A Customer-Centric Approach to Claims Processing
By Marc Rothchild, Senior Vice President – Head of Claims, Xceedance
According to a study by J.D. Power, insurers are only able to meet customer expectations 34% of the time. At a time when the insurance industry is continuously seeking ways to enhance customer satisfaction, digitally transforming the insurance operations is imperative for success.
Given that claims represent the make-or-break phase of an insurer’s customer journey, it becomes critical to understand their situations, perceptions, and expectations. Insurers need to invest in customer-centric claims management that leverages digital technologies to deliver value that builds lasting relationships. Identifying mobile-first solutions and better use of AI-led technologies could go a long way in customizing user experience. The importance of personalized service through proactive communication is another factor that enhances customer-centricity in the claims processing exercise.
This whitepaper discusses digital transformation initiatives that can help insurers get off the blocks quickly and make the best use of digital transformation initiatives to create a customer-centric claims processing mechanism. The importance of a customer-centric approach to self-service and leveraging customer data to analytics that provide actionable insights are also crucial to this approach. We also present a checklist of best practices and strategies that can assist insurers on the path to a customer-centric claims management process.
