The insurance industry has a 43% automation potential. The automation might replace or consolidate 25% of insurance workforce by 2025. This is according to a McKinsey Global Institute report 1. As we all know, the insurance industry is quite sensitive. For this reason, it must maintain high accuracy levels. Thus, most claims processes are now automated. […]
Digitizing the insurance industry has been a struggle since the dawn of the Internet. In many ways, the industry is still tied to its 20th Century ways with the agent taking lead and filing cabinets weighing down the landscape of every branch office in America. In the following article, we’re going to look at some of the […]
In the realm of insurance, satisfaction equals sales. Take the automobile sector, for example. Research shows that U.S. auto insurers that provide a best-in-class customer experience generate two to four times1 the new business growth of their counterparts. They also enjoy 30% more profitability. The impetus behind this growth? The same research shows that satisfied insurance […]
Insurance is an old industry. Like all older industries, you have to become more modern to meet the demands of your customers. Otherwise, you lose those customers and quickly fade away. This is why most insurance companies are investing in insurTech. Over the past few years, insurTech has emerged in the insurance space. Investments have […]
For as long as there has been insurance, there’s been claims processing. This meant years and years of paperwork, sending out people to take pictures of the damage, more paperwork, then cutting a check. More steps were included, but it was standard operating procedure every time.
Claims processing has evolved since then. With insurance companies focusing more and more on providing a great customer experience, claims processing has become customer friendly. While this has kept customers happy, it’s also allowed insurance companies to cut costs. If you’re stuck in a quagmire of paperwork, here are three ways to improve claims processing.
Most people within the industry know there are insurance customer experience difficulties. Change is happening, with digital technologies and new ways of communication at the forefront of the insurance customer experience. What matters now is making sure customers remain happy, which means avoiding as many challenges and pitfalls as possible.
There was a time, not too long ago, where customers and insurers alike had to deal with paperwork. Lots and lots of paperwork. Creating policies involved stacks of paperwork, as did filling out claims forms and overall communication with the customer.
It might seem like the most natural thing to do. The world is changing, technology is changing, the wants and needs of your customers are changing, why not change your policy management system? Before you decide on a costly insurance correspondence upgrade, perhaps it’s worth looking at other options.
There are many reasons for wanting to move forward with an insurance correspondence upgrade. One of the primary objectives for your company should be to improve interactions with your customers. By doing so, you increase customer satisfaction. Still, do you need a complete upgrade?
Claims correspondence is at the heart of any property and casualty insurance company. There are many things in the insurance industry that will keep your CEO awake at night – changing regulations, technology changes, etc. Claims correspondence challenges, though, can be the stuff of nightmares.
As long as there has been property and casualty insurance, there have been claims. Insurers have had to constantly adjust in order to meet claims correspondence challenges. Customers now expect your company to be there anytime, anywhere. Creating a positive, memorable customer experience has become a significant focal point for many property and casualty insurance companies. There’s a good reason for that.
Customer Experience, or CX for short, is a major focal point for most businesses and industries. This includes the property and casualty insurance industry. Providing an outstanding customer experience not only helps companies keep their customers, it helps to attract new ones through word of mouth. This is why it’s important to listen to new property and casualty insurance trends.
While it might feel as though you hear about new trends all the time, it’s worth paying attention to some. The property and casualty insurance industry has seen many changes over the past few years, especially on the digital side of things. Everything from IoT to Gig and Share economies mean changes aplenty.
Here are three property and casualty insurance trends to know right now.
In the last few years, the insurance industry has made strides by adopting new technologies. Thanks to the emergence of new technology, such as traffic cameras, self-driving cars, drones, and smart homes, insurance companies are able to collect a mountain of new information they’ve never had before.
This growth comes with its own particular set of challenges, though. As your customers adopt these new technologies, insurance premiums will go down universally. While this might make your customers happy, it ends up shredding your bottom line. Because of this, you need to keep all of the customers you can.