but to increase customer engagement, and therefore to gain trust and loyalty.

Digitisation is often the first port of call when it coming to improving processes, however the insurance sector has been somewhat slower to embrace new technologies – and that’s in part down to the restrictions of legacy systems. Although replacing and upgrading said systems are often seen as an unnecessary expense, a strong case management solution will certainly earn a significant ROI through automation alone! And by automating low-value work and generally managing the claims process end-to-end, it allows insurers to focus on solving problems and building relationships, whilst customers benefit from contained costs and increased productivity.

Technological advancements also mean it’s possible to gain ‘insider’ knowledge on customers and their lifestyles, allowing for a deeper analysis of data and insights, which can ultimately be turned into action. The key to optimising the claims process is to use the data captured, and turn this into improved products and services that are tailored to customers.

Nevertheless, implementing effective support technology is an important step in the right direction of optimising claims, but it’s only one component.

Perhaps the most important is the ‘people’ element, which can be easily forgotten in this era of innovation, where companies are striving to implement top-of-the-range technology to provide customers with top-of-the-range services. Although stating the obvious, submitting a claim is generally a stressful time for customers, and providing a consistent service delivery across multiple channels – including the more traditional methods – goes a long way to relieve this stress and ultimately create a loyal customer.

Essentially, whilst technology and new digital capabilities will continue to play a pivotal role within the claims industry, enabling smarter decision making, reduced premiums and increased loyalty, it can’t – and shouldn’t – diminish the need for human interaction.