It goes without saying that the world has felt the severe impacts of COVID-19 . This unseen enemy attacked our global economy by shutting down global trade and has left many unemployed or unable to work; however, the virus was not the only thing to wreak havoc upon the world this past year. 2020 and 2021 saw numerous natural catastrophes across the world that caused tens of billions of dollars worth of damages and left physical and lasting impressions. Hurricanes, flooding, hailstorms are all events that have caused a need for an unprecedented number of claim submissions for property damages which have utterly drowned insurance companies in paperwork. That said, certain companies have been able to weather the storm and stay on top. Doing so by accessing and leveraging the power they share with their partner ecosystems, and by understanding how other leading companies have managed to excel during this period, there is still time to become a front runner in CAT claims efficiency.
Embracing Digital Platform
First and foremost, it is important to digitally enable your staff and company’s capabilities. Rather than using old paper and pen methods that have now become outdated, tech innovations can now allow companies to make the most of automated services. With search bar features, auto reminders, and caches for storing information in the virtual cloud, the time needed to organize, sort, and retrieve information has decreased tremendously. Another great use of newly developed software is its capabilities that allow your clients to make requests from an online platform. The key to this is ensuring that clients are knowledgeable about the software they have access to and that they feel supported and heard along their journey of understanding these newly adopted methods. With advancements in technology, online services have streamlined the application process while simultaneously allowing the insurance holders to provide credible information with photos, videos, and voice messaging. The additional advantage to automating claims services is that companies will be able to offer more personalized benefits that can further the relationship between the insurer and the insured. These online platforms and messaging systems can help companies send out proactive alerts to at-risk-policyholders or inform them of potential hazards that may be approaching. Doing so not only prepares clients and reminds them of the importance of staying up to date on their insurance policies, but also further builds client-company relations.
Another area that separates those at the front of the pack is their ability to communicate openly and concisely with their insureds, in cases of a catastrophe, the importance of this cannot be overstated. One option that is useful for facilitating proactive communication is going over the 5 W’s (who, what, when, which, and why) of CAT events with your customers. This will help to better inform insureds so they know exactly what steps they should follow to best protect themselves, their assets, and to help them further understand the steps of submitting claims during an emergency.
- Do they know who to contact initially, and which channels to use to start processing their claim? Are they aware of how best to contact them? Having these answers planned in advance can decrease the time taken between the initial incident and first contact with insurers.
- When and what are also very closely tied together. Have they been informed as to what information is the most pertinent when filing a claim, and the best time to do so? Are they cognizant of what their insurance policy covers and the expected timeframe for a response? With this understanding clients and companies can work in a more unified manner to resolve the claim.
- In order to increase efficiency and help prevent any communication errors that may occur, it may be useful to discuss the details as to why it is important for customers and policy providers to stay in contact and update each other when there are important life changes.
It is at times inevitable to be overloaded with claims, especially in light of the constant stream of national disasters. However, communicating openly with your clients helps to further their trust in your brand and establish a stronger relationship. Moreover, by taking advantage of online software’s that help facilitate the claims process, success is certainly attainable. Success not only being the decrease in the average time of answering a claim but also for you and your company to fast track yourselves as innovators in the insurance claims industry.