As a product they hope never to use, insurance occupies a unique spot in the consumer mindset. Most policyholders stay happy when life’s going smoothly and premiums are reasonable. However, frustrations can quickly mount when accidents, losses, or disasters happen.
Being involved in a car accident or theft in the home is stressful enough. The promise of getting a fair and prompt payout after a loss is why consumers buy insurance in the first place. After such incidents, people just want to get back to normal as soon as possible.
So, what frustrates policyholders most about their insurers? 68% of complaints deal with filing a claim.
The recently published Chartered Insurance Institute (CII) Public Trust Index showed the speed of claims rose from the seventh-highest priority for consumers in July 2021 to the third-highest priority in July 2022. Having a sense of control over the claims process moved from ninth to sixth-highest priority during the same period.
According to the CII, the cost-of-living crisis is likely behind the change. “Our findings reveal the desire for faster claims processes during times of stress and uncertainty. The last time consumers felt this strongly was during lockdown in May 2020.”
How Digitizing the Claims Process Can Help
McKinsey & Company recently conducted a claims digital study among U.S. insurers that revealed that 60 to 70 percent of them are “moderately” adopting new digital tools or ways of working.
Clearly, the industry still has some way to go to ensure they leverage the technologies available to them. According to a survey by PwC:
- The insurance industry is lagging behind other sectors in the adoption of AI and automation technologies.
- 41% of consumers are likely to change their insurers due to a lack of digital capabilities.
So, how can digitization and automation improve the claims process? Claims management is renowned as being a labor-intensive process. It involves multiple tasks that require manual work. Now, intelligent bots with robotic process automation (RPA), chatbot, and natural language processing (NLP) capabilities can streamline claims-related processes. For example:
- During FNOL, intelligent bots can guide policyholders to submit information, take photos, and upload them to the system without human intervention.
- NLP-powered bots can extract data from paper claim submissions, classify documents, and input extracted data into the claims system.
- Fraudulent claims can be detected by bots trained in fraud detection algorithms.
Insurance Claims Management Software from Insuresoft
Diamond is Insuresoft’s all-in-one enterprise software solution ideal for both personal and commercial lines. It combines digital engagement and intelligent data to advance your mission. Diamond Claims is our insurance claims management software that enhances the experience of stakeholders across the insurance claims ecosystem:
Your Claims Administrators
Diamond Claims has an intuitive user interface that provides claims professionals with a comprehensive set of features and functionality — from FNOL to subrogation and salvage and from personal lines to commercial lines and workers’ compensation.
The software empowers administrators to handle claims quickly and efficiently. Users love the dynamic workflows, fully integrated coverage verification, customer communication functionality, and third-party integration that allow them to cut through complexity and focus on the all-important customer experience.
Your Adjusters and Supervisors
The solution can auto-complete routine tasks, flagging and escalating exceptions for special handling to prevent adjusters and SIU from becoming overwhelmed. It can then track those exceptions, noting their completion and adding auto-notes to ensure the work plan and claim file contain the appropriate information.
Supervisors can more effectively review and manage claims, their attendant activities, and the workloads of their teams.
Customers receive the digital-first experience they expect from our mobile app. With Diamond Mobile, your policyholders can report losses or contact their agent in the moment.
Your IT Teams
With improved performance and a single claims system, IT teams can easily migrate legacy data and interact with multiple policy sources in one combined view.
While Diamond Claims is a part of the Diamond Platform, it can be deployed as a standalone application that readily interfaces with multiple policy systems. Using a repeatable conversion tool, legacy claims can be converted from disparate systems, including historical financials, notes, and attachments, making the data available for reporting from a single source.
Diamond Claims Advanced Capabilities
- Define rules and workflows on the fly without reliance on IT
- Configure home pages, define screen layouts, and set user authorities
- Let agents and policyholders submit FNOLs online
- Support salvage and subrogation efforts
- Reduce claims errors
- Integrate reinsurance
- Improve decision-making with more than 100 out-of-the-box reports
- Improve claims transparency
Customers remain loyal when their insurer resolves their problems quickly. You win when your customer stays with you for life because you increased their level of trust.
Looking to close claims faster, reduce claim costs, ensure consistency, improve adjuster productivity, and enhance customer service? Get in touch with us today.