In today’s “digital age,” technological advancement has been fast and intense, bringing sweeping changes over the course of just a few years. Most recently, rapid improvements and growing geographical reach of mobile technology have led to new challenges and new opportunities throughout the insurance industry. New communication channels and new access to large volumes of consumer data has had a great impact on property and casualty claims.
New Ways to Manage Complex P&C Claims Processes
P&C claims is a complicated area of the insurance industry. It involves a vast network of both internal and external parties involved during various points of the claims process. Insurers, claimants, law enforcement, auto repair service providers, healthcare providers, and even external data providers can all become involved in these cases.
For insurers to handle the complexity of P&C claims, they must have detailed internal processes for managing paper documents, digital documents, and various correspondences that impact the claims life-cycle. P&C claims routinely take months or even years to process. Additionally, insurers leverage new technology to lower claim payouts by either reducing the time required to reach a settlement or by increasing the accuracy of claims.
New abilities to harness and capitalize on digital data like images, social media posts, emails, and streaming video can provide new opportunities for insurers to optimize and further improve customer communications, as well as enriching the body of available data that can be used to assess and settle claims. With new avenues of communication available, an interface allows all various parties to be involved and new flexibility for handling unpredictable volumes of P&C claims, while cloud and mobile technologies can help insurance companies ultimately enrich their bottom line.
Improving Productivity & Profitability Through Technology
One of the key areas where technology can produce substantial improvements is the productivity of personnel. Streamlining the claims process for investigation and settlement and improving the efficiency and productivity of adjusters are key objectives for improving profitability.
Along with productivity, technology can also produce improvements in companies’ abilities to reduce their claims payouts substantially. By capturing more information, and making it more readily available for insurance adjusters, there are opportunities to reduce settlements without any serious detriments to customer satisfaction. Claims can be settled faster, and fraud can be identified more readily, which has a positive effect on the company’s ultimate profits.
Enhancing Customer Service
The newfound ability to handle claims more efficiently and expeditiously also provides ample opportunities to establish and strengthen customer loyalty. The claims process is an area where customers remain continuously engaged throughout, and new technologies are playing a role. For example, today’s ubiquitous mobile devices give customers a new and versatile way to capture accident information such as photographs which can then be transmitted instantly to the insurance company. This is convenient for the customer given that is can not only significantly speed up the claims process, but also consequently contribute to a positive customer experience. The unstructured but valuable content can benefit a variety of parties throughout the insurance claims process.
New Opportunities from New Technologies
The rapid growth of cloud and mobile technologies can bring considerable advantages to insurance companies that handle complex; protracted P&C claims processes. New access to unstructured data and content, along with new communication channels, can help expedite the claims process and improve efficiency on some levels. Deluxe eChecks utilizes these technologies to electronically deliver printable checks and instantaneously distribute payments. This service will eliminate the need for traditional checks and help the company save on printing and distribution costs. The results are better employee productivity, faster claims settlement, and reasonable solutions while providing an improved and more convenient customer experience.