This blog’s focus is going to be on how insurance digital transformation can help you optimize and improve your claims process and sales.
The role of in-personal interactions and the impact of personal touch has been an integral part of the insurance industry for years. In the recent past, particularly since the onset of the pandemic, insurers across the globe have invested in their digital growth. Insurance digital transformations have taken the foreground and have been an active tool in efforts to mimic this face-to-face interaction USP of the sector through digital screens.
This blog’s focus is going to be on how insurance digital transformation can help you optimize and improve your claims process and sales. While the world’s gone digital, the human-centric approach is still a crucial part of insurance customer retention and the sales process. So, you’ll find that the pointers below will almost always circle back to improving customer experience at every step of reinventing the processes.
Technologies that can be game changers:
- Artificial intelligence
- Telematics, IoT (internet of things)
- RPA (robotic process automation
- Machine learning
Insurance digital transformation & claims
A short, successful & hassle-free claims experience is what locks in your customers’ faith in you and boosts your chance of customer retention and brand loyalty. Insurance claims management services hence becomes crucial for you to thrive in the long run among your competition. But what are the ways in which modern tech can lend a hand to your claims process?
A combination of telematics and real-time customer support, built on top of an evolved end-user claims portal can make claims notification super-fast and easy for your end-users. Accidents or FNOL will be a lot quicker and can be verified instantly with telematic tools. Other than the claims portal and conventionally through phone calls, customers should also be able to notify claims through easy access channels such as chatbot or voice bot assistance.
Claims prioritization & segmentation:
With claims notification made simpler, the next step involves claims segmentation using AI tools. With advanced analytics and the power of artificial intelligence, you can build a rules engine that automatically filters out high-risk claim requests that need to be reviewed by an adjudicator. The low and moderate-risk claims can then be moved to the next part of the workflow for approvals.
Again, with AI tools and advanced analytics, the remaining claims requests can be prioritized based on the date of creation, context, and urgency to avoid delays in claims settlement and possible penalties.
Claims process revamp gets insurer
30% more cost savings and revenue
Read case study here
Insurance automation takes you to the finish line:
Leave it to RPA to make the claims process faster and smoother. With the claims notification & risk screening out of your way, approval and claims payment is what’s left. But manually processing the requests, even after this stage, can delay the settlement considerably. This will only leave your customers stew in their own anxiety. RPA claims processing can cut the wait time; help achieve a better claim settlement rate and also increase customer satisfaction. Post-approval, payments can be automated to reduce the end-user wait time by days. Another important aspect where automation is helpful is offering seamless claim updates, in that your customers are constantly kept informed about real-time updates in the process. This offers an unseen level of transparency to customers and makes them feel heard.
Have accurate claim numbers and projections:
Data analytics plays an integral part of the claims management process in it that it helps optimize the claims experience and prepare for future claims by giving you critical numbers such as claims success rates, claims-risk ratio, future claim projections and personal risk profile for every customer. Other data such as channels used for requesting claims can give you insights into customer choices and preferences and help optimize the claims process.
Insurance digital transformation & sales
The sales process is fairly complex but here are some insurance digital solutions that can help improve sales effectively.
Digital offerings: Having a strong tech game and going to the market with digital offerings helps you connect the most with today’s young population, who are tech-savvy and live a fast-paced life. Having a fully up and running website where policies can be bought completely online in a few minutes can be your biggest plus and push up those sales numbers. By offering real-time support and at the click of a button using AI-powered chatbots, voice bots, and other such channels, you position yourself as readily-available, which is what most customers expect. This gives them more reasons to trust you and be convinced that business with you will be quick and hassle-free, again positively impacting sales.
Data to plan future sales: Data analytics is where the future of all businesses lies and it’s true for insurers too. Have a strong data analytics team in place and with the best AI-based frameworks such as Imagyn.ai available on the market, key numbers will be at your fingertips. Customer data banks, customer preferences, lifestyle choices, and connected living tools all together can help break down and predict even the most complex business models for the future and tweak your offerings according to future needs and end-user preferences. This goes a long way in assisting you to place the right offers at the right time and place, which is a sales superpower. A well-equipped portal for partner onboarding can also keep your partners happy and workflow smooth, pushing up KPIs on that front as well.
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Read our other Blogs:
- Personalized insurance customer experience: A guide for insurers catching up - December 2, 2022
- AI in insurance: Subject experts tell us what’s the fuss about - November 2, 2022
- Top P&C insurance, life insurance trends and priorities you need to know - October 14, 2022