Claims should be a priority for insurers

You might think I’m preaching to the choir. Insurers always shout about what they want and how they get the best results for customers, compared to their peers in the market. I do not deny that this has always been important and necessary. In fact, I’m saying that, today, what to say should be more important than ever – and why.

Economic pressures such as inflation, rising interest rates, continued unemployment (due to the COVID-19 pandemic), and labor shortages pose challenges to both personal and commercial insurance buyers. This follows years of a very difficult market, where many policy owners had to pay high premiums to secure adequate (or in the case of business problems, often insufficient) insurance.

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Today, there is no guarantee that policyholders will be happy with the cost of their insurance, or the benefits they can get. The only thing that the insurance can pretty much guarantees is the policyholders experience in the claims process. This is one aspect of insurance where companies can differentiate themselves.

Of course, no one wants to have a say. But if the owner’s experience and claims are good, and they get the help they need (both physical and emotional) through the process, then they will reach a positive conclusion about their insurance, along the lines of: “Something happened. , and my insurance fixed it .. . and a little stress”.

That result is important after several years of a difficult market, characterized by rate increases, media restrictions, and all “NOs” records. The difficult market did not help the popularity of the company, but I believe that the insurers that have done well are the ones that will repair the relationship very quickly.

So, what makes a successful advertising campaign? It’s all about finding the right balance between the human touch (critical thinking, analysis, interpersonal skills, and empathy) and technology (the first digital experience of loss, data analysis, automation, and digital processing). Insurers who spend that money, while processing claims quickly, and keeping their promises to protect policyholders from losing money will have a better claim performance.

Following two years of the pandemic, policyholders today are looking forward to a more accurate claim process, where they can benefit from social and technology support through digital channels. In the time of COVID-19, policyholders could not always receive replacements for losses in their homes or businesses due to the prevention of epidemics, so the need for video-controlled products is really evident.

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By combining real-time claims processes with advanced data analytics capabilities, insurers can increase efficiency and accuracy in managing claims and reduce costly errors. This will lead to higher knowledge, which will come with additional features. For example, excellent claims services can improve customer satisfaction and increase brand loyalty, thereby improving customer retention and acquisition. Again, this proves why I think claims should be so important to insurers today.

Claims are the beating heart of an insurance policy. If insurers can deliver on that promise fully, quickly, and compassionately, they will set themselves up for success.