What does your claims process look like?

Most insurance carriers typically have confusing multi-tiered processes that the average customer struggles to figure out and ignores the emotional journey the claimant is most likely going through.

Customers expect digital self-service experiences in everything from food delivery, same-day shipping, to breaking news on social media; they’re going to want it in their claims experience, too. And when you don’t deliver…why should they stay? The rate of switching among insurance shoppers has increased to 35%. And the time it takes to process and settle claims might have something to do with it.

Now, customers have so many choices that it’s not about what you provide (though it’s important), but how you provide it. The ease and convenience of online shopping has led to 25% of car insurance policies being purchased directly online from the carrier. If you’re struggling to retain your customers, it’s your experience that matters. Increasing customer retention rates by 5% increases profits anywhere from 25% to 95%.

But more importantly, a better claims management process can help you deliver a compassionate and quick response when customers are in need. Think about it — customers rarely file claims because of something positive happening in their lives. It’s more than likely they’re dealing with injury, accident, natural disaster, death of a loved one, or other challenges that mean they’re not at their best.

That’s where you can come in.

Why the claims process is broken — and how to fix it

This multi-tiered claims process is often powered by a backend legacy platform. Changes to this environment are costly, time consuming, involve many IT teams and departments, and provide limited ability to adapt to changing market conditions. Many insurance carriers have implemented digital transformations which still rely on this “multi-tiered tech stack” and perhaps added more complexity to it by introducing additional integration and data repositories.

That translates to multiple workflows, databases that don’t talk to one another, and an overall user experience that doesn’t make sense for agents or for your claimants. All it takes is one negative experience to lose out on business to a competitor — after one negative experience, 51% of customers will never do business with that company again.

So, how can you improve your claims process resulting in increased customer satisfaction, retention, and reduced operating costs?

A better claims process starts with the right data

To provide a seamless and efficient policyholder experience, insurance systems need to talk to each other. Systems must be able to store, share, and make use of the same data. And that data needs to flow from the initial collection of information, through underwriting, to policy administration, to claims — which reduces cost, complexity, and opportunity for errors.

Having all departments and your customers using the same solution and data for intake, underwriting, processing, servicing, and claims provides tremendous benefits including cost savings, improved customer satisfaction, and reduced handling times.

Let your claims adjusters manage all expense activity and financial transactions in a single portal. Easily set up claims line items by category with associated coverages, payees, inputs, and approval/denial reason codes. View in-process claims, trailing document status, and activity history and manage expenses, losses, and reserves through a Financial Summary dashboard. Upload documents through a drag and drop interface and receive alerts and reminders for outstanding requirements.

A seamless experience for when life happens

Creating a 360-degree view of every customer adds efficiency operationally, too. Take pet insurance, for example. For a chronic illness like canine diabetes, you can pre-approve a monthly diabetes payment threshold so the customer doesn’t have to wait for claims processing every month; rather, they upload the vet bill and are auto-approved and reimbursed. Not only is that more efficient, but it helps your customers focus on what matters: taking care of their dogs.

When life happens, one single source of truth makes it easier to intake data and manage claims — for example, adding capabilities to upload images of damage to a car after an accident or break-in – which is your opportunity to offer a positive touchpoint when your customer may be understandably shaken.

We often think of technology as a tool to facilitate transactions, data, or other emotionless activities. But what Salesforce can really do for your insurance company is add a layer of empathy so agents can understand exactly what coverage looks like, how to help, and where customers can go next so they can take care of whatever life has thrown their way.

While marketing automation may sound cold and technical, it enables your team to act with more compassion. Oftentimes, insurance firms are supporting claimants through the emotional journey often associated with situations requiring claims. Faster, friendlier follow-ups; next best action suggestions for call center teams; tailored responses based on circumstances and specific claim information — these actions show customers that they are more than just their policy number.

And automation like this can reduce the cost of a claims journey by as much as 30%.

A better claims management process with Salesforce

Designed to work with Salesforce Financial Services Cloud, Salesforce Insurance Claims is a digital platform that allows insurers to overcome legacy constraints and transform their businesses for the modern age. By improving your tech stack experience, you can reduce loss-adjustment expenses by more than 20%, and improve customer satisfaction by up to 30%.

Salesforce provides end-to-end claims management in the cloud to replace fragmented, manual processes with a streamlined digital approach — all with little to no code required. Salesforce seamlessly integrates the customer’s claims journey into their broader relationship:

• Give your policyholders dynamic, user-friendly FNOL experiences with minimal typing required.
• Get real-time coverage verification and product or peril-specific question sets.
• Upload documents and photos from any device and easily search for repair shops and other third-party providers.
• Set up payments to one or multiple destinations via check or electronic payments.
• Receive instant rules-based auto-adjudication or monitor in-process claims and payment status.
• Support your claimants’ emotional journey through their loss with digital communication journeys

Want to make your claims process easy to use for your team and for your customers? We can help. As a consulting company with real experience in the insurance industry and expertise in Salesforce, Silverline is uniquely positioned to deliver industry solutions like Quoting/Illustrations, Policy Print, Product Management, Underwriting, Commissions, Post Issue Transactions, Claims and Billing to achieve a complete business solution. Reach out to learn more about how to improve your claims management process with Salesforce.