Claims processing is an important component of the insurance business. Even if your company is not big as Axa or Alliance, you still need to have an efficient claims management system. The insurance landscape has changed and the customer is not the same as they used to be 10 years ago.
A recent study among customers revealed that 71% of consumers did an online search before buying an insurance product and 68% were open to downloading an App from the insurer to access services. This is a clear indication that insurance companies must move quickly by being more customer-centric with improved customer experience. For effective engagement with customers, a company must have in place an effective and intuitive insurance claims management system.
Simple Submission Process: As far as possible, insurers need to offer their customers the comfort of filing claims on their smartphone or tablet. Going a step further, insurers can even do away with the formalities of filling the form with the help technology that allows auto-fill forms from the existing database of the insurer. The thrust should be on streamlining the entire process giving a hassle-free customer experience.
Claims Tracking: The customer must be kept in the loop throughout the claims processing cycle. It is a known fact that keeping the customers in the dark can lead to unnecessary anxiety about the entire process, making them dissatisfied. The most prudent thing to be done by insurers is to give back the control to the customer. They should be allowed the avenue to check the progress of claims processing, this would increase their trust in the insurer. There is enough technology available to get it implemented.
Online Payment of Claims: With increased digitization in the financial domain, it is becoming increasingly common to carry out financial transactions in a secure manner online. The same technology can be used by customers in getting their claims settled through online payments, it not only increases the efficiency of the transaction but also makes it completely transparent with minimal chances of any manipulation.
Digitized Documentation: The customer should not be made to produce documents that establish their credentials again and again. Instead, the customer must be allowed to store their necessary documents like copies of their ID, driving license, and policy documents in a digital repository with the insurer. This kind of an arrangement would allow the insurer to expedite the entire claims processing cycle by a large margin.
Simplicity & Security: By choosing an insurance company, the customer is placing their trust to manage unforeseen events in their life. The insurance company by all means must be able to reciprocate this trust through amenities like PIN-based access to policy documents and associated paperwork. All the personal data submitted by the customer must be placed secure location safeguarded by encryption.
Having dealt with customers, it is time to turn our attention to technological features that can aid the insurance company to provide better services to their customers, here it is:
Reminder Function: Every executive working with claims processing would be working with different customers on a daily basis. While working with numerous clients, it is possible to miss out on upcoming events relevant to a specific customer. To overcome this dilemma, the software could send out reminders on specific milestones to be dealt with in the customer’s claims processing journey.
Immediate Changes to Contracts: The claims management system used by the insurance company should be robust and flexible enough to accommodate amendments to conditions the standard contract template. With every customer having a unique set of conditions, it is vital that the system can accommodate changes to the contract in quick time.
Documentation Updates: Some claims are complex are require a considerable amount of paperwork. The system being used by the insurer must be efficient enough to accommodate even minor changes to any of the documentation required for the claim. This will allow claims managers to prepare claims swiftly without increasing the anxiety of the claimant.
Effective Search Capabilities: The claims management system must have robust search capabilities that would allow the claim managers to search for specific information within the system in quick time. The search mechanism should allow claim managers to search any data within the claim including address, policy number, policy number, cheque number, and so on.
Centralized Database: If an insurance company is operating at multiple locations, then the claims management system should be able to function with a centralized database, from where any of the offices would be able to access information and data through multiple log-ins. A reporting tool integrated into the database will carry-out the necessary analysis and the status of the claims.
These are the suggested features for a claims management system for an insurance company. Above all these features, the crux here is to provide a system that is both user-friendly and intuitive that will allow customers a better experience and employees at the insurance company the capability to process insurance claims in quick time with high efficiency. Every insurance company is different in the way they cater to their customers and the claims management system also needs to be flexible enough to accommodate the customized needs of different insurers.