Transforming claims for exceptional customer experience
The claims process often represents a ‘moment of truth’ for insurance customers. Claims can be make-or-break for insurance companies as around 30% of dissatisfied customers can end up switching their insurance provider. Insurance is considered a chronically low touchpoint industry, which means that every interaction an insurer has with their customer influences their decision to stay or switch providers.
When a customer lodges a claim with the insurer, they can be vulnerable and require timely support. There is a ‘burden of proof’ upon them to prove their claim to be valid and receive the compensation they deserve, which can cause frustration. A review of insurance customer sentiment reiterates this as it was found that claims was a major pain point, with a shocking sentiment rating of –86.8%, when the overall industry sentiment is –19.2% in comparison.
What do customers want from the claims process?
The following factors should be prioritised in your organisation's claims process to increase customer satisfaction:
How can your organisation improve your claims process for customers?
Generative AI is a tranformative tool across industries, with insurance being no exception. As consumer expectations are becoming increasingly dynamic, insurers must cater to a wide variety of customer preferences while simultaneously delivering with increased speed, efficiency and clarity. There are multiple use cases where generative AI can improve both customer and employee experience:
- Virtual assistants can engage with customers in real-time to answer policy queries and direct employees to relevant claim information regarding an individual customer.
- Documents submitted by customers and vendors can be distilled into key points and summarised for ease of access.
- Datapoints from complex documents can be extracted and compared to flag any anomalies or patterns.
- Potentially fraudulent behaviour can be identified and acted upon before any payment has been made.
- Unstructured data such as social media comments or customer reviews can be processed with Natural Language Processing to monitor customer sentiment and identify areas for improvement.
Check out our whitepaper on 'Elevating the Customer Claims Experience with Generative AI' to learn more: