Is increased agility in claims processing being driven by consumer demand ?
Is increased agility in claims processing being driven by consumer demand ?
In many ways , insurers are utilising
AI to respond to customer needs – faster and more seamless digital experiences , easier claims experiences , and more reliable payment when a loss occurs . It ’ s clear how AI supports the first two of these missions ; reliability is defined in part by an insurer ’ s ability to gather information , supporting documents , and to understand the nature of a claim , which AI , in conjunction with digital cloud platforms , helps support .
Yet we ’ ve all been frustrated by an AI chatbot that doesn ’ t understand our requirements , or feels like a filter to make genuine customer service harder to access . So are insurers using AI in the way that consumers need ? “ Insurers have recognised that claims can be the primary distinguishing factor influencing customer
experience ( CX ),” says WNS ’ Dikshit . “ Consequently , insurers are reassessing their claims operating models to enhance their digital strategies while keeping CX at the core . The primary objective is to streamline the entire process , making it simple for customers , minimising wait times , reducing human intervention and ensuring consistent CX across all interaction channels .”
Landrum elaborates : “ The demand for quicker claims processing from consumers is likely to force insurers to devise new ways of working and adopt new business models . In today ’ s digital world , consumers expect quick and efficient services based on their own consumer experiences , and insurance is no exception . Insurers that fail to meet these expectations risk losing customers to competitors that offer faster and more convenient claims processing . To remain competitive , insurers may need to adopt new technologies and automation tools , such as parametric insurance , to speed up claims processing and improve customer satisfaction .”
98 July 2023