Who is the Modern Claimant?
The Modern Claimant expects interactions with their insurance company to offer the same ease-of-use that they enjoy in other aspects of their modern life. They expect to interact with their insurance company on their terms, through their preferred channel, and with minimal effort. This means that insurers must provide a seamless omni-channel experience across multiple touchpoints, including mobile, Web, email, fax, phone, and in-person interactions. This becomes even more important when someone is facing loss. Modern claimants assume that the insurance claim process can be handled when it’s convenient for them, anywhere, at any time and from any device. Modern Claimants expect quick, accurate, and personalized responses to their queries, and transparency of their claim status in real-time.
Who is the “Modern Claimant” and what do they expect in their claim journey?
- Claim processing speed: Modern Claimants want a prompt and efficient claims handling process, without long waiting times or delays in receiving a response from the insurer.
- Convenient interaction: Modern Claimants want to interact with their insurer using their preferred channel.
- Personalized communication: Modern Claimants expect insurers to understand their unique needs and provide personalized communication and recommendations tailored to their specific situation.
- Seamless experience: Modern Claimants expect a smooth and uninterrupted experience from the First Notice of Loss (FNOL) to claim payout across multiple touchpoints.
- Real-time information: Modern Claimants want access to real-time information on their claims, including updates on progress, documentation, and the ability to track the status of their claim.
Today’s Modern Claimant seeks a seamless, user-friendly experience that matches the convenience they have come to expect from other industries. As I’ve said before, “you can’t create an Amazon-like experience with 1970s K-Mart-style technology.” While, insurers are investing in externally-facing technologies to meet these expectations, the internal challenges remains to provide an automated claims process that offers omni-channel, hyper-personalized experience that relies on data scattered across legacy systems, paper files, and manual processes. Intelligent claims automation is critical, and implementation of new technology solutions requires carriers to embrace change.
Carrier technology investments are gradually changing customer perceptions about the claimant journey by offering more externally facing digital conveniences, but a critical question remains:
“How can they provide an omni-channel, hyper-personalized, claims experience when it’s reliant on the accessibility of data and information that lives in multiple legacy, Policy Administration Systems (PAS), and Third-Party Administration (TPA) systems, paper files, or manual interventions?”
The short answer is that carriers must go deeper into their operations to evaluate the short- and long-term requirements necessary to support the changing claimant expectations or risk losing claimants as cross-business sales prospects and along with their beneficiary assets as soon as the claim closes.
It’s no longer enough to rely on legacy systems and manual workarounds. They were not created to support the modern claimant journey and lack the flexibility and scalability needed to adapt to changing business requirements. Legacy systems are often siloed, which means that data is stored in multiple, non-integrated systems. This inaccessible policy data and related claim information makes it difficult to gain a holistic view which can lead to delays in processing claims and create a poor customer experience.
It’s important for carriers to be cautious of technology “trends” that may not be what they seem. Some solutions on the market may not deliver on their promises, so it’s crucial to take the time to find a trustworthy partner instead of just a vendor. This way, carriers can thoroughly assess and analyze their options to determine the best path to modernizing their claims operations. By doing so, they can improve the customer experience, process claims more efficiently, and gain a deeper understanding of their customers. These improvements help to transform claims from an operational expense to a more efficient operation that can support carrier growth.
To build customer loyalty and attract new business opportunities, insurers must invest in scalable claims technologies such as a modernized claims platform that eliminates manual processes, meets associate and claimants “where they are”, while offering advanced data analytics, and intelligent digital claims automation. A “beneficiary first” approach to claims automation technology can provide an omni-channel, hyper-personalized experience, reduce delays in claims processing, and ultimately drive growth for the carrier. By embracing change and adopting trusted technologies, insurers can transform their claims operations from an expense on the balance sheet to a more efficient and effective operation that supports carrier growth, while meeting the evolving needs of the modern claimant.