7 Ways to Modernize the Claims Experience — Using What You Already Have

Filing a claim is a policyholder’s greatest moment of vulnerability and truth, and their satisfaction throughout the claims process is a key indicator of whether they stay or go come renewal time. 

How quickly and smoothly was a loss settled? Was the customer kept in the loop throughout the process, without important details slipping through the cracks? Did the insurer deliver a seamless, connected digital experience? How does this experience compare to the ease and comfort customers have grown accustomed to in other areas of their daily life, like online banking or e-commerce? 

When the answer to any of these questions is “no,” policyholders get frustrated, and insurers lose customers to more agile, nimble competitors.

Behind the scenes, disconnected claims management harms an insurer’s competitive advantage and bottom line. When insurers experience bottlenecks, breakdowns, or inefficiencies in their claims management processes, claims leakage—or the difference between what should be spent on a claim and what’s actually spent on a claim —becomes unsustainably high. 

Claims leakage today accounts for at least 2–4% of insurers’ total claims cost, with noticed leakage as high as 20–30% due to poor claims management and handling. And this figure will only continue to grow as extreme weather, cyber attacks, fraud, and other catastrophic events intensify in frequency, severity, and complexity.

So how can insurers better manage the entire claims life cycle so they quickly settle claims and reduce costs while delivering a superior customer experience? The answer is intelligent, connected claims management to augment your existing core strategies.

Read our ebook to learn how to unify and extend your data, optimize FNOL and claims intake, enhance claims operation and settlement, swiftly deploy mobile apps, and more.