How to win and keep loyalty within claims experience

Winning and keeping loyalty within claims experience

According to results from an Insurance innovators survey where over 150 insurance executives participated, 95% agreed that the claim’s experience is where insurers have the greatest opportunity to win loyalty but also run the highest risk of losing it. This context makes you wonder, what are the key ingredients to win and keep it? 

Being there for your customers when things get tough is a significant part of claims settlements. No matter what the inconvenience is, the customer wants their problem resolved as simply as possible – and that’s where you and your claims adjusters can help out. In complex claims, the customer does not want to wait in a telephone queue while already having a hassle with a loss of home-content. This is something that customers will not enjoy. They want insurers to deliver quick results and compensation – how can you generate a net positive experience? 

Numerous steps can be taken by insurers to ensure that the claim experience instills loyalty. We have listed four key points we find most valuable in claims processes. 

Four keys to win loyalty within claims experience with your customers

Customers are ahead of the industry; insurers need to look at the digital demands and adapt to them. One thing to remember is that registering and processing a claim should be as easy and smooth as possible.

#1 Provide an omnichannel experience including a digital and automated option

Insurers must get ready to meet the new generations of policyholders’ expectations since many carriers  still rely on very traditional and static channels of communication with their customers. In the digital age, people want to handle their errands themselves: in a fast and straightforward way  and at a time and place of their own choosing. 

Looking into a futuristic perspective, the current and future policyholders: millennials, generation Z and generation Alpha, will most likely increase the demand for digital and automated channels when handling claims. However, it is not just the future policyholders, current policyholders’ are jumping on the bandwagon and joining the digital revolution. These customers  also want to meet their insurance companies in the digital realm and on their own terms. Everyone expects easy-to-use solutions and a hassle-free claim’s process as digital maturity increases across all ages. Rapid improvements are needed in the industry to meet customers’ current digital expectations.

#2  Focus on speed and transparency

A manual claims process is often complicated and time-consuming. By automating your claims process, you can provide your customers with a quick service when things don’t go according to plan. When leveraging digital tools and automated processes, claims adjusters can devote more time to clients who need more attention, for example, during complex or sensitive situations. 

Although speed is important, it’s equally important for customers to get a transparent   claim’s process. Customers want a real-time update on their claim’s status, as well as a fair treatment. Keeping your customers updated throughout the process will increase their satisfaction. Also, no matter what the claim may be, they must be provided the clarity that allows them to to understand their compensation. Automated claims makes it possible for adjusters to settle claims faster as the customer gets a well understood and transparent summary of their compensation. 

#3 Be consistent 

The goal is to reduce customer effort, meaning if a customer starts the FNOL process, it must be straightforward and simple. Insurers should not ask customers for information they already have. The process should also be able to be paused for the customer to be able to pick it up where they left off and on another channel without any hassle. If the customer has to repeat the process or provide the same information again, this will generate frustration and have a negative impact on trust. 

#4 Offer a circular way of thinking settlement 

It is no surprise to anyone that sustainability has come to stay. Insurers are experiencing increasing demands to provide sustainable offerings to their customers who are seeking sustainable companies. By adding a circular way of thinking when settling claims, sustainable offerings can be made. When giving compensation, the product could be either   repaired, recycled and or replaced from well chosen brands.  

Overall, It is time for the industry to meet the policyholders’ expectations and deliver a claims process that is more customer friendly. A consistent, transparent, fast and hassle-free experience from a digital omnichannel and circular way of thinking. 

What do we do at Upptec? 

At Upptec, we strive to create solutions that guarantee fast claims for all customers, no matter their digital maturity. If you want to find out more about how we can create a better experience for your future and current customers, don’t hesitate to contact us.