Led by disruption to other stages of the insurance journey, customers have increasingly high expectations of the claims process; this presents insurers with perfect opportunity to build loyalty and trust.
Recent analysis, conducted by the Association of British Insurers (ABI) revealed that over the course of one year, 99% of motor claims, 79% of home claims and 87% of travel claims were successful. A good claims management system is vital to improving customer confidence, quality of service and customer retention.
However, the process has historically not been subject to the same level of analytics as insurance pricing and often relies on a set of simple rules that are used for triage.
Therefore, insurers struggle to deliver efficiency and accuracy on claims management and face further pressure from high operational costs and rising fraudulent claims. As the vast majority of premium income is spent on claims, improving these processes has an immediate impact on the bottom line, as well as improving customer experience.