Fireside chat: How to deliver frictionless customer experience by taming claims complexity
On-Demand Webinar
Fireside chat: How to deliver frictionless customer experience by taming claims complexity
On-Demand Webinar
A summary of the Fireside chat
The claims management industry is in the midst of an impressive digitally infused shake-up. Digitization, automation, and artificial intelligence have transformed an otherwise manual claims process into a simple, fast, and satisfying experience for customers. However, the continually evolving technology has added to the complexity of claims, and insurers are often exposed to errors, internal mismanagement, intentional frauds, and unprecedented climatic changes.
As insurers gear up to succeed in the new normal, adopting agile and digital claims process is a straightforward choice.
Our panelist, Dennis Ingersoll, Director of Claims at Allianz, reiterated that digital claims processing is mostly about providing instant responses to policyholders. Insurers, today, need a remote service platform that leverages intelligent automation to create simpler workflows and deliver a consistently superior experience to the users.
Edward Kenny, Director of Customer Success/Account Management, Livegenic, emphasized on making the claims management journey multichannel and 100% virtual using a remote claims assessment platform. Going forward, each touchpoint will encourage more active participation between the policyholder and carriers, acting as an important opportunity for insurers to revise their investment strategies, assess risk portfolios, and design claim-specific applications time to time.
Another panelist, Troy Jensen, Property and APD Manager, Bear River Mutual, agreed with Kenny’s approach. He explained how insurers need assistance in designing claim pathways that go beyond bill-level validation and provide accurate, personalized financial insights. The key measure to improving user satisfaction still relies on simple, intuitive interfaces with self-service capabilities.
Answering your questions
There is an increased adoption of new-age tech such as cognitive AI, hyperautomation, etc., in the realm of claims processing. And insurance companies are often asked: Is human touch still important in digital claims management? Or if the future of claims assessment is human-less?
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All three panelists highlighted the importance of human examiners acting as gatekeepers to make the insurance value chain more successful. They advised insurance firms to skill up their claims professionals, so they become adept in managing automated processes and help offer personalized and differentiated services to customers. While helping staff develop familiarity with data analysis, multi-continent collaborations (with internal/external stakeholders), and strategic risk assessment in an ever-evolving regulatory landscape, insurers can support an exponential transformation without losing the human connection.
In the following Q&A, it was also asked to pronounce the impact of climate change on an insurer’s ability to process claims, especially when the volume is higher during catastrophic events.
To which, Ingersoll strongly emphasized that insurers must be battle-ready to handle the claims influx amid such catastrophic events. Kenny agreed with Ingersoll and shared that future solutions can be web-based and app-based. Online as well offline. Insurers can rely on First Notice of Loss (FNOL) partnerships to support immediate action and handle the vulnerability of claims (from initial data intake to final payout) through Web forms, bot delivery, etc. Jensen also added how utilizing advanced-analytics techniques can help insurers project acute and chronic effects on risk portfolios. Keeping in mind, he outlined how instant backend notifications can be sent to the contractor using photo features and live data streaming. This data delineation can help multiple stakeholders access a single dashboard from different locations, enabling accurate loss evaluations, recovery, and premium adjustments.
Tune in to this expert commentary on taming claims complexity to deliver a frictionless customer experience, end-to-end.
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