Insurers should view their claims processes from the customer's perspective and not from organisational silos in order to deliver a superior claims experience, delegates at the Asia Summit on Claims Management in a Disrupted & Automated World heard yesterday.
While the technology to transform the claims experience is already available, the challenge for insurance companies is to weave the various solutions into something holistic so that customers can benefit the most.
Managing Director & ASEAN Insurance Lead, Accenture, Francois Metzler laid out three claims conundrums and the challenge to achieve the right balance in juggling them, i.e. paying the right amount, containing administration costs and satisfying the customer.
Predictive analytics and automation can certainly reduce friction for customers, but carriers need to also take a long hard look at their processes to reduce inefficiencies. For instance, having more than one escalation level to resolve a claim is one such negative tell-tale sign.
He also advocated the importance of leveraging on the insurtech ecosystem that can help bring innovation to specific areas of the claims value chain. This could facilitate the change of role for insurers from pure payor of invoices to that of a service coordinator.
The claims department’s mission is therefore to look for differentiation, improved customer experience and cost reduction by being able to outsource parts of the process in an agile manner.
Meanwhile, ABeam Consulting’s Senior Manager Kei Takasaku touched on the importance of claims and underwriting to work cohesively together more than ever, in order to connect the dots in developing a holistic and customer centric operating model.
The two-day conference, organised by Asia Insurance Review and supported by the International Federation of Adjusting Associations and the International Institute of Loss Adjusters, ends today.