The insurance industry’s evolution has fostered a recent recalibration of customer expectations. Once again, carriers are propelled into another phase of adapting to changing customer needs. While many carriers implement a robust customer-first strategy, the recurring challenge associated with a client base with ever-evolving ways of thinking places carriers in a constant state of catch-up.
We recently released our first global insurance industry whitepaper, The Road Ahead: An Insight into the Carrier Industry in 2023, where we shared insights into how customer expectations are changing and the technology trends paving new opportunities for carriers this year. To achieve longevity for your business, we share strategies to accelerate claims lifecycles and elevate customer service to help you get ahead in today’s insurance landscape.
Deliver insights through technology and innovation
Parallel to the industry’s shifts, digital transformations and enhanced data insights are among the leading customer expectations for carriers right now. As with other industries, customers are becoming increasingly self-serving, with a growing appetite to handle services through seamless, online touchpoints. Gallagher Bassett’s (GB) recent global insurance industry whitepaper found that 35.7% of participants nominated changing customer expectations as their main challenge in 2023, with 70% agreeing that clients want more insight and risk management-related tools.
For carriers, leveraging leading technologies with the support of an expert claims partner can provide access to valuable insights that help expedite and enhance customer outcomes. We know that customers want a personalized experience, and thankfully, it can be simple to deliver with claims-management technology that fits the needs of your business and the demands of your insured. We establish the current state of the claim lifecycle and opportunities to accelerate this using our best-in-class RMIS platform, Luminos. This framework establishes opportunities to eliminate manual assessment and efficiently pursue claim resolutions without unnecessary delay. Through strategic partnerships and leading technologies, carriers are empowered to make quicker and more effective decisions, act with confidence, and deliver exceptional claims management, meeting customers where they are in 2023.
Accelerate your processes and deliver superior claims outcomes
Current customer expectations have also followed suit with a global push for services to deliver faster outcomes and response times. For carriers, solving complex claims efficiently and accurately can be easier said than done when claims volumes are rising. GB’s global whitepaper continues this discussion, noting that 64% of carriers are looking to invest in technology this year, and 30% marked “enhancing service and claimant experience” as a matter of most importance to carriers and their people.
Partnering with an expert administrator to drive long-term improvements for your customer experience can alleviate internal pressures, ensure complaint ratio reductions, and enhance your Net Promoter Score through robust system controls. As competition soars in the carrier marketplace, perfecting your customer service offering via shortened claims lifecycles is a critical step. Our commitment to early claims intervention is based on a simple fact—the faster a claim is resolved, the better it is for you and your customers. This philosophy ensures that every claim is addressed quickly, reserved accurately, and a determination is made in line with the policy wording. Customer experience goes up. Claims leakage and overall costs go down.
To access key insights on the challenges, opportunities, and trends for the insurance industry in 2023, download the whitepaper here. Or, to speak to our claims experts about how you can future-proof your business against ever-changing customer expectations, book a free consultation here.