The trend of hyper-convenience has effected every industry and any company unable to keep up has suffered. More than just a throwaway buzz-term, customer-centricity captures the mood of an industry going through major technological and psychological gearshifts.

Insurers are rapidly coming round to the idea that customer-centricity in the claims process is a vital part of retaining profitability and guaranteeing growth. But, to achieve both insurers have to understand precisely what the definition of customer-centricity is and how, if it’s going to have any impact on these two business-critical KPIs at all, it is far more than an exercise in marketing lip-service. 

So, how far along are insurers with placing the customer at the heart of the claims process? 

To shine a spotlight on automation in insurance claims, Insurance Nexus conducted interviews with If P&C, Vitality, BGL Group and Bain & Company and created an exclusive industry whitepaper. 

Check-out this short preview of the whitepaper which you can download here.

 “The cost of claims handling is the elephant in the room,” notes Bain & Company Italy’s Principal, Matteo Carbone. “Data from black boxes is allowing us to really refine the claims process through telematics. Claims handlers can take better, quicker decisions and optimise the payout for the insurer. There is also a lower overall incidence of bodily injury claims because the insurer has more information.

But what about customer-centricity? “Effectiveness is the starting point but you’re also speeding up the process so that if the client has been 100% honest you can take a decision quickly and the client then receives a better service,” Carbone says.

In the battle for customer-centricity, incorporating systems for the purpose of rapidly sharing and verifying information is seen as a win-win for both insurers and their customers. “With a telematics box on board you know where claims happen so the insurer doesn’t have to wait for the first notification of loss. You can send the client assistance straight away. In a survey we conducted, more than 50% of clients were looking for services that simplified the stressful moments in the claim,” Carbone reveals.

Providing information is certainly highlighted as one of the most stressful parts of the claim aside from the accident itself. “There are a number of questions that have traditionally been asked but are not needed today. We could be reducing the number of questions and live with less data than we did in the past. We can still have enough information to settle the claim properly,” insists Klaus Vogel, Senior Vice President of Claims, If P&C Insurance.

Download the whitepaper to access more exclusive insights

Read the whitepaper to get answers on how customer-centricity in claims can help you to:

• Demonstrate a consistent value of service to your customers: Show your customers that they matter. Adapt and align to your customers’ needs and expectations or lose them to those that will

• Prevent claims, provide clarity and improve communication: Utilise claims data to better serve and inform your customers and prevent claims from occurring in the first place!

• Personalise customer experience to suit each individual: Customers want to connect with insurers who understand their claims needs. The key is not just engagement, but specific, relevant and timely engagement. Rise to customer expectations and deliver the insurance they want

Download the whitepaper right now