The COVID Magnifying Glass On Claims Experience

    When COVID-19 hit, the insurance industry reacted well with most insurers rapidly adapting to a remote working model within a couple of weeks. The industry was forced into an ‘emergency fix mode’. Employers had to ensure staff could access systems remotely, and claims had to be validated without meeting the claimant face to face.

    It quickly became clear that “quick-fix” meant compromise.
    In the office, most customer facing employees (particularly Claims Handlers) were used to working on 2 or even 3 screens on their desks. Now they were working from the kitchen table on a single laptop, making it challenging to access all the applications required to do their jobs effectively. This (often coupled with home-schooling) increased the pressure on staff, which inevitably results in human error, costly mistakes and unhappy customers.

    Out in the marketplace, claims volumes took an interesting turn too. Whilst travel and events related claims went through the roof, motor and household claims dropped as traffic reduced dramatically due to the lockdown. Theft-related and major escape-of-water claims also went down because most homes were occupied all day.

    In situations where insurers would normally insist on on-site claims validation, they were having to try and validate the claims digitally and remotely, resulting in many insurers turning to the InsurTech community for quick ‘stop-gap’ solutions.

    In successfully adapting to the COVID landscape, insurers have inadvertently created a new problem; more unconnected or siloed point solutions making it difficult to get a consistent view of the whole claims journey.

    Improving visibility of the end-to-end claims process is key to delivering a true digital experience for the policy holder
    In my insurance opinion ‘As the sun sets on 2020’, I looked at how consumer behavior has evolved so they now expect to be able to interact with their service providers 24/7 via a range of digital channels – whether that’s a call centre operator, a chat bot, self-service portal or a combination of them all. It is well-understood that claims is the critical service area for insurers. Providing a positive and effective claims service efficiently impacts line of business profitability through reducing indemnity and non-indemnity spend, minimising fraud and improving retention ratios.

    Whilst most insurers have invested heavily in core claims management platforms in an attempt to optimise the customer experience, the same level of automation and digitisation hasn’t been applied to the area of claims fulfilment (the piece customers really care about) and 3rd party supplier interaction management. This is where a Digital Claims Journey Accelerator can assist insurers to intelligently glue disparate processes together and create a single digital claims experience with ‘one version of the truth’ visibility to all stakeholders.

    A Digital Claims Journey Accelerator connects people, processes, systems and data. Fast.
    Real-time interchange of accurate information between the claimant, the insurer and their suppliers is essential to providing a positive claims experience and retaining business. It is also central to enabling a supplier management strategy that minimises claims handling costs and leakage.

    A digital claims journey accelerator can report tangible results within 90 days; improve customer experience, reduce the pressure on staff and increase profitability through mitigated risk through:

    • – Reduce claims leakage
    • – Improve fraud identification and management
    • – Improve debt management
    • – Tighter control of claims reserves
    • – Reduce operating costs


    Download our Digital Claims Journey Accelerator guide to discover out how to digitise your end-to-end claims journey within as little as 90 days.

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    Digital Claims Journey Accelerator

    Claims fulfilment is not a new challenge for the insurance industry. However, COVID-19 has exposed significant gaps which negatively impacts all stakeholders.

    Our Digital Claims Journey Accelerator utilises the latest intelligent automation technologies to address these gaps at rapid pace.

    Digital Claims Journey Accelerator

    Our Digital Claims Journey Accelerator utilises the latest intelligent automation technologies to address these gaps at rapid pace.