Insurance is one sector of the financial services industry which has faced challenges as it embraced the digital revolution - first by choice and then by necessity following the pandemic lockdown. Cloud computing has taken hold, but some carriers are early in exploring solutions like artificial intelligence and machine learning.Insurance companies are eager to find technologies that cannot just improve but differentiate their overall customer experience, ideally while also reducing operational expense. One specific area insurance companies are looking at closely is claims service and process automation or as Ushur likes to call it, the future of insurance.
With claims experience being a critical factor in determining customer loyalty, insurance companies are figuring out ways to implement data science concepts to better serve their customers when they need them most. As proof of how valuable the claims experience is to customer retention, an Accenture study found of those customers who were dissatisfied with their claims experience, 29% said they had already moved to a new insurance carrier, and 54% said they planned to switch in the next 12 months. In other words, 4 out of 5 dissatisfied claim customers are likely to leave after a poor claims experience. From the first notice of loss to the claim payment, many key service touchpoints and processes can be fully automated to at least match customer expectations, accelerate handling while reducing operational costs. Customer and claimant interactions during a claim are key to providing superior service and automating claims processes is the new frontier to help carriers gain an advantage in a fiercely competitive market.
What is Automated Claims Service & Process?
Recent advancements in technology are allowing insurance carriers to decrease touchpoints between claims staff and customers, creating lower touch, or even touchless experience from claim intake to settlement, by design. For example, an Intelligent Insurer’s Claims 2020 Survey found that 58% of respondents felt that touchless claims had the greatest potential to drive efficiency. Automated claims processing not only takes the customer experience to a new level but also lowers operational costs at the same time. By automating routine tasks, adjusters have additional time to focus on more complex claim issues and to provide the human touch when and where the customer expects it.
Ushur is helping revolutionize claims service and process automation, from initial claim intake to automating two-way interactions for status and payments. For customers this means faster service across the life of their claim, helping accelerate carrier responsiveness from days (or weeks) to hours (if not minutes). No matter the type of claim, from short-term disability to an automobile accident, Ushur’s platform turns data into actionable customer engagements to elevate the customer experience across the Life, Accident and Health (LA&H) and Property and Casualty (P&C) lines of business.
For example, a customer is driving down the road in the middle of the night and collides with an object. Using Ushur’s platform the customer would be able to text with a chatbot in the middle of the night reporting the accident and getting information on what steps to take next. Or as soon as an employer notifies their carrier about a workplace injury, the injured employee could receive a reassuring note that their workers compensation claim is in progress. With current legacy insurance systems this customer or injured worker may have to wait a few days to reach someone on the phone to find out what to do with their damaged vehicle, or when their first benefit check will be issued. Ease of customer interaction and responsive service drive customer satisfaction, it is that simple.
Claims Management Volatility
In an uncertain world, it is never 110% known when an adverse event will necessitate a customer to file a claim. However, insurance companies over the years have collected enough data that enables them to anticipate seasonal peaks and valleys in claim frequency and severity. For example, in the United States, natural perils can be timed based on historical data. Hurricanes are more common in between August and October while wildfires in the western United States are more prominent in the months of May through October. These data insights allow claims departments to ramp up their workforce before these forecasted periods of high claims volume become reality. Some carriers may solve for temporary capacity shortfalls during predicted periods of high claim frequency through temporary resources or contracting with a claims outsourcing company. Historical data reveals similar claims peaks in the LA&H segment, where disability claim frequency increases during periods of economic recession. The seasonality of claim volumes provides a perfect environment for claims automation processes to take the reins of to offer scalable and responsive service interactions that are better solved by insurance-savvy artificial intelligence. When claims processes can be automated this helps remove bottlenecks that otherwise develop due to large volumes of new losses being reported to an insurance company after a significant event. With current insurance knowledge on the timing of peak claims volumes, automation can also proactively send valuable information to customers on how to mitigate damage from an upcoming event. Carriers can reach out to their customers to provide guidance on what process to follow if something bad does occur, and even offer access to service providers to assist with immediate repairs. These communications can be pushed out automatically through Ushur’s platform, reaching customers through text or email, based on their digital channel preference. While offering valuable service both pre- and post-loss, claims adjuster capacity is protected to focus on the hands-on help some customers need during a catastrophic event.
Why is Managing Your Insurance Claims With Automation Important?
Being an insurance adjuster can be a stressful job to say the least and these professionals sometimes resemble first responders following a significant event, ranging from a weather catastrophe or a serious injury. In times of crisis, a human touch is needed to support customers, guide them through the unfamiliar claim process and offer them peace of mind. This is where the value of claims service and process automation adds infinite value for insurance companies, their customers, members, and claimants. Communication and empathy are the two main components of a successful claims experience. Lack either of these and your customer will be shopping for a new carrier before the adjuster’s phone call ends. Through automation of predicted activities (like following up for an update after a recent doctor’s visit, or offering digital payment enrollment), adjusters can focus on the human touch, providing a hand to hold in time of need to ensure normal life is closer than the customer thinks.
Claims service automation not only increases responsiveness to customer inquiries but also lowers operational costs at the same time. With adjusters handing routine tasks off for artificial intelligence to automate, claims resources can be made more efficient. Arming claims adjusters with automation support allows them to focus on complex losses that need more human interaction, analysis and decision making. Ushur’s ability to automate claims service and processes is the future of insurance, elevating the customer experience leading to increased revenues, lower costs, and positive brand reputation. Ushur offers insurance companies the recipe of success as they compete within the rapidly expanding digital frontier.
Getting the Most out of Claims Service Automation
Ushur’s intelligent automation platform provides flexible customer engagements where the customer is in control of their claim experience from start to finish. The platform is omni-channel, empowering customers with multiple ways from email, to text to mobile apps and chatbots to directly engage with their insurance company at anytime from anywhere. These customer micro-engagements™ are data mines for continuous carrier learning, meaning the platform is enabling carriers to elevate how to best serve their customers with every interaction.
Ushur’s No-Code FlowBuilder enables business analysts to create automated workflows making it easier on claims staff to focus on complex issues while routine tasks are being taken care of by automated processes driven by artificial intelligence. Implementation is made even easier as customer workflows can be customized without a need for coding skills, giving insurance companies greater control on how they engage with customers throughout the claims process. Ushur customers are creating and deploying new, high value automations in hours or days. They are seeing significant inbound call volume reductions and elevated customer satisfaction scores through proactive claim status updates. This allows insurers to build great customer experience when customers need them the most.
Let Ushur help automate your company’s business processes to lower costs and improve customer satisfaction. It has been proven that customers whose claims experience exceeds their expectations are more likely to stay with their current insurance company even when product pricing is taken into consideration. Let go of the constraints of legacy systems and allow smart technology to take your claims organization to the next level.
