Leverage digital technology to improve claims processing | cullen4congress

Leverage digital technology to improve claims processing

Mobile apps, artificial intelligence and advanced analytics are just some of the innovations that are shaking up the landscape for global insurers to help them meet the growing expectations of tech-savvy customers. Claims processing makes up the majority of the expenses of property and casualty insurers. According to Deloitte, the paid losses combined with investigation and settlement expenses accounted for about 70% of US premiums collected. Efficient claims processing is important to the insurance company’s bottom line and to increasing customer satisfaction among policyholders. The claims customer experience is very important. It’s a moment of truth 87% of the insured they believe that claims experience affects their decision to stay with insurers.

Speed ​​up your claims processing with automation tools

Generally, there are three steps in the insurance claim process.

1. Customer complaint

Claims processing begins when the policyholder reports the loss to the insurance company. The technology supporting this step is a website portal that allows the customer to upload photos or videos of the damage along with submitting the required forms. Customized portals, online forms, and access to critical information help support the claims process, and are easily created and deployed with open textTM team site.

2. Evaluation

In this step, the employee (insurance adjuster) can see what the client uploaded and consult their insurance policy. Advanced analytics are used for fraud detection. open textTM exstream helps businesses provide personalized communications to customers, enabling the distribution of policies, FAQs, and more through their preferred channel. To see how universal insurance company use Exstream for your business personal, auto, home, billing, claims, checks, liability and certified mail items.

3. Settlement

This occurs when the insurance company makes the payment to the policyholder. open textTM notifications supports this step by informing customers that the agreement documentation is ready to sign, allowing them to take action, provide their signature, and accept payment.

Today’s customers are looking for better self-service options, more convenience, and faster response times. By incorporating technology at the right times during the claims process, insurers can help meet customers where they are, providing personal service through the channel of choice (email, SMS, push and more) while improving the experience. of employees and overall efficiency.

Technological improvements can make a big difference. A JD Power report found that homeowners who process claims digitally, including submitting their first notice of loss online and accepting the insurer’s digital damage assessment, reduced payment time by up to 5.5 days, compared to those who did not submit their claim online along with photographic proof of damages.1

9 of the top 10 global insurance companies trust OpenText

Empathic and responsive communications go a long way to improving the overall customer journey. see why 9 of the top 10 Fortune 500 global life insurers rely on the OpenText Experience Cloud to modernize their customer experience.