Customer Retention and Claims Technology

As insurance consumers we are inundated with offers and incentives to buy insurance or to switch companies. Most of us stay right where we are until we are given an incentive to leave, which all too often comes in the form of a badly handled claim. While a bad claim experience is not the only reason we leave, it is a surefire way of inviting us to look elsewhere.

Traditionally as consumers we speak to our insurance representative only when buying a new car, selling an old car, adding to our family or moving to a new home. These are usually low stress, good life-events. A claim on the other hand is traumatic, and is the only time we get to see the quality of the insurance product purchased. A claim is an opportunity for our insurance company to prove that we bought the right product from the right company. To that end, insurance companies have asked their adjusters to deliver a quality product. But have they equipped them with the best tools to do that job?

Claim a “project”

A claim can be viewed as a project, large or small, with the adjuster in the role of project manager. As project manager, the adjuster’s responsibility is to ensure the company side of the insurance agreement is properly executed. An important component of project success is customer satisfaction.

Once the adjuster has captured the facts of the loss and confirmed coverage, they need the opportunity to build their own “project team”. This project team, of course, is made up of professional service providers from both inside and outside the organization. Allowing a well-equipped adjuster to choose from a preferred business partner list within an automated claims process provides the adjuster a “customer convenient” opportunity to pick the members of the project team. Providing the adjuster with the tools to assemble their own team is an important first step in achieving project success, and building the team while consulting with the customer creates confidence in the claim process. An Internet-based B2B claim communication tool, commonly referred to as “eClaims”, allows for quick and easy selection of team members best suited to provide the customer with the highest level of service.

Best practices

Insurance company “best practices” are often contained in a reference binder on the adjuster’s desk. These practices have been developed over time, and are tried and true guidelines which when followed will lead to a successful claim resolution and customer satisfaction. Unfortunately, because these guidelines are on paper in binders, they are sometimes not followed.

Embedding best practices into an eClaims product equips the adjuster with automated guidelines to follow as the claim progresses, ensuring that a customer-centric process is followed on each and every claim. Quality control is built into the eClaims product ensuring attention is paid to ongoing claims, reducing costly delays and helping the adjuster meet customer expectations.

Well equipped

When the customer speaks with the recommended supplier, the supplier should already know about them, their coverage, their claim, and any special needs they may have.

Communications through eClaims technology connects the vendor partners directly to the adjuster. They truly become part of the project team. Rather than fishing through a pile of paper or phone messages when speaking with the customer, the supplier can simply view the assignment on-line, demonstrating true connectivity directly with the company. Utilizing a well-designed collaborative communication tool allows all team members to work together. Changes that impact customer expectation such as delays or extensions can be identified, quickly addressed and communicated to the insured consistently by any member of the team.

Measuring

Naturally, a solid pool of potential project team members is needed. Business relationships have been structured around a set of expectations based on the desire to deliver a quality product at a fair price. Deviations from agreed expectations should be immediately escalated since they impact the customer.

On a broader scale, overall performance of business partners needs to be measured against agreements. eClaims technology provides tools that measure which partners consistently fall inside or outside the agreed expectations. Therefore, equipping your adjusters with the right tools for the job helps them meet customer claim expectations, in the end proving your customer made the right choice.

The Wired World welcomes your feedback. Contact us, via E-mail at <vikki@canadianunderwriter.ca”>b>vikki@canadianunderwriter.ca