Digital CX for Insurance Claims: The insurance sector is one of the most aggressive financial services industries concerning digital CX trends and adoption. For most customers, the moment of truth in their insurance company relationship happens when they submit a claim.
The insurance claim process is a critical touchpoint in the insurance customer life-cycle and a crucial period when the insurance agency has the opportunity to forge trust that drives customer loyalty. Yet most insurance companies fail to meet customer expectations at this crucial juncture. Sometimes this sets loose a cycle that ultimately leads to customer churn instead of transformed customer relationships.
Customers are disaffected because they can get a quick and user-friendly response when they make a transaction at their bank, order a pizza over Siri, or make an appointment at their dentist. But with insurance, they must wait for the gears to grind on processes built decades ago. An overwhelming paper trail burdens operations and buries the consumers under outmoded and outdated documentation requirements. That easily leads to unhappy policyholders and enormous service costs.
The solution is digitizing the entire insurance claim process. The robust capability of a low-code platform for implementing digital CX for insurance enables insurance agencies to effectively meet customer expectations while simultaneously ensuring policy standards are consistently met. Low-code cx automation solutions make implementation even easier – with 90+% reduced timelines and costs.
Fully Integrated Digital CX for Insurance Claims
Low-code CX automation empowers insurance providers to transform the claims process to save time and money and yield greater customer satisfaction. With digital cx for insurance claims, your company could:
- Give customers the option to file claims online or in an app using digital self-service forms.
- Divert a caller to visual IVR forms instead of waiting for an agent.
- Collect damage photos, police reports, repair estimates, and other documentation without intervention from a customer service agent.
- Deliver a paperless claims system that automatically records the claim and all follow-up steps, routes documents and sends notifications at every stage, and keeps customers informed via emails, texts, or push notifications.
- Collect signatures and acknowledgments in real-time in either self-service or agent-assisted interactions using customer experience automation.
- Provide more accurate company analysis, actuarial, rate setting, and other processes.
- Seamlessly connect the customer front-end experiences and forms to any of the existing internal systems in use by the company — CRM, account management, call center, accounting, and more.
Lists of tasks that can be performed digitally are all well and good. But what could they mean to different stakeholders in the process?
Process Improvement for the Customer
One of the most frustrating aspects of customer claims filing is not knowing what documentation they will need. They finally connect with a call center agent, only to find that they must first file a police report or provide photos. They must hang up, produce or receive the required documentation and then go through the entire call center process again.
Then comes more waiting as the company assigns an adjuster who must reach out to the customer to initiate next steps. Delays here are magnified in the customer perceptions– why is it taking so long for them to call me? They won’t understand that the individual must gather information, visit locations, provide estimates, etc. Back and forth between the customer and the adjuster/company takes more time. Once payment terms are agreed upon, they must wait for a wet- or e-signature step, and then the cheque.
For the customer, a digital claims process eliminates the need for contact center calls, many of the wait times, audio menu IVR frustrations, and the like. Many steps can be automated and frequent status updates can be sent, so the customer sees progress along the way.
Conversational AI can give customers the personalization of an agent call without the wait times and chacha hold music. Timelines are shortened for insurance customers because the process is rarely “waiting” on manual steps. Routing and approvals are handled automatically through the existing SAP or similar system.
Process Improvement for the Company
For companies, claims mean customer calls or in-office visits, plus the cost of manual data entry by agents. Then the emailing begins, with each email representing a potential delay or security risk. Then, even if a company has a fast process for claims resolution, customers will expect things to happen faster. Time without a car, with a hole in a roof, or filled with uncertainty over medical expenses, will make hours feel like days and days weeks.
Every call avoided saves a lot of money. Digital claim filing eliminates the need for agent data entry. With integrations to existing systems, customer information can be automatically ported into documents, ensuring greater accuracy. Adjuster time is better spent on purposeful tasks instead of hand-holding. And faster resolution saves lost customers, who grow to appreciate your company even more.
360 Digital CX for Insurance Claims
With numerous parties involved in any single insurance claim – from the customer, the broker, the agent, and the adjuster – an end-to-end digital CX for insurance claims solution supports a higher level of collaboration and coordination exchange of information.
It automates the entire insurance claims process by digitizing every step, from submitting the first notice of loss to providing assessments and signing documents. This process can ensure that information is sent to the right stakeholder at the appropriate time, providing maximum communication, efficiency, security, and confidentiality. A claims customer journey is made markedly better with increased utilization of the digital channel.
Shorter Claims Cycle – Better Economics
The move from legacy systems and antiquated manual claims management processes to digital CX technology significantly cuts out time-consuming back-and-forth processes. Instead, assessors can maximize their engagement with customers over a digital platform. In just one insurance customer experience interaction, assessors can efficiently gather relevant information, such as descriptions of loss and pictures of damaged property.
Assessors can collect signatures through digital claim forms that can be custom-built to include specific terms and conditions. The ability to keep interactions exclusively on a digital sphere drastically shortens the claim submission and authorization process.
Further, giving people a process that reduces or eliminates human contact actually offers millions of people what they prefer. Customers increasingly prefer digital self-service customer interactions. This is particularly true of Millennial and Gen Z customers, whose long-term loyalty will drive maximum revenue and profit for the business. For younger generations, an excellent customer experience is one that they drive and control at every step.
It’s essential to recognize that digital cx for insurance claims is just as transformational to the customer experience as it is to internal processes enhancement. Because of comprehensive data management, claims processing is faster, more accurate, and more accountable.
Additionally, digital transformation need not be limited to insurance claims. Any customer process can be digitized, including policy enrollment, upsell, coverage changes, cross-sell for life insurance and health insurance, or any other transaction with an insurance carrier.
Omnichannel, Nor Just Multi-Channel
When it comes to harnessing available technology to optimize customer experiences, most insurance executives will confidently tell you they’ve got it all. And indeed, they do. They’ve got the company app. They have social media channels that they nurture every day, they’ve got the webpage designed for desktop and the one designed for mobile, they’ve got the elegantly integrated CRM, and a good chance there’s a chatbot thrown in the mix too. However, a critical element still missing is the seamless integration afforded by an omnichannel solution.
Consider the Callvu “Low-Code” CX Automation Platform
Every leading services company is racing to deliver more powerful customer experiences that improve revenue, boost profit, and improve satisfaction.
New low-code digital CX platforms like Callvu are helping companies optimize sales and service experiences by automating processes, clearing bottlenecks, and empowering customer-facing teams to be more productive in improving user experience. By deploying the Callvu Low-Code Digital CX Platform, you can use the powerful workflow and analytics suites to automate and digitize any digital customer interaction without taxing tech resources. From there, you can deploy it across multiple channels, including:
- Call Center
With the Callvu platform tool, business users can deliver customers a consistent, seamless digital customer experience on the web, in an app, in the contact center or in brick and mortar. Employee and customer feedback on Callvu experiences is universally positive. Visit our homepage or request a demo now.