Category: Claim Management

Enhancing Claim Intake, Management, and Closing Efficiency

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July 8th, 2019

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Closing a claim is an insurance adjuster’s primary goal for any file that crosses his or her desk. The insurance industry expects no less, either. Insurers and policyholders alike want a claim assigned, investigated, and closed as fast as possible. When claims linger, customers grow frustrated and retention rates decline.

Owner vs. Employee Mentality

However, many adjusters seem to struggle with closing claims rapidly. One reason is that some adjusters have an employee mentality over an ownership mentality. There are several legitimate reasons that can stall a claim such as an insured client not providing information or an outside service such as an auto repair facility not communicating well. Adjusters with an employee mentality will wait for the information to come to them. Adjusters that take ownership of their claims will seek out that information for faster claims resolution.

Give up the Myth of Multitasking

A common trend on job applications is to include “excellent multitasking skills.” However, multitasking as an adjuster can lead to errors as well as bring workflow to a halt. For example, when adjusters try to gather data following first notice of loss (FNOL) for multiple claims at once, they run the risk of mixing up claims or recording incorrect information. This will require more time later on to undo the mistakes in order to close the claim.

Instead, adjusters should give single-tasking a try, which is focusing on bringing one task to completion before moving onto the next without distractions. This means:

  • Turning off message notifications on computers and on cellphones
  • Avoiding checking emails while working on a claim
  • Turning off podcasts, webinars, and anything else that requires the adjuster to be an active listener
  • Putting up Do Not Disturb signs around workspaces to ensure no interruptions

Making these two changes can do wonders for improving insurance adjusters’ workflow and time to resolution for claims. Of course, a vital aspect of ensuring that claims process in a timely manner is excellent FNOL intake. FNOL represents the single greatest opportunity to secure a customer’s satisfaction as well give the claim a favorable start. Contact the experts at Actec to learn how we can improve your claims process.

Tips to Improve the Claims Process and Retain Customers

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June 13th, 2019

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smart devicesWhile gaining new customers is vital to an insurance company’s success, retaining existing customers is more so. This is because it costs significantly more money to acquire a new customer than it does to retain one. If an insurer is experiencing a high volume of customer turnover, they may need to examine their claims process. The claim cycle is a vital part of the customer’s experience. By streamlining how customers file claims, insurers can improve customer satisfaction and retention.

Meet Customer Communication Expectations

Today’s customers want technological solutions to their insurance needs. This means an insurance company should offer communications through several channels including a website, a mobile app, and traditional methods of communication (e-mail, print, etc.). To remain competitive, insurers need to upgrade their system to allow customers to complete a variety of tasks from their phones or tablets. Some examples include:

  • First notice of loss (FNOL)
  • Updating policy information
  • Requesting information about new or existing policies
  • Communicating about open claims

Customers want a variety of electronic communication options. Insurance companies that fail to meet these expectations will lose their customers to more technologically advanced competitors.

Prompt and Accurate Claims Processing

Customers dislike complicated or lengthy claims processes. Improving communications and minimizing the amount of back and forth required to close a claim go a long way toward improving customer satisfaction. For example, if an insurance agent provides the wrong information or requests information from the customer several times, that customer will be unhappy with his or her experience. If this occurs every time the customer tries to make a claim, they will eventually find a new insurance provider.
Implementing an effective claims processing system can help insurance companies address any issues with how they resolve claims. Actec’s Full-Cycle Claim and Incident Reporting Solutions allows insurers to customize their entire claims process including FNOL intake, managing client and customer-specific questions and scripts, and much more. To learn more about improving how your company manages claims, contact us today.

What Insurers Need to Know to Keep the Pace in the Next Digital Age

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June 3rd, 2019

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The digitization of the claims process isn’t a new concept. Any insurer hoping to remain relevant knows they need to adapt and implement changes to keep up with customer expectations. Offering a mobile app is a good start, but transformative companies are revolutionizing the insurance landscape beyond this basic measure.

New insurers emerging from the FinTech sector harness the power of artificial intelligence alongside chatbots to eliminate brokers altogether. While this may seem like a radical business model, the processes of buying insurance and filing claims with these companies are simple and easy—a major lure to customers that are tired of confusing, frustrating traditional methods of filing a claim.

Implementing a Successful Digital Transformation

Insurance companies that want to keep pace with new-age providers need to address three areas to see the greatest results:

  1. Customer experience
  2. Efficiency
  3. Effectiveness

With happier customers, less expensive claims processes, and more accurate management of claims, insurers can guarantee their place in the industry. To achieve those goals, they will need to make the following changes:

  • Offer a digital method for first notice of loss (FNOL)
  • Automate claims management to expedite the claim
  • Accelerate loss assessments and repairs through digital means such as photos, videos, and geo-locators to find local repair facilities
  • Automate settlements to reduce customer frustration and unnecessary delays in receiving funds

Another way insurers can lean on technology is to try to prevent claims before they occur. Claims prevention is nothing new, but sending out useful information via digital means can help ensure the information reaches the customer in a timely manner. This also allows for active participation with customers through online portals and chats.

Before making any significant changes, insurers need to consider them from the customer’s perspective. If the change doesn’t offer a noticeable improvement on the front end, it won’t likely yield an increase in customer satisfaction. Insurers should focus their efforts on optimizing back-end processes to improve services for customers instead.

Technology has transformed the way insurance companies do business and what customers expect of their provider. Failing to keep pace with these things can lead to retention problems with existing customers as well as hinder acquisition efforts for new customers. To learn more about improving FNOL, claims management, and more, contact the experts at Actec.

4 Indicators of a Successful Insurance Provider

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May 13th, 2019

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It’s common knowledge that some insurance companies perform better than others do. Expensive or premier policies, however, don’t always correlate to superior coverage or a better experience. The most effective insurers demonstrate superior efficiency, better financial outcomes, and happier customers. Identifying why those providers succeed and emulating those qualities is a good place to start for new or struggling insurers.

The following are several hallmarks of an effective insurance provider:

  1. Outstanding management of technology. It’s not enough to invest in a high-tech upgrade every few years or so. Insurance companies need to frequently evaluate their processes and organizational structure to ensure maximum efficiency. For example, implementing a data-driven software program will fail if the company can’t share information easily due to antiquated department siloes. Identifying and rectifying pain points can ease technology transitions and improve innovation.
  2. Strong, customer-centric mobile app. More often than not, a customer doesn’t want to call in and sort through a phone tree for a simple update on their claim. Successful insurance companies know that superior customer service is key to keeping members happy and ensuring continued growth. An easy way to achieve this is to set up a mobile app that allows customers to access files, submit claims data, and more.
  3. Maintaining Compliance with Regulations. There are numerous regulations that apply to the insurance industry. Antiquated systems slow down the claims process, which can lead to unintentional mistakes and increase the risk of fines or penalties. High quality insurers implement up-to-date processes that allow them to remain compliant and produce accurate compliance reports.
  4. Understanding the rapidly changing industry. Insurance is not unique in its recent transformation as technology rapidly accelerates capabilities alongside customer expectations. Almost every industry has experienced massive changes; however, insurance providers have the significant challenge of overcoming legacy systems. The outdated approaches to claims management cannot keep up with the sheer quantity of data available. This incompatibility affects responsiveness, customer satisfaction, and risk calculations. Insurance companies that want to withstand the test of time will need to keep pace with new technology as well as other factors influencing the industry.

Actec understands the difficulty involved for insurers to juggle new technology, claims efficiency, compliance, risk, and more. If your claims management process is causing more headaches than it is closing cases, we can help. Contact us today to learn more about our full-cycle claim and incident reporting solutions.

6 Things Adjusters Need to Tell Customers During FNOL

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April 15th, 2019

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First Notice of Loss (FNOL) sets the tone for a claim and has a huge effect on customer satisfaction. If the customer has a poor experience during FNOL, it is next to impossible to turn their opinion around. When a customer calls in to report property damage or loss, they’re likely in a sensitive emotional state and will need some guidance. The following instructions can help ensure the customer has a positive property claim experience as well as expedite the process:

  1. Secure the property to prevent additional damage. Some types of damage will only get worse the longer they are left in that state. Adjusters should encourage customers to take numerous pictures and then implement temporary solutions to prevent further damage. Not only does this help save some of the customer’s property, but it can also reduce the overall repair costs for the insurer later. The adjuster should also remind the customer to keep any receipts for items purchased to make the repairs. Of course, adjusters should only recommend this if the customer can safely access the property.
  2. Take pictures. Field adjusters will take pictures of the damage when they arrive. However, supplying an insurer with personal pictures can help adjusters assess the extent of the damage and expedite the claim if necessary.
  3. Retain all damaged property. While it may seem odd to hold onto damaged belongings, it helps adjusters determine the full extent of the loss. Throwing out items before an adjuster can see them can affect the total amount of compensation.
  4. Keep all receipts. Numerous expenses can occur following a loss. Adjusters should remind customers to retain all their receipts related to dealing with the loss as they may qualify for reimbursement.
  5. Generate a detailed list of lost property. When a loss first occurs, a customer may be able to rattle off everything they lost. As more time passes, it’s easy to forget various items, which can result in an unfair settlement. To ensure clients receive accurate compensation, have them write it all down on a list.
  6. Notify the police if applicable. Some losses are due to theft and adjusters should instruct customers to file a police report in that event as well.

When adjusters take the time to walk customers through the above, they improve their experience as well as help expedite the claim. To learn more ways to improve FNOL and the claim cycle, contact the experts at Actec.

Leveraging Analytics to Improve Claim Accuracy and Customer Outcomes

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April 1st, 2019

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Insurers have to go through a lot of information when working a claim. They receive notes from adjusters, details from customers, and then have to compare it all against fraud analytics. With each insurance representative handling numerous claims, there isn’t enough time in the day for them to sift through every piece of data they encounter.

With data analytics, insurance companies can better track claims escalation, priority, and potential fraud. The following are several ways data analytics can improve insurance claims:

  1. Fraud detection and prevention. Out of every ten claims that cross an insurance agent’s desk, one of them will be fraudulent. Prior to data analytics, fraud detection was limited to rules-based programming that fraudsters could easily trick. Now, insurers can use predictive analysis to apply rules, search databases, make models, and more for more accurate fraud detection.
  2. Handling litigation. Sometimes customers dispute claims and they end up in litigation. Data analytics can pinpoint factors that typically lead to litigation, which allows insurance companies to assign those claims to more senior agents. Their skillset can allow them to settle those claims faster and at a lower expense.
  3. Assigning claims. This isn’t limited to litigation. Agents have varying areas of expertise and ensuring claims are assigned to the best fit can be a challenge. Agents often receive claims based on very limited data. As a result, claims often end up being reassigned, which causes delays and irritates the customer. Data analytics can group loss characteristics to assign claims to the adjusters that fit best.
  4. Improving settlement accuracy. When claims come in at a regular pace, insurance agents can give each one more attention. Following a disaster, however, settlements often get fast-tracked to help customers sooner. However, issuing blanket checks can result in exorbitant or unfair settlements. Analytics can help balance settlements by analyzing claims against claims history.

Using data analytics can help insurance companies differentiate themselves from local competition. Data can also help improve the customer’s experience, boost retention, and save money. Contact the experts at Actec to learn more about improving your claims processes.

When FNOL Results in Multiple Claims

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March 18th, 2019

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When a customer makes initial contact following an incident, they’ve triggered first notice of loss (FNOL). While many clients think of filing a claim as a one-and-done process, some accidents pose tricky challenges that can result in numerous claims stemming from one FNOL contact. The following are a few of the claims that may arise when a customer initiates FNOL:

  1. Property damage. This is typical following a car accident. The car itself is the most common damaged property; however, customers toting expensive items, such as during a move, may have more damage to report. Coverage for this typically falls under the at-fault driver’s liability section of their insurance policy. However, if the at-fault driver lacks insurance or sufficient coverage, the other individuals can use their uninsured motorist coverage to address the property damage.
  2. Worker’s Compensation. If the individual reporting the accident was on the job while it occurred, any bodily injury caused by a third party falls under their employer’s worker’s compensation policy.
  3. Bodily injury. Outside of incidents that occur while on the job, customers injured during an accident are entitled to bodily injury coverage. This type of claim seeks funds for medical expenses, lost wages, and pain and suffering. Much like property damage claims, the expense for this falls on the at-fault driver’s insurance provider. If the at-fault driver’s policy limits fall short of the injured party’s needs, that individual can turn to his or her own insurance policy to bridge the gap.

All incidents have a set amount of time for a client to initiate FNOL. While property damage generally has a five-year statute of limitations, personal injuries typically only have two. This varies from state to state so it’s important to identify coverage laws for the state the accident occurred in.

It’s imperative for insurance agents to ascertain all possible claim types when a customer initiates FNOL. Customers may not be aware of what coverage is available to them to help them recoup their expenses and recover following an accident.

Navigating multiple claims can be confusing for customers, particularly those unfamiliar with their coverage. Actec can help insurance companies implement a robust FNOL call center as well as customer-centric claim and incident reporting solutions. Contacts us to learn more.

4 Soft Skills Insurance Representatives Need to Succeed

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February 18th, 2019

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Insurance customer service representatives have to familiarize themselves with the entire claim cycle from first notice of loss to claims resolution. However, knowing the ins and outs of the industry doesn’t mean an agent will automatically do well at his or her job. Insurance representatives need to possess a number of soft skills to succeed. Some of the more desirable soft skills include:

  1. Internal communication and teamwork. Representatives need to be able to communicate effectively with internal staff as well including coworkers and management. This allows them to express needs or challenges that are preventing customers from receiving the best possible care. In addition, good communication skills means being a good listener as well to fully understand the customers’ needs. Similarly, teamwork is vital for successful customer service. When representatives work together, they can find creative solutions for common problems as well as develop strategies that play to each other’s strengths.
  2. Conflict resolution. Customers approach insurance representatives with a multitude of problems. Many situations require creative solutions so insurance representatives need to be able to think outside of the box to solve their issues. If representatives are unable to provide a workable solution, they need to let the customer know they will reach out to management and get back to them.
  3. Efficient empathy. Customers calling in with a problem aren’t looking to hear similar stories. Trying to associate with customers by sharing a personal related anecdote is unnecessary and takes up valuable time. Representatives should be empathetic, but a simple “I know how you feel” will suffice.
  4. Remaining calm. Customers usually call their insurance provider when they need to make a claim. This means they are likely upset and will require delicate handling. Representatives need to remember the customer isn’t angry with them personally. Staying positive and optimistic can help the customer calm down and bring about a better experience for both parties.

No amount of skill can overcome a limited claims management system. If your claims processing is slow or irritating customers, Actec can help. Contact us to learn how we can help transform your claims handling processes.

5 Strategies to Resolve Claim Complaints

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December 3rd, 2018

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When a customer has a complaint about their claim, there is usually a legitimate reason for it. However, upset customers can become irate and difficult to deal with for insurance representatives. Even so, insurance companies can’t afford to overlook dissatisfied customers. It costs much more to attain a new customer than it does to keep an existing one. The following are several methods insurance providers can use to address claim complaints to improve the customer’s satisfaction.

  1. Remain calm. This can be hard if the customer is angry, but it’s important to remember their anger isn’t personal. They are frustrated with the situation, not the person they are speaking to on the phone. Engaging in verbal sparring in an attempt to win the argument does nothing to improve the situation. By remaining calm, representatives maintain a professional demeanor and don’t provide further fuel to the customer’s fury.
  2. Use active listening. Sitting silently through a customer’s complaint can backfire. While representatives shouldn’t interrupt, there are key moments to indicate they are listening to the customer. Phrases such as “Tell me more” or “I see, please continue” let the customer know the representative hears them and it taking their complaint seriously.
  3. Recognize the issue. It is not enough to allow customers to vent themselves into silence. They need to have their insurer recognize the problem at hand. If the company made an error, they need to admit to it. If they didn’t make a mistake, they still need to acknowledge why the customer is upset. Compassion goes a long way toward resolving the customer’s complaint.
  4. Ask questions. Once the customer calms down and the representative understands the problem, he or she can start gathering facts. The representative will need as many relevant details as possible to be able to address the customer’s complaint.
  5. Provide a solution. Not every claim complaint has a neat and tidy solution. Company policies limit representatives to certain resolutions. However, the representative should still let the customer know what he or she is going to do to address their problem.

Following up with the customer after some time has passed can improve their perception about their insurer as well. Even if the representative couldn’t provide the exact solution the customer wanted, following up shows the provider cares about the customer. While insurers can’t avoid all complaints, making sure their claims management processes are airtight can help reduce their frequency. Contact Actec to learn how we can help your company improve its claims process.

5 Ways Insurance Agents Can Improve the Claims Experience

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November 19th, 2018

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Insurance agents influence claims during every step of the claim cycle. This gives them the unique opportunity to ensure the customer is experiencing the best service possible during a challenging period in their life. When a customer calls to report a claim, they are likely stressed and in need of compassion. The following are several ways insurance agents can help customers navigate the claims process:

  1. Follow up throughout the entire claim. Even if there is no new information, customers want to hear about the progress of their claim. Many customers feel uncomfortable or like they’re being pushy if they call to ask for an update. They appreciate when insurance agents keep them in the loop, which improves customer loyalty and the claims experience.
  2. Be a point of contact. Insurance claims pass through several hands during the claims process. More than one adjuster may be involved, the claim may go through multiple insurance providers depending on the situation, and scheduling damage assessment on top of all of that can make a customer’s head spin. Let the customer know they can always reach out to you to find out where they are in the claim and what the next step to take is.
  3. Make sure they understand their coverage. Just because a customer purchased his or her insurance policy doesn’t mean he or she understands everything about it. Customers may have known the minutia of their policies when they first bought them, but they’re likely to forget over time. Insurance agents should explain their customers’ coverage in general terms until they have all the facts about the claim.
  4. Listen to complaints. It is near impossible to complete a claim without some sort of snag or delay. More often than not, frustrated clients just want a sympathetic ear and an apology. Most complaints don’t require more than that and can boost customer retention.
  5. Encourage prompt action. Claim delays are one of the biggest sources of frustration for customers. However, they are often the cause of the delay themselves. Pointing this out to them won’t earn any favors, but insurance adjusters can encourage them to respond to requests for documents as fast as possible. This can help keep the claim on track and improve their overall experience.

Most customers want and need someone to hold their hand through the claims process. Insurance agents who provide guidance and compassion can enhance the claims process, improve customer satisfaction, and boost customer retention. To learn more about improving the claims process, contact the experts at Actec.