Do complex claims have to be a hassle?
Complex claims are a hassle to take care of; we know this because our customers and partners come to us to make them easier. Complex claims are claims where there are often multiple items stolen or damaged and in the worst cases all home content is lost. Unfortunately, not all the objects can be replaced and listing each item is time-consuming. Phone queues are not where you want to spend your time after such a loss.
We see three main challenges for insurers when handling these complex claims.
#1 Getting the information
Claims handlers need to gather all necessary information to make an assessment.
For more complex and complicated claims this is not an easy job. When it comes to complex claims with multiple items, it gets even more complicated for the policyholder.
Many insurance companies still deal with this process manually, without digital tools. The processing time when documents and information are being sent back and forth through post or email takes a lot of time. Besides, the different ways of handling the information, both manually and digitally, takes time. This mix makes the process inefficient, and it ends up being time-consuming for both the insurance company and the claimant.
A smarter and fully digital approach needs to be implemented.
#2 Handling the information
The insurance industry is well aware that the claim experience is often the only contact a policyholder will ever have with the insurer, so the claims journey needs to be a positive experience.
Around the world, policyholders demand the same amount of transparency and oversight in the claim process as in other services such as banking or online shopping. Many expect to be able to interact with their insurance carrier via a digital tool.
Nowadays, consumers assume they will be able to make a claim in an app and manage it until completion. Saying that, many prefer an online portal since they rarely make a claim and don’t want to install an app they may never use again. Policyholders would rather not have to remember login details for the portal either, so an encrypted link taking them straight to their claim would be greatly appreciated. Sending photos or other documentation would be done via this link.
There is an increased need for the industry to do make the whole claims process more customer friendly and meet policyholders’ expectations.
#3 Making a transparent and correct assessment
We know that insurance companies want to do what’s right and make the best possible decisions for their customers. Doing so and being able to make decisions as unbiased as possible is a given for all insurance companies.
Complex claims with multiple items and sometimes different policies are time-consuming and often involve lots of manual work and calculations. Sometimes insurers use approximate estimations for each room or teach type of claim which makes it impossible for the consumer to understand how the compensation was calculated and could lead to complaints.
With digital tools and data driven identifications, valuations and calculations, the carrier can deliver efficient, fair and transparent compensations. Significant savings both for the insurer and policyholder can be made.
It is time for the industry to deliver a customer experience that matches policyholders’ expectations: digital, simple, easy and transparent.
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