Simpler valuation methods = more time for your customers

We need to sort out the misconception that automated valuation methods could potentially ruin the relationship with your customers and decrease customer satisfaction.

Published on:

26 April 2022

Simpler valuation methods = more time for your customers

Do you believe that automated valuation methods could potentially ruin the relationship with your customers and decrease customer satisfaction? That’s a pretty common misconception. But what if we told you that simplified valuation methods could actually achieve the opposite – and give you more time for your customers?

 

How can automated valuation methods improve customer satisfaction?

Today, we see automation and self-service in everything from banking to restaurants and travel. And in the digital realm, you’re undoubtedly aware that people want to handle their errands themselves – fast, straightforward, and at a time and location that suits them. 

Customers are every insurance professional’s primary focal point, and loads of time and resources are spent getting to know policyholders. So how come the insurance industry is still behind on automation, even though Millennials and Gen Z (and soon-to-be policyholders: Generation Alpha) can’t think of anything worse than waiting in a telephone queue to reach customer service?

And it’s not just younger generations. Most people over the age of 50 have also stopped doing their bank errands and hotel bookings by phone or on location. Across generations, people use technology to manage different tasks faster and easier – automated valuation methods will help your customers do just that. By providing them with the flexibility to file their claims when they want in the channel of their choosing, you will indeed increase their satisfaction.

 

Boost your STP

STP (straight-through-process) rate is an important KPI to improve customer satisfaction while increasing efficiency. By simplifying and automating your valuation methods, you enable an instant customer experience. 

Let’s imagine a customer’s bag is stolen on vacation abroad on a Saturday night. With automated claims and valuation methods, they don’t have to wait until a phone line opens on Monday morning or until they come back home. Instead, they can adjust their claims instantly on any computer, phone, or tablet. This will increase both STP and customer experience significantly.

 

UPPTEC The ultimate guide to claims automation We do not want the insurance industry to stay behind, which is why we have created the ultimate guide to claims automation.   Download

 

No more slow claims – but always with the customer in mind

On many occasions, the manual claims process is both complex and time-consuming. So complex that the customer might not even bother to claim insurance since it’s not worth their time. This doesn’t pave the way for a great customer experience. 

Automated claims for home contents ensure that more minor and less emotional damages are handled as no-touch claims. This means that your claims adjusters can provide better service to more complex claims, such as those who have suffered considerable tragedies or losses, where human involvement is indispensable. Simplified valuation methods also leave your adjusters more time to comfort the customer and ensure correct compensation.

Suppose a disaster occurred for one of your policyholders, such as a burned-down house, flooded basement, or a garage being broken into. In that case, the number one priority for your customer is to get compensation or replacements. In addition to this, the experience with the insurance company has to be quick and straightforward because a slow claim is the fastest way to ruin the relationship you have with policyholders.

 

Get to know your customers through accurate data

Another advantage of automated claims processing is the data output. Many insurance companies of today have different processes that materialize in different systems. For various reasons, this makes it difficult to get a unified overview. The more spread out the data is, the harder it gets to make well-founded decisions. 

But with a cutting-edge system for automated valuation methods, all data can be processed and analyzed. You’ll be able to see what has been replaced by who and discover trends that will benefit the claims department, strategists, and actuaries.

That data allows you to eventually offer better insurance products that are individually tailored to each customer at a more accurate price. And the time saved by not compiling data from different systems makes it easier to improve your offers and customer experience.

 

Simple valuation methods mean better availability

In addition to getting a fast valuation and quick replacement or adjustment, your customers deserve the improved availability of automated valuation. As mentioned, most industries today allow their customers to purchase their products and services 24/7. And the insurance industry has to keep up with the development. It’s no longer acceptable to make customers wait for days to solve their claim and make them send physical documents by mail to get their compensation.

By making your services available on any device, you meet the expectations of both your current and future customers. At Upptec, we can help you implement the future claims process and lessen the burden on both your customers and claims adjusters. We make sure you can provide a customer experience that is available, straightforward, fair, and up-to-date – every single time. That’s how we do valuation.