To meet evolving customer expectations, insurers are increasingly embracing digital-first claims processes. But while digital transformation is critically important, successfully implementing it can present significant challenges.
In our blog, ‘ A practical guide to implementing a digital-first claims process’, we look look at some of the simple changes you can adopt at each stage of the claims journey and show how Claim Technology’s insurtech marketplace and no-code design tools can empower insurers to create a seamless, efficient, and customer-focused experience.
Pre-FNOL (First Notice of Loss)
When customers consider making an insurance claim, their first question is often, “Am I covered?” Traditionally, answering this question required searching through lengthy policy documents or enduring long wait times on hold to speak with an insurer. Neither option is ideal.
What does a digital-first Pre-FNOL process look like?
A standout example of a digital-first pre-FNOL approach is an AI-powered digital concierge. This tool allows customers to describe the incident or type of claim and receive an immediate response about their coverage.
How do insurers implement this?
By utilising Claim Technology, insurers can either develop and deploy customised digital AI concierge services that can be integrated seamlessly with existing customer-facing interfaces or embed Claim Technology’s insurance chatbot, Capture, inside channels such as websites, wallet passes or Whatsapp. This eliminates the need for customers to download additional apps, remember login details, or have their policy documents to hand. Customers can simply ask their questions and receive instant answers.
FNOL (First Notice of Loss)
Submitting a claim is often the most critical part of the claims process for customers, as it sets the tone for their entire interaction with the insurer.
What does a digital-first FNOL process look like?
With 70% of customers expecting self-service options, investing in self-serve capabilities is essential for forward-thinking insurers and allows insurers to offer enhanced services like 24/7 claims reporting.
How do insurers implement this?
Claim Technology gives insurers the option to use battle-hardened eNOL templates from our insurtech marketplace or to create their simple self-serve claims journeys through no-code design tools. These tools facilitate round-the-clock claim reporting and automated data collection/validation. These capabilities can be further enhanced by incorporating other insurtech solutions from the insurtech marketplace, such as AI damage detection or image/document authentication.
Additionally, Claim Technology offers ‘Portal’, a Claims Management System that enables call centres or claims teams to view claims data in real-time or co-pilot claims submission with customers. This is a very popular solution for insurers and MGAs who want to transform the customer experience or have more control over the FNOL process before the claim is passed to their TPA (third-party administrator).
Claim triage and routing
Approximately 21% of insurance customers expect their claims to be resolved within hours, and all customers aged 18-24 expect a resolution within a week. However, 43% of consumers experience wait times exceeding two weeks for claim resolution.
What does a digital-first claim triage and routing process look like?
A digital-first approach utilises AI-driven decision-making tools for precise claims categorisation and indemnification, reducing indemnity leakage. Intelligent workflow management helps identify straightforward claims suitable for fully automated processing, while more complex cases are routed to dedicated claims handlers.
How do insurers implement this?
Insurers can augment their current process by incorporating a policy indemnity leakage or liability leakage check to successfully implement robust digital-first claims triage and routing processes. These solutions are both available as APIs within Claim Technology’s insurtech marketplace.
Sprout.ai’s claims automation solution, which is available via the insurtech marketplace, automatically extracts data from policy and evidence documents, assesses the information, and flags potential inconsistencies that could indicate fraud. Depending on the configuration, it can either automatically approve or reject a claim or alert a claims handler for further review.
Claim assessment
Reaching a decision is the pivotal stage of the claims process and a digital-first approach can either automate this stage of the process fully or prepare the information for an accelerated human-led review.
What does a digital-first claim assessment process look like?
A digital-first claim assessment often involves the use of AI and machine learning algorithms for quicker evaluation and enables customers to take photos of damage as opposed to entering textual descriptions, making the process significantly easier.
How do insurers implement this?
Popular solutions from Claim Technology’s insurtech marketplace include damage detection, estimation and recommended repair or replacement options, which are seamlessly integrated into our insurance chatbot, Capture. Insurers also have the option for claims teams to send a video link to customers so they can see what the customer sees. This means claims handlers can capture and assess the relevant evidence on behalf of the customer. This technology also allows remote field teams to capture evidence, automate estimates on-site using standard cost schedules and prepare forms or reports for digital signature.
Customer communication
Whether through WhatsApp, FaceTime, chatbots, or automated emails, the need to pick up the phone for contact is rapidly decreasing as digital-first communication becomes standard.
What does digital-first customer communication look like?
Digital-first communication is closely linked to increased claims automation and self-service interfaces. It requires a multi-channel approach that meets customers where they are. Mobile apps and portals are now being replaced by the use of wallet passes providing easy access to policy or claim details as well as push notifications, whilst generative AI opens us an interesting opportunity to create more compelling voice bots as a supplement or alternative to chatbots.
How do insurers implement this?
Historically, implementing multi-channel digital communication was both complex and costly, requiring multiple procurement processes, separate licences, and seamless integration of various solutions. Claim Technology simplifies this by providing insurers with a consistent user experience that can be embedded inside any product and any channel within hours, and extends digital capability by leveraging pre-built connectors to 3rd party insurtech solutions through a single licence fee and straightforward APIs..
Payment
The final stage of the claims process is the one that is most interesting to customers. Even if the preceding steps are seamless, delays, errors, or cumbersome procedures for receiving payments can tarnish the customer experience.
What does a digital-first payment look like?
The main advantage of digital-first payments is their ability to be processed instantly, without delay, and without needing to send out cheques. This enhances customer satisfaction and retention while reducing the administrative burden of managing payments through traditional methods. Solutions like Trustly allow insurers to make secure, instant claims payments directly to customers’ bank accounts, whereas Wex supports adding a virtual card to a customer’s wallet app.
How do insurers implement this?
To ensure payments are accurate, seamless, and instant, insurers need solutions that can integrate effortlessly with their claims workflow and provide visibility and control over claims payouts. Claim Technology’s platform supports this by providing a single payments API that connects to multiple payout solutions, including push-to-card, push-to-account, and push-to-wallet options. This integration covers various currencies and supports both B2C and B2B payout scenarios, catering to diverse use cases—all without the need for direct, complex integrations with multiple payment providers.
Claim Technology is here to help
Transitioning to a digital-first claims process can be daunting, especially when aiming for a cohesive approach that delivers meaningful impact at every stage.
Claim Technology offers insurers the expertise, support, and advanced technology needed to transform the claims process. Partnering with us gives you access to the full range of insurtech from our marketplace, while our team collaborates with you to ensure seamless implementation. The result? A claims experience that enhances efficiency and satisfaction for both you and your customers.
