Let’s face it: no one enjoys making an insurance claim. It can be a protracted and often stressful experience. Insurers know this – after all, they have a saying: “A good claim is a closed claim.” Both customers and insurers have a shared interest in streamlining the claims process to make it easier for everyone involved.
With customer expectations shifting, it’s clear that insurers need to step up their game. People now expect a claims process that is efficient, seamless and as paperless as possible. This is where adopting a digital-first claims process comes into play. So, what exactly do customers want from their insurers when it comes to claims? And how can a digital-first approach help meet these growing expectations? Let’s dive in.
How are customer expectations changing?
Customer expectations in insurance have been, and continue to be, evolving rapidly.
This shift is largely driven by the digital-first experiences being adopted across almost every other industry. Take Amazon for example: it is now a standard consumer expectation that they can order almost anything at a touch of a button, without leaving their house or talking to anyone and it will reliably arrive at their front door the very next day.
For insurers, this world of convenience translates to increasing demands on their claims process. Customers now expect break-neck speed and efficiency as standard. If a parcel can be sent from Timbuktu and be in their hands within 24 hours, why does it take anywhere from a week to a year to get a definitive decision about their claim?
Of course, those in the insurance industry understand that the work behind the scenes to arrive at an accurate decision about a claim is often far more complex than meets the eye. Unfortunately, customers often don’t see things this way and ultimately, it’s their premiums that keep the lights on.
Looking beyond speed and efficiency, the way customers want to engage with their insurer is changing. With a quarter of people aged 18 – 34 saying they avoid answering the phone completely – insurers must find new ways to meet their communication needs.
The most obvious change insurers can make to modernise their claims process is adopting a digital-first, self-serve approach. 70% of customers expect companies to offer some sort of self-service platform. Claim Technology provides the insurtech and digital ecosystem that insurers need to deliver an effective self-serve claims process.
What is a digital-first claims process?
A digital-first claims process is all about rethinking how we handle insurance claims by putting technology front and center throughout the entire journey.
Imagine a system where customers are able to submit their claims and supporting documents digitally, relevant policy information is automatically gathered and claims handlers are able to gain a comprehensive view of the claim without requiring manual effort. Customers receive real-time updates about their claim status, increasing transparency and reducing the need for them to chase down answers. For straightforward claims, technology can even manage the entire process from submission to payment without any human intervention.
A digital-first claims process is a win-win for both insurers and policyholders – the benefits are clear. It not only speeds up resolution times but also provides 24/7 accessibility for customers, allowing them to manage their claims whenever it suits them. Increased transparency and proactive communication enhance the overall customer experience, making it feel more personalized and engaging. By embracing this digital transformation, insurers can streamline their operations, reduce costs, and ultimately deliver a service that meets the rising expectations of today’s consumers.
What makes a successful digital-first claims process?
Creating a successful digital-first claims process is about more than just adopting new technology; it’s about reimagining the end-to-end process. To start, insurers need to take a close look at their current workflows. Identifying bottlenecks and understanding where customers face challenges is crucial for making meaningful improvements. Once you have a clear picture of these pain points, you can begin exploring the right technology solutions that will address them effectively.
When considering technology partners, it’s essential to choose solutions that not only integrate seamlessly with your existing systems but also comply with industry regulations and prioritise security. This is where Claim Technology shines. Our scalable cloud solution evolves with your business needs, making it easier to implement a digital-first approach by introducing new technology as a layer on top of your legacy process and tech stack.
By leveraging no-code and low-code design tools, insurers can quickly develop customer-centric solutions without the need for extensive technical resources. Ultimately, the most successful digital-first claims processes are those that simplify life for both insurers and policyholders, creating a smoother experience that truly meets customer expectations.
It’s time to adopt a digital-first claims process
The insurance industry is changing quickly, and customer expectations are evolving right along with it. Excessive paperwork, lengthy back and forth phone calls and frustrating claims processes are on their way out. To stay competitive and keep customers happy, insurers need to embrace a digital-first approach to claims.
This isn’t just about keeping up with the times – it’s about creating a better experience for everyone involved. By partnering with Claim Technology, insurers can transform their claims process into something that’s not only digital but truly seamless. Are you ready to get started with a digital-first claims process?
Contact us at hello@claimtechnology.co.uk or find us on LinkedIn. Your customers are waiting, and the future of insurance is here.
