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Need for Speed

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Getting an insurance claim processed can be an extremely frustrating and time-consuming process for both the broker and the client unless the insurer is clear on its communication with the clients and treats each client as a priority.

The most common complaints that clients have with their insurers stem from delays that the insured experiences when waiting to receive the settlement of the claim. The process may take longer as insurers may need to do an assessment and conduct detailed investigations to validate a claim.

In today’s digital market, insurers should prioritise adopting a faster, analytics-driven approach to manage simple claims and automate the claims-handling processes to improve customer experience. As the industry, we must explore digital tools to help speed up buying a policy or registering a claim into a fast, simple, and satisfying experience. This approach will help us to communicate and update the broker and client through each stage of the process.

Using digital technology can ensure there is a clear process, from registering a claim as well as providing transparent processes for improved client satisfaction and keeping the client informed at each stage of the claim.

Integrating claim processes

Adopting digital integration, insurers can shift simple and routine transactions from claims administrators to brokers or clients. Digital integration can most certainly improve the speed of simple claims, for example a cell phone, tyre damage, and windscreen replacement. However, having a knowledgeable claims consultant to manage technical or more complex claims, will always lead to an improved customer experience. Mckinsey’s report gives in-depth details on how insure-techs have started to lead digital integration. Integrating the claims ecosystem can also help the team track where a claim is in the overall process and what actions to take and who is responsible for them.

But given the complexity of this integration, as insurers, we need to invest heavily in digital adoption to improve our interfaces with other stakeholders that participate in managing a high number of claim cases. For example, in motor insurance, the service providers would be roadside assistance services, claim assessors, repair-shop suppliers and tracking service providers.

Managing claims online

According to Deloitte’s Digital Innovation in Africa Insurance Industry, on the continent, South Africa has the fifth highest penetration of insurance clients using online-based insurance platforms to do all their transactions. The number is expected to increase faster in the coming years as many insurers are developing and disrupting the sector with customer-oriented innovations. 

The increasing technological demand in the insurance sector is due to the changing needs of new digitally savvy customers looking to buy insurance products from the convenience and comfort of their homes or work offices. 

Today a custom online platform is becoming a mandatory tool for every insurance company. This helps insurers to offer competitive prices to customers as they reduce their operational costs through automation. Other new automation tools like chatbots may in the future address customer queries and answer frequently asked questions. However, there is more learning that needs to happen before this can be an efficient tool.

Instant resolutions

Usually, clients need quick and instant resolution to their needs. Online platforms offer clients the ease of performing various insurance-related transactions without delays. The users are empowered to conduct various processes promptly and conveniently. In some instances, clients can access their claims management services from their cell phones. However, the process should be interfaced so that a client who starts their transaction online but wants to talk to a claims administrator halfway through should be able to do so without having to repeat or supply the same information to a consultant.

Infiniti Insurance’s Online is one example of such a platform, developed to provide clients with a secure tool to manage their personal and business insurance requirements. The entire onboarding process is completed online – from choosing the appropriate cover to managing monthly debits and claims.

As many insurers now want to attract millennials, and this group of clients is confident, independent and tech-savvy, embracing digital technology to manage insurance transactions will be the best way forward for insurers and policyholders.