Becoming more competitive
Claims management is at the heart of any insurance company. An effective claims management process can save an insurance company time and money and deliver a greatly improved customer experience (CX). When comparing insurers, the two most important factors that new customers base buying decisions on are the CX they and their network receive and price. Becoming more competitive in both areas is critical for growth.
The claims process is fundamentally straightforward and well understood. Every insurance company needs to ensure that they:
- Process claims promptly and fairly
- Provide reasonable guidance and information to policy holders
- Not unreasonably reject a claim
- Settle claims promptly once agreed
In the past, claims processing has largely been a manual, paper and document-centric process. Meaning that more staff are required for the business to grow and process more claims. But that’s changing. The introduction of automation provides enormous potential to speed-up processing and reduce associated costs. Not only around efficiencies of the claims handling process itself, but also reducing the costs to handle the indemnity portion of any claim.
Some of the key challenges for automation to address include:
- Huge amounts of data that is difficult to manage
- Ever increasing resource required for processing
- Lack of management visibility
- Improve CX in what is a highly competitive industry
- Detect and avoid fraudulent claims
- Reduce costs and offer more competitive premiums
- Store data securely and manage customer data in a GDPR-compliant way
- Provide customers with updated information at every stage of the process
- Reduce indemnity costs when handling claims
Address the needs of your claims process with Liberty Create
Liberty Create, our low-code solution, enables insurance companies to take control of their claims process and create a system that exactly meets the needs of their business and their customers.
Read the customer examples on Aon, Tesco Underwriting and Legal & General, plus the full benefits and software solutions built with Liberty Create in the Intelligent Automation for Claims Feature Sheet.
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