Build a future-facing insurance organisation from claims up

28-09-2022

Few would describe making an insurance claim as a wholly positive experience. Regardless of how efficient the organisation is, making a claim always starts with a moment of distress for the customer, but how seamlessly and empathetically that claim is dealt with has a tremendous impact on the customer—and not only in that moment. 

The claims experience makes a lasting impression that can endure for the lifetime of the insurer/client relationship. It really is make or break. 

Given that a satisfied customer is usually a loyal customer, it is naturally in the insurer’s interests to refine the claims experience. Digital transformation is central to that goal. 

But not every insurer has been 100 percent successful in creating a successfully digitised claims experience, leaving disjointed customer journeys, a lack of consistency and, inevitably, insurers falling short of securing that much-needed loyalty. If by digitising the claims experience a company can lay a foundation for building a fully transformed experience across the rest of the business, the imperative to transform is clear. 

In the upcoming Intelligent Insurer webinar, “Digitise Claims Processing to Build Loyalty with Deeper Customer Relationships”, Twilio’s head of global financial services, Bijon Mehta, will be joined by leading carriers to discuss what digital transformation in insurance looks like and how refining the claims experience can set the scene for wider organisational improvements. Mehta will reveal why adapting to cloud and software-as-a-service (SaaS) models will be vital for forward-looking insurers, and discuss the key attributes that make the difference between a lagging, middling or leading insurance organisation. 

Intelligent Insurer chatted to Mehta in advance of the webinar, to find out what attendees can expect to learn and get a flavour of what claims experience transformation might look like. 

“Many carriers are looking towards fee-based revenue structures for reasons to interact with their customers more regularly than only at point of claim or renewal.” Bijon Mehta, Twilio

Why do insurers need to focus on transforming the claims experience—and with some urgency? 

Traditionally, insurance companies looked at claims from the insurer’s perspective, not the consumer’s. But think about it from their perspective. They’ve just been in an accident. They’re anxiety-ridden. It’s traumatic. Now they need to supply you with a lot of often complicated information. 

How can you make it easier for that individual? It sounds easy to say you simply have to flip the script to move the focus from insurer to consumer but it’s easier said than done. Getting to the point where you can seamlessly take photos or videos, send them from your phone, and file all your claims information just by responding to a text puts the consumer in control but makes huge demands on insurers whose systems are not set up to deal with things that way. 

You suggest that providing a streamlined claims experience has potential positive impacts across the rest of the business? 

Yes, it’s not just claims where the benefits of digital transformation are felt. The claims experience is arguably the most impactful in terms of direct customer experience, but putting foundational layers of technology and data management in place opens up the organisation to much fuller potential. 

For example, many carriers are looking towards fee-based revenue structures for reasons to interact with their customers more regularly than only at point of claim or renewal. This means being able to add value across their financial lives. To do this, they need to be able to integrate their customer insights across different product lines: life insurance, motor or health and wealth management. 

By helping customers towards a better overall financial future, insurers are able to secure their own future success, too.

In the webinar, will you be recognising some of the challenges insurers face? 

The foundational layer needs to be there to deliver digital transformation and seamless consumer experiences. Whether it’s moving away from this hybrid ‘in person plus digital’ onboarding, creating self-service portals or later in the claims process, it all hinges on customer data. Some insurers are involved in a massive re-platforming of their business to be able to do this, going from on-premises to cloud or SaaS services. 

This is where Twilio can play a role. We can provide a 360-degree view of the customer by centralising all the data in a single database with a single schema as opposed to the half-dozen or more databases insurers currently host. Typically, most insurers have multiple views of customers based on the products they have, so the first challenge is to consolidate that view using a customer data platform, or CDP. 

With that layer in place, you can deliver the idealised, streamlined claims experience. But more than that, you can then start augmenting your database with third party data or contextual information that helps you set up the next best actions and personalise your interactions. Most companies are still in the very early stages of this. 

Are insurers generally aware of the work they need to do to move into a market-leading position?

I would say that most companies consider themselves to be occupying the middle ground, with a few concerned that they are lagging behind. There may also be those who believe they are at a comfortable level of development but may not quite appreciate the degree to which they need to bring their customer data and systems together to deliver a truly joined-up claims experience. 

We are here to help them to assess where they might be in the pack and, of course, how they can move towards that leading cohort. Wherever they are on their journey, digital transformation is here to stay and they certainly can’t afford to sit still—even the leaders. 

 

In the Intelligent Insurer webinar, “Digitise Claims Processing to Build Loyalty with Deeper Customer Relationships”, on September 28 at 11:00 ET/16:00 BST, Twilio’s head of global financial services, Bijon Mehta, will be joined by leading carriers to discuss what digital transformation in insurance looks like and how refining the claims experience can set the scene for wider organisational improvements.

Twilio, Webinar, Q&A, Technology, Digital, Claims, Insurance, Reinsurance, Bijon Mehta

Intelligent Insurer