The insurer’s handling of a claim can often turn into the moment of truth for the policyholder – prompting the policyholder to stay with the insurer or seek out competing offerings. The absence of a quality claims experience is the surest way to drive the policyholder to a competitor. A low-friction engagement between the policyholder and the insurer that is underpinned by timely, transparent, and clear communications can facilitate future renewals from the policyholder. In providing this level of service, insurers can ensure insureds receive the personalization that will make them loyal customers for years to come.
Countering Disjointed Communications with Personalized Experiences
From the time of loss occurrence, time becomes a precious commodity. The policyholder, insurer’s FNOL reps, agents, adjusters, and repair firms/shops must communicate and exchange accurate, clear information and data as fast as possible. In this stressful environment, communication between the various stakeholders is a challenge by any measure.
Fortunately, intelligent communications platforms in the cloud bring coherence and timeliness to the multi-stakeholder dialog. When integrated into an insurer’s core system, an omni-party communication hub allows authorized claims stakeholders to communicate with each other in ways that lower friction and bring new meaning to the phrase “personalize the claims experience.”
Intelligent communication platforms offer noticeable improvements to claims performance as evidenced by industry data. Research conducted by Hi Marley shows that P&C insurers experienced a 30% reduction in claims cycle time, 35% drop in number of phone calls, and gained 50% more five-star promoters.
Personalization Offered by Integrated Intelligent Communication Platforms
These platforms, when integrated with the insurer’s core system, offer solutions that aim to personalize one or more engagements, such as the sales engagement, the service engagement, and the claims engagement between the policyholder and the insurer. Personalization can take various forms as described in the section below, and every stakeholder derives unique value relevant to the responsibilities held.
Value Offered to Claims Stakeholders
- Integration with insurer claims core system– integration via APIs allows supervisors and leaders at insurers to retrieve and view communications between a policyholder and other claims stakeholders, such as adjusters and claims agents at any time.
- Text-based communication – connects all relevant claims stakeholders in a seamless connection.
- Multi-channel, bi-directional communication – stakeholders can communicate over their channels of choice such as SMS, mobile apps, websites, and others.
- Multi-party – messages to targeted individuals or groups.
- Insurance workflows – guide adjusters/claims agents on next steps in the claims process.
- Communication templates – claims agent/adjuster can use these as-is or modified to communicate information accurately and empathetically to policyholders.
- Automated message scheduling – the adjuster can trigger actions and share information at the right time.
- Built-in compliance tools – opt-ins offer choice to policyholders and auto-generated transcripts offer claims supervisors rapid evaluation of claim information.
- AI-based coaching – coaches users on actions to take in each situation.
- Dashboards, reports, and KPIs – help insurer executives assess claims performance quickly and take remedial action.
- Other value drivers – sentiment analysis, language translations, chatbots.
Benefits for Key Claims Stakeholders
Below are some of the important benefits of integrating intelligent communication platforms to personalize the claims process.
Benefits for adjusters and claims agents:
- Greater job satisfaction for adjusters and claims agents because of higher efficiency throughout the claims cycle.
- Adjusters and claims agents can plan a more efficient workday with flexible scheduling of communications.
- Claims leaders and supervisors can take quick action on claims issues with instant access to claims engagement history.
Benefits for policy holders:
- Faster return to normal life after a stressful loss.
- Reduced anxiety during the claims cycle resulting from prompt communication and transparency.
- Less dependence on family and friends support system with shorter claims cycle.
Personalize Claims with Duck Creek
Duck Creek’s Claims integrates with industry leading solution partners to give insurers a cloud-based technology platform that facilitates timely, transparent, and clear communication with stakeholders during the claims process. Click here to learn more about reducing your claims cycle time and delivering a superior claims experience with Duck Creek and our solution partners.