The semi-automated claim’s process
The insurance industry is rapidly evolving. The age of digitization is upon us – and that’s about time. Since safety and security always come first, adopting modern, automated solutions hasn’t always been a top priority. The good news is that your insurance company doesn’t have to automate the whole claim’s process all at once. Allow us to introduce: the semi-automated claim’s process.
Different companies choose to handle the need for automation differently. In Scandinavia, for example, parts of the market have already taken giant leaps toward digital claims automation. That includes big legacy organizations and industry disruptors, who have automation in their DNA and the belief, capacity, and technology to make it happen. Other companies feel like they don’t have the resources or are afraid of losing control or facing challenges with legacy systems.
Insurance doesn’t live up to customers’ expectations
The fact is, insurance is lacking in modern solutions, compared to similar industries such as banking. That creates a big gap between what customers expect and what kind of service they receive. Because we can assure you that your policyholders want to handle their claims quickly.
What are semi-automated claims?
One example of semi-automated claims is data-driven valuation, where the value is calculated automatically based on current data. The claims adjuster can then overview the result before presenting it to the claimant. Some companies also automate specific high-volume, low-value claims, such as phones or TVs, and then use manual handling for more extensive or emotional damages, where speaking to a human is indispensable.
7 benefits of semi-automated claims
While some companies choose self-service all the way, quality semi-automation is, for many, the perfect step into becoming a future-proof, digitized insurance business. These are the seven benefits of implementing semi-automated claims processes in your insurance business.
1. Enhanced customer journey
With semi-automated claims, your policyholders will be able to start their insurance case any time of day and anywhere in the world. They can also easily search for the product damaged or lost. That will increase FCR, which improves NPS.
2. Improved profitability
By automating certain parts of the insurance process, you can save on claims compensation and improve ROI. When not using data-driven claims, it’s still quite common to pay policyholders a little extra for their damage or loss to ensure they’re not dissatisfied. Statistically, you could save on average €100 per claim.
3. Easier to implement
While self-service can be implemented in three months, semi-automated claims could be a reality in just three weeks. The implementation is a lot smoother, and fewer people have to be involved in the process.
Automating manual tasks through data-driven valuation means your claims adjusters don’t have to spend time looking up the current value of products, which saves a lot of time. That, in turn, will allow them to handle more complex claims and have more time for your customers.
5. Improved brand image
Automating or semi-automating claims are strongly connected to brand image. Making these enhancements will make your company appear more agile and modern.
6. Fair, unbiased compensation
Another advantage of data-driven valuation is that it gives policyholders an unbiased, transparent compensation or replacement that’s easy to explain. That will increase FCR and result in fewer questions or complaints from customers.
7. A first step to reassure stakeholders
If you work in innovation, transformation, or IT, you’ve probably already realized the benefits of automation, while other parts of the organization might still be reluctant. By semi-automating specific processes, you have a good way of showing tangible benefits and a clear ROI before taking the next step.
Upptec’s semi-automated claims solutions
At Upptec, we offer two solutions for semi-automated claims; both for more straightforward tasks and more complex claims. In addition to this, we make customized solutions – since no solution fits all. However, our most common solutions are Upptec Connect and Open Link.
With Upptec Connect, you can automate your claims adjusters’ manual administrative tasks. These are so-called low-level skill tasks that are usually high in volume due to claims such as minor water damage or a broken phone. This gives your claims adjusters more time to focus on claims regarding significant damages and emotional losses.
Open Link is our semi-automated solution for more complex damages. This solution is helpful in cases where many different objects have been lost, broken, or stolen. The process is digitized, and instead of sending the claimant a spreadsheet or a PDF to fill in objects, which are then sent back to the claims adjuster, they are simply sent a link. Through this link, the policyholder can log in via their smartphone, tablet, or computer. With an easy-to-use, search-as-you-type feature, they can easily find their damaged products themselves and then enter them into the claim. There’s also a free text option, of course.
Another advantage of Open Link is that several people can use the same link, making it easier for each family member to fill out what they’ve lost. And it’s also helpful for less tech-savvy people who want help from a friend or family member.
Once the claim is submitted, claims adjusters will then find all or most objects automatically valued and will be able to settle the claim quickly. A win-win situation, so to say.
A whole new level of claims
The future of insurance will be digital – and we’re here to help you future-proof your business.