The Race to Improve Claims Response
The level of care that claims organizations provide is an integral part of an insurer’s overall product delivery. Today, customers choose insurers for more than just complete coverage and good rates. They also demand great service, particularly at the time of a claim when the customer is hoping for a quick, painless resolution to a stressful situation. Therefore, it is critical to customer satisfaction and, ultimately, to the insurer’s ongoing success, to deliver exceptional service.
Getting out of the gate
The key to delivering exemplary customer care is quickly responding to claims inquiries. In order to do so, claims representatives must get their hands on the information they need to answer questions and resolve issues fast and accurately. And, with statistics showing that the majority of all customer interactions are accomplished via documents, it is clear that representatives need real-time access to all claim-related documents wherever the information resides.
Reaching the finish line
The challenge for most claims organizations lies in implementing technology solutions to simplify the complexities of harnessing documents. While it sounds easy enough, many insurers are still struggling for ways to manage information produced by a host of systems and spread across underwriting, policy administration, and claims management systems, so that it may be accessed by non-technical, claims representatives when they need it.
Simplifying this level of complexity requires comprehensive document and process management technologies designed for insurer’s claims organizations. These are the exact technologies that have been helping Universal Insurance Group, Puerto Rico’s largest writer of personal lines, “reach the finish line” in improving claims response – achieving a 95% customer satisfaction rate while processing over 77,000 claims each year. (Learn more about Universal Group’s use of ECM!)
Becoming a pace-setter
By leveraging its enterprise content management (ECM) system, Universal increased the efficiency of its claims management process and empowered employees to deliver better claims experiences to customers. With a 60% improvement in vehicle inspection and appraisal time, Universal extends even more value to its customers as 45% of partial loss claims are processed and paid within one day, setting the pace in this race to improve claims response.