Ventiv Technology

It's been called "the moment of truth". TOUCHLESS CLAIMS | 1 It's the moment when the insurance carrier is asked to fulfill its fiduciary responsibility to the policyholder for reimbursement against losses covered under the policyholder's insurance policy. For some policyholders, that moment may never come. But for those who do file a claim, the insurance claims process can make or break that customer relationship. In fact, the time it takes an insurance company to satisfactorily settle a claim is viewed as the number one measure of customer satisfaction. Insurance customers have high expectations when they purchase a policy -- notably, that their insurer will quickly indemnify them for covered losses that might be incurred. This is a major reason why insurance companies put so much emphasis on streamlining their claims adjudication process and reducing the time to settle a claim. Carriers realize that there is no better time to create a positive customer experience and build loyalty than that moment when a customer experiences a loss. Insurance and Mobility Solutions reports that if a policyholder doesn't receive the speed, accuracy, and transparency expected in the claim process, they are more likely to switch insurers – up to 44% more likely. Throughout the claims process - from the initial reporting of a loss to the final settlement - claims professionals and adjusters carry out a myriad of manually driven, complex and sophisticated tasks. In many cases this involves multiple manual hand-offs, touches, and steps including verifying the policyholder's coverage, setting the loss type, checking reserve amounts, and setting adjuster assignments. And in many cases, involving entry of claims data into multiple systems all representing process inefficiency and being prone to error. For example, consider the traditional claims process for an automobile claim. Once an auto claim is initiated, there are a number of manual steps a carrier follows – often handled by a claims adjustor in the field. The company's claims field personnel capture all relevant information about the claim, take pictures of the accident or make a "rough" drawing of the damage. Then using provided sources, an estimate for repairing the damage is made. But that process – from start to finish – can take up to a month, or more. And for policyholders who want and need to be made "whole again", such a time lapse can be unacceptable.

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