Claims Management: What Customers Expect and How to Apply It

…how to automate requests and processing to meet customer expectations?

Consumer demands have entirely shifted in the last decade.

What once was a “nice to have” for companies, is now the expectation.

This is also true when talking about what customers expect when dealing with companies they do business with. Especially how simple or difficult it is to get back to these companies and how their claims/requests are managed.

This article is focused on insurance claims, however, the information found here is valid no matter the nature of your claims and requests.

» Here’s how to satisfy your customers with frictionless, speedy and timely claims management!

How do customers want their claims to be handled?

Much like online shopping, when it comes to claims consumers expect seamless, omni-channel, real-time interactions that easily integrate with platforms they already use.

How customers want their claims to be managed

Time delays are a big source of dissatisfaction. Therefore it’s in the company’s best interest to have all relevant information to process the claim quickly.

All these customer expectations bring the stakes higher. Now reducing claim handling time is a top priority for adjusters.

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How are claims being managed in 2021?

Not every state has time limits for processing insurance claims. However, according to insurance.com, most insurers complete the process within 30 days depending on the specific claim.

For instance, personal injury claims such as workers compensation, may take longer than a property damage one; as person’s health and dealing with hospitals is involved.

Fact: it was estimated that in 2021, 68% of all complaints involved claims issues, such as low settlement offers, delays during the resolution process and outright denial.

This comes as no surprise as so many companies are still processing requests manually. Which often results in costly processes, long timelines and damaged customer relationships as consumers have trouble trusting companies who don’t seem to value their time.

In fact, studies have revealed that:

»» less than ⅓ of insurance customers are satisfied with their current providers.

»» 65% of consumers have cut ties with a brand over a single poor customer service experience.

This new emphasis on a positive customer experience and streamlined processing is why more and more companies are shifting to digital.

This is where digitization and automation of claims management processes enters the equation.

Can the Claims Management Process be Automated?

Yes, it can!

Claims processing can be easily automated through claims management software or simply by using a process automation tool to streamline the full process.

How to automate your Claim Management process

Automate your full process in minutes!

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Which are the benefits of automating the process?

- - Less work to do
  - Improved transparency and collaboration
  - Speedier process
  - Higher and real-time traceability
  - Real time access to customer data
  - Real time access to claim management status
  - Digital experience for both customer and employees
  - Speedier and simpler claim reporting

Tips to improve your Claims Management

Many are the things you could possibly do. However we could sum them all up in these 3 key points.

⇒ Simplify the process

Make sure you add only necessary steps.

Eliminate back and forth, redundancies and establish a clear workflow for each type of claim. Evaluate periodically to understand where there is still room for improvement.

READ: How to do a Business Process Optimization

⇒ Digitize your Workflows

Provide a fully digital self-service experience

This will also guarantee you that the same process is followed each time and that you don’t need to invest time on data entry.

Invest in technology to digitize requests, automate routing and assignment so to allow simultaneous work and offer customers the possibility to track them real-time.

Make sure the system you choose automatically classifies and stores data while giving you a 360º view of every request.

READ: How to digitize processes without coding and the complicated stuff

⇒ Automate tasks

Make sure you automate every possible task

- Claims assignment
- Requests for information
- Status updates
- Form generation
- Verifications
- Evaluation of claim risk
- Claim adjudication

TIME is key in the way customers perceive how you manage their requests. So make sure you have a speedy, frictionless and streamlined process in place.