e-Book Series: Restore’s workflow and digital mailroom solution
Better claims management
Why integrating information capture into the claims process results in bottom line and customer retention benefits
These days, from an insurer’s point of view, an ever-growing number of disaster-based claims is just one of the pinch points in the traditional business model. Fluctuating economies, increasing regulations and more empowered consumers – who have the tools to switch carrier at the touch of a button and then share their experiences on social media – are all felt with varying degrees of financial pain by insurance firms in today’s turbulent global market.
How to meet the needs of potentially fickle customers while continuing on a growth trajectory in unsettled and changing times?
Claims management is a business process that is time and information intensive, involving any number of customer and third party interactions, and is of huge importance to both insurers and claimants. Claims also cost between 3% and 12% of premiums to administer and – given that, according to Kofax, loss ratios on nearly all lines of personal and commercial insurance are estimated at between 60% and 110% – are a prime business area to target for cost reduction.
Savvy carriers are focusing in on how they manage claims to help solve both these challenges.
- Profitability – reducing costs is seen as a vital way of boosting the bottom line
- Increase in customer retention – improving claims management is an important element in retention strategies. A happy customer is more likely to renew, recommend and be responsive to additional product offerings.
So, having established that reducing the claims processing time – from First Notice of Loss (FNOL) to settlement – is critical to generating and maintaining high customer satisfaction levels and impacting positively on revenues, how does an insurance company make it happen?
Pinch points in managing claims productively
- Policy holders often approach complicated processes with a negative view
- Capacity to handle claims affected by seasonal variations, third party failings, shock events, and so on
- The need to rank claims by level of urgency
- Existing systems can’t handle newer technologies or comms channels
- Claims process yields invaluable information for the marketing team – but only if it’s collected correctly and then shared by departments who typically tend to work in silos.
Restore Digital Mailroom: the first step towards better claims management
At Restore Scan, we understand that the idea of ‘reinventing the claims management process digitally’ is daunting.
From our years of experience, however, we know that one of the most intelligent first steps an insurance carrier can take in their ultimate quest for an improved profit line is to manage the in- and outflow of both digital and paper-based information, ie, by setting up and running an automated workflow and Digital Mailroom solution.
Restore Scan provides managed services and on-site solutions – through software tailored to connect with your records management system or, where appropriate, by using an implant team – for the digitisation and capture of inbound mail. This can be in letter or email format, via a portal, on social media or from a text/messaging service. Our professional team supports every step of the journey, from concept through to design, development, testing, training, deployment and go-live.
Restore’s Digital Mailroom benefits include:
– Reduced costs: eliminating error-prone manual data entry by digitising and indexing inbound communications means you will no longer have seasonal or one-off capacity or corporate risk issues. By automatically feeding relevant contents into pre-defined business processes and workflows, these implementations typically result in 75-90% automation at project completion
– Increased security: file viewing can be restricted to authorised members of the team only, who can trace a clearly defined audit trail of which documents have been accessed, where and by whom
– Saved space: on-site mailroom and team shrink, even more so if managed off-site. Digital files can be kept on central servers, backed up in the Cloud while the requirement to keep vast paper archives is drastically reduced by following strict retention and disposal protocols
– Speeded up processes and retrievals: everything is available at the touch of a button!
– Optimised customer satisfaction: analysis of incoming written correspondence from email, texts, Twitter, Facebook and so on, intelligently routes them to the correct team and provides status updates and alerts back to claimants. All of which provides faster, more comprehensive and consistent responses for the compliant smooth running of a claim – and goes a long way to achieving the end goals of improved levels of customer retention, and profit!
Find out how you can keep customers happy and increase profitability. For a no obligation consultation with a digital mailroom expert, contact XYZ