10 Ways to Improve the Claims Processing Experience
Improve claims processing experience can make or break a customer’s retain. Here you have 10 ways to improve satisfaction while bringing new customers in!
The cost of gaining a new customer is six to seven times higher than keeping an existing one.
Why does the claims experience matter so much? In the insurance world, the claims process can make or break a customer’s experience, making this the most crucial element in the customer lifecycle.
Improve satisfaction while bring new customers on is going to be the key to your success.
“Gaining a new customer is six to seven times higher than keeping an existing one. Bain Consulting.”
A new business model
Is easier to retain a customers than to bring one. According the global consultant Bain Consulting, this is because of this high cost. This is why it’s so important to provide a satisfying and simple claims process to retain your current customers.
By providing these experiences, insurers can increase customer retention and improve their satisfaction all while working to bring new customers on.
We know that those who are more responsive to policy holders throughout the claims process earn more dedicated customers, so we want to help you become that person. In this article, we’re going to share some techniques that will ensure success and make your life easier.
Customer Communication Tips
Remember, we live in the communication era. Its important for the insurance industry to understand the importance of providing an experience where customers feel they are heard.
Increased web usage and the proliferation of mobile devices, force insurers to modernize their processes. A new way of doing business was born. Specialized services tailored to meet the unique needs of different customer segments are showing up all over the insurance world. And yes, they’re here to stay.
The difference between success or failure in risk management is as simple as getting to know your customers and their individual needs. That’s why changing the expectations of your customers is not an option. Instead, you need to work to deliver more than your customer expects. Work to reduce costs and do everything in your power to reduce fraud.
Customers are making claim management’s top priority the ability to communicate with you. The saying “anytime, anywhere and anyhow” can become a headache for industry specialists. Insurers need to be followed if you want satisfied customers.
Technology Is on Your Side
The digital revolution is not only increasing customers’ communication expectations; it is also making it easier for them to compare providers.
Because of the rapid increase in the speed of communication, it is now more important than ever for customers to be able to find information. What they need? To have answers to questions quickly and easily.
The increase in the speed of communication is rapidly making its way throughout the world. On the other side of the ocean, the NS Insurance Newspaper in London recently published the following statement: “the key element at claims process is making it more efficient for customers.”
At TerraClaim we understand the importance of time in the claims process. We take advantage of the modern technologies available and combine them with the best strategies to create a unique experience that promotes client retention and streamlines claims-related operations.
Now let us take a look at some of the secrets we have discovered. We are sure they will be of great use to you.
Deliver a Claims Experience that Builds Loyalty
Claims are defining moments for property and casualty insurers.
During the claims process, customer service and satisfaction are more important than ever.
Therefore, improving your customer’s claims experience is the key to success and retention.
Many insurers struggle to keep up with changes in customer behavior and expectations across the entire insurance process. And most notably, into the claims process.
What does this mean? Not keeping up with customer behavior and expectations means you will experience customer dissatisfaction and they will begin looking for a new provider.
We know that the success of claims processing lies in how you handle your entire claims management process. Organization is the key to making claims processing more efficient, developing intelligent data-driven decision, and proactively preventing fraud. And of all these key elements have in common that they depend on one thing: the correct organization of information.
Insurers should concentrate on improving customer satisfaction. By delivering a claims experience that needs to be based into three categories:
- The efficient management of claims processing with an integrated system.
- An increase in productivity with the help of automated controls and dynamic workflows to facilitate faster triage and assignment of claims.
- Streamline routine processes and close claims in a more cost-effective manner.
- Improving claims assignment by getting the right claim to the right adjuster with the required skills, resources and capacity.
You can implement these steps now to enhance the overall claims experience for your customers.
Setting Expectations is Important
The ability to analyze customer priorities, interests, and needs is important when it comes to the claims process.
By using new technology and the right tools, you can respond to all claims and evaluate the overall claims experience for your customers.
As customers are becoming more comfortable communicating online, it is becoming vital for insurers to use these channels to keep the communication flowing.
Using a Customer Communications Management Software gives you a competitive advantage right from the start. When using the right tool, you can generate reports and facilitate a seamless experience for your customers that increases the efficiency of the claims process. These tools can also help you provide recommendations, prevent fraud, and reduce lost claims costs.
The best part about all of this is that using these kinds of Management Software, your customer satisfaction and retention will increase!
Four areas to create individualized customer experiences:
Clients need to know what to expect from the claims process and know where to go when there is something they need. By combining these elements and offering them to your clients, you you will stand out from the competition.
- Customer service.
- Technology enablement.
- Claims workforce.
- Data and analytics.
Speed and Transparency of the Claims Process
When customers can contact their insurer anytime to find out the status of their claim or, better yet, if an insurer sends regular reports to clients, they feel secure.
Prompt communication is key and transparent interactions with the insurer’s staff are the most important factor in this process.
Customers value clear and constant communication in all stages of the claims process. If open communication is already established, try stepping up your game by giving clients the option to contact you through several different channels.
We are social people and we need to talk and share our experiences to help others not make the same mistakes as we did. Recently, Forbes Magazine published a study showing that insurance customers are quick to turn to social media to raise their voice.
According to the investigation, three out of ten customers have already shared their claims experience on social media. On top of that, four out of ten people use these social posts and reviews to make their insurance purchasing decisions.
In the context of social media, fake reviews and angry customers are a part of reality. Like fake posts on social networks about products and services, claims fraud is also common.
“Three out of ten customers have already shared their claims experience on social media”.
There is always room for improvement
Increased satisfaction has a direct benefit to customer retention. Self-Insureds, TPAs, PEOs, and Risk Managers cannot afford to be complacent.
Inaction is the enemy. Customer expectations include modern technologies that improve performance and transform the claims process.
If you use competitors’ claims performance data as a differentiator from your competition, you will have a better chance of getting customers who are looking for a new provider.
To continue to improve the accuracy of claims payments and proactively reduce fraud, using Artificial Intelligence (AI) and analytics tools can make all the difference.
You will need a tool that is continuously growing its claims data warehouse to validate your effectiveness. Also, identify opportunities to improve your risk management program and facilitate improved claims outcomes.
Traditional Method vs. the Proactive Model
Using technology to optimize the claims process is no longer an option. It is a necessity that will help you keep customers by creating a unique and satisfying Claim Process Experience.
At TerraClaim, we strongly believe that the future of claims lies in a proactive model. We have seen that effective communication about claims and transparency surprise customers and exceed their expectations.
To enhance claims function and achieve higher levels of customer satisfaction while going through the claims process, every insurer needs to use these new technologies.
This proactive model allows you to find opportunities earlier than the competition and to respond swiftly to customers.
Our secret is out!
Now is the moment you have been waiting for, our big secret!
If you have read this far it’s because you’re a self-insured, TPA, Professional Employer Organization (PEO), or Risk Manager who knows the importance of a solution to benchmark claims performance against industry peers.
Our secret is easier than you imagine: TerraClaim Benchmarking. A powerful software that provides the benchmarking solution you have been looking for with access to a growing claims data warehouse.
With our software, you can find opportunities to improve your risk management program and facilitate improved claims outcomes. Our solution streamlines the entire claims management process – from first notice of a loss to investigation to settlement.
TerraClaim Benchmark supplies the controls, reports, and easy user experience that increases the efficiency of claims processes provides recommendations, helps prevent fraud and reduce loss claim costs.
There are no more excuses for you not to provide a unique experience to your customers! Try our free and customized demo.
The key to success
“Benchmarking is a key component to analyzing the performance of a client’s workers compensation program. TerraClaim Benchmark provides TPA’s and their clients with a quality, easy-to-use tool that provides many options to review performance results from multiple data selection variables. It is an important tool we utilize in our client stewardship reports.”
Executive Vice President & CIO