3 Ways to Improve Insurance Claims Processing

claims processing

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.

1. Self-Service Claims Processing

For the first time, millennials outnumber baby boomers1. While most baby boomers prefer still prefer a more traditional approach to claims processing, millennials are different. The younger generation is more tech savvy, and prefer to do things for themselves.

claims processing

This doesn’t mean your company should abandon what you’ve been doing. It does mean, though, you need claims processing software that can handle both digital and print claims correspondence. Many of your customers use mobile apps for just about everything. If your company has an app that allows customers to submit information, such as real-time pictures of damage and any other data, it increases satisfaction while boosting your revenue.

For example, auto insurance carriers in the U.S. that have provided customers with consistently best-in-class experiences have generated 2- to 4-times more growth, 30 percent higher profitability, and an 80 percent increase in customer loyalty2.

2. Proactive Communications with Customers

One of the worst things your company can do is delay communications to your customers, causing them to wait. Part of successful claims processing is empowering your customers with digital experience tools to start, manage and track their own claims. This is vital to a great customer experience.

Your customers want a 24×7, always-on, anytime, anyplace ability to interact with your company. Insurance executives know they must build meaningful connections with their policyholders when they need them the most: immediately following a loss.

The right claims processing software creates workflows throughout the process, thanks to automation. These workflows enable proactive outbound communications, which reduces round-the-clock call center demands. This is another way your company can cut costs while keeping customers happy.

3. Give Your Customers What They Want

Every customer is different. Sure, they share the same need for insurance, but they all need different things from your company. This becomes clear when talking about communications.

During the course of claims processing, your customers are going to want to hear from you. While some might prefer to receive correspondence via postal mail, many others want a more digital experience.

Communicate with your customers when and how they want, whether it’s via email or text message/SMS. The right claims processing software will allow your company to not only do this, but also give you the ability to communicate in the language and tone your customers prefer.

It all comes down to having the right software. If your insurance company isn’t providing its customers with these options, perhaps it’s time to find the right claims processing software.

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