THE QUEST FOR TOUCHLESS CLAIMS | 5
Claims Cycle Reduction
The traditional claims processing cycle used to
take from 10-15 days with an average of 3-4
human touches. With today's more automated
approach, the cycle time has been reduced to
2-3 days with 1 or fewer touches.
Cost Reduction
The most significant benefit from straight
through processing is cost reduction.
Shortening the claims cycle can decrease
indemnity payouts and improve loss ratios.
Virtual and remote inspections can reduce
claims expenses and lower loss adjustment
expenses (LAE). Digitalizing the FNOL and FROI
process with mobile devices such as
smartphones can reduce claims intake costs.
Customer Satisfaction
Customers are accustomed to simple, fast,
touch-free digital experiences from the retailers
and other vendors they engage with daily. The
same should apply for claims. Claims
automation tools and technologies that drive
quick turnaround times, provide 24/7
communications, and multi-channel
experiences sets the stage for greater
customer satisfaction and higher Net Promoter
Scores (NPS). The result: an enriched customer
experience that promotes loyalty and retention.
Reallocating Resources
Claims automation helps to free human
resources from performing on-going mundane
claims tasks (the types of tasks that can be
easily handled by technology) and reallocate
them to more sophisticated and higher-value
work. This increases employee satisfaction and
accelerates productivity.
