It goes without saying that 2020 has been a year like no other. For those who know me, I focus on positivity and drinking from a half-full glass. During these many months at home, I’ve centered on what I can control rather than what’s out of my control. Like you, this pandemic year has taught me that change and the ability to adapt is vital in all aspects of our lives.
When it comes to the world of insurance claims, we’ve had a front row seat to witnessing a seismic shift in digital transformation in so many areas. Zoom meetings became a daily occurrence, webinar and podcast growth went through the roof and virtual conferences became the norm.
Numerous insurance carriers transitioned to a work from home model and virtual claims rose to the forefront. Here’s the big question mark…is the shift toward digital crisis based or will it continue as a true catalyst for long-term positive change?
While the transformation torch has been lit, it’s critical to continue this momentum and not return to past habits of inefficiency. From what I’ve read, heard and discussed with peers, there seems to be a real appetite for change and innovation. This is music to my ears!
As 2021 comes into view, and with it this dynamically shifting landscape, my advice is to focus on these key areas:
- Use a processed focused approach. The key to digital isn’t simply to push “digital paper” but to create a process that streamlines workflows and removes needless touches. Make the adjuster more efficient and remove the “noise” that distracts from high-value core tasks.
- Ask yourself, are you helping augment your team’s (adjusters) skills? Focus on true ROI. Laser in on the real day-to-day use of technology solutions. AI for the sake of AI has no value if it’s simply just a shiny new object. Much of what’s hyped are only partial tools that don’t move the needle on results.
- Remember that self-service should be considered as one method of inspection. Self-service and touchless claims are the right choice in certain situations but fail in others. Just because a customer can do a task doesn’t mean they should. Claims and insurance is a human business where empathy and customer service matter a lot.
- A flexible model is essential. Delivering a great claims experience is meeting the customer where they want to be met. No matter how much an insurer wants to eliminate human touches, the customer decides on the experience they want. Several options in how to serve customers are needed, they make the choice.
- Partnerships and ecosystems. Simply put, the claims process which may appear simple from the outside, is in reality an orchestration of expertise meshed with technology and service providers working together in the best interests of the customer. No one company is an expert in all facets and melding the best of all partners together is the wave of the future.
We’re in a unique place where change is happening fast. What shouldn’t change is a laser-like focus on what customers need and expect.
At ACD, we thrive on forward momentum and continuous improvement. At our core are people, process and innovation that bring forth flexible solutions that help carriers deliver an exceptional claims experience for the here and now, and also into the decade ahead.
Resources you might like:
- The Aite Group Webinar on how digital is changing the claims workflow.
- Reuters Events Connected Claims 2020 Report featuring contributions and case studies from Farmers Insurance, Aviva Canada, Texas Mutual, Founders Insurance, and ACD. Download the report here.
- Focus on Claims Podcast: I highlight interesting people, company and trends in the insurance industry. Follow the show on Apple Podcasts.
This advertorial was first published in the Nov/Dec 2020 issue of Claims Magazine: http://www.claimsmagdigital.com/claims/nov_dec_2020/?pg=14