Increasing customer retention, profits, and compliance in the insurance industry
In our recent webinar, SVP of Zia Consulting, Phil Robinson, discussed how a well-functioning claims process can increase customer retention and employee satisfaction, while providing substantial cost benefits.
As we know, insurance products are often difficult to differentiate, so decisions can come down to product pricing and customer satisfaction. Unfortunately, when more than 50% of claimants are not happy with their claims process, they often make the decision to switch providers. On top of this, there’s increasing oversight in the industry with regulators very focused on claims due to the high level of complaints in this area.
Over the past decade, a lot of money has been invested in core claims systems but that hasn’t addressed the primary cost issues associated with claims document processing. The industry is getting more and more complex with mobile uploads, emails, and even text submissions of claims. As a result, our clients are finding that they process are increasingly costly, complex, slow, and error prone. By automating these processes, we can make your workflow cost effective while increasing customer satisfaction. With just a 2% improvement in loss costs, the P&C insurance industry in the US would see an $11 billion increase to the bottom line. How much of that could be yours?
Phil discussed how our solution accelerator matches the way you work and it fits your business—the way you work today and tomorrow. The Alfresco content hub allows you to digest content from any source, in any form, while intelligent capture “anywhere,” powered by Ephesoft, works in the mailroom, within business processes, through mobile capture, and can even processes handwritten claims documents. Users continue working in tools they’re comfortable with, like email, which are integrated into claims management systems including Guidewire, Duck Creek, legacy core systems, or even multiple systems at once.
Through classification and process automation, your company will see enhanced:
- Profitability
- Customer Satisfaction and Retention
- Compliance
- Opportunities for Growth
- Actionable Business Intelligence
We then reviewed a case study of client, Baldwin & Lyons Insurance. The insurance document automation solution we created for them modernized their mailroom and intelligently routes claims documents. This greatly reduced response times and error rates while enhancing business results and customer satisfaction.
Finally, a claims automation demo was presented using an example of an automobile claims process. In the demonstration, we showed simple email integration to share claims documents, including photos, as well as the automated routing of documents through the process.
To watch a recording of the webinar, click here or find the presentation slides here. For a customized demo of how our solutions can work for you, contact us today.