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6 min read • Mar 03, 2020
As the coronavirus is forcing us into the
new normal, the work of insurance companies has not stopped. They need to keep
on selling, renew insurance policies and resolve damage claims.
carriers have responded to new circumstances with different approaches and new work
processes. Their customers have access to online support and companies switched
to online sales meetings. The deadlines for damage claims and filing related
documentation have been extended. Validity of insurance policies have been
automatically prolonged. Their employees' exposure has been limited by using
virtual communication tools to ensure uninterrupted operations given the current
situation. By adopting these measures, they have extended a helping hand to
their customers and relieved them of some of their worries.
Disruptive changes in customer
behavior and emergency responses have dramatically shifted workloads within
organizations. Many on-site operations have been drastically reduced and
long-term software-transformation efforts paused, but call centers and online
channels still must be scaled up rapidly to meet demand. Some companies have responded quickly to the new digital customer behavior by establishing new products, such as mortgage deferrals and crisis-related insurance, or shifting customer interactions to online channels. McKinsey
Even before the
epidemic, insurance companies had flirted with or already adopted some digital
solutions although not to the extent they are forced to do now. While security
and customer satisfaction top the list of priorities, they result in the loss
of revenue and a backlog of damage claims. Despite isolation and social
distancing measures that were forced onto us by the coronavirus, damage events
continue to happen. While insurance companies managed
to adapt their operations when it comes to sales, they are aware that customer
satisfaction depends on the rapid processing of damage claims and the resulting
pay-outs. But how do you remotely assess car damage or a broken window if most
countries banned unnecessary travel while customers need to complete the process
and get the payment as quickly as possible to fix the damage?
A crisis such as Covid-19 affects all business sectors - but it especially puts a spotlight on insurers who can expect to be inundated with general inquiries and claims across multiple different lines, whether that be for health, life or non-life cover. Balancing the need for responding to this influx of activity in the contact centres with a quickly shifting remote workforce is an area that insurers are working to address. Of course, countries are at different stages of coronavirus activity. KPMG
One of the technologies that solve today’s
limited claims processing is the Remote Claims Settlement Solution (RCS).
Remote claims settlement uses intelligent video streaming-based solution to
decrease the time for claims settlements, which is beneficial for both involved
parties. The solution helps speed up the claims procedure with the help of
video streaming using the customer’s mobile phone. It enables the call centre
agent to carry out inspections remotely and see what the customer sees. During
a video call, the adjuster can inspect and document the damage through the
camera on the customer's mobile device. The adjuster can pause live video, take
remote AR (Augmented Reality) measurements, highlight key issues, save and
upload images to the customer file and even share documentation on the customer
device or agent’s computer screen. Although the customer is handling the mobile
phone on site, it is the adjuster who controls the camera from their location.
The RCS solution can be augmented with an
intelligent recommendation system which compares uploaded pictures of the claim
in the background, uses it with the claim history data and then provides a
customer service agent or adjuster with the pertinent information needed to
settle damage in real-time. With a solution like this, the policyholder’s
claims are submitted, approved and settled during their first call and
customers get reimbursed within a single day.
The solution significantly shortens the
claim processing time and reduces its cost. As a result, customer satisfaction
increases, as a customer can file a claim immediately using a mobile call.
Remote claim settlement through intelligent video streaming is a simple and
straightforward process as customers use their mobile phones and only need to
complete simple steps guided remotely by customer service agent or adjuster
without the need for an onsite visit.
To avoid such circumstances, insurers may have to take additional safety steps such as setting new protocols for in-person interactions with claimants or requiring claims to be investigated from the office or an alternative remote location where possible—even those that normally require site visits. Insurancenewsnet
RCS solution can be used as a stand-alone solution, integrated with your
favorite CRM or as a part of the claims management software. RCS
solution integrates seamlessly into your existing contact center solutions with
minimal effort. RCS works in harmony with your current processes to maximize
the impact of your service department.
RCS solution is web based solution with
the extended integration capabilities and therefore can become a part of your
existing software solution used in your existing processes.
The good news is that the solution can be
implemented in any insurance company in less than a couple of weeks.
course, there is the question of why you should implement a new solution if
life is going to return back to normal in a few weeks. Well, the answer is – we
don’t know whether it will. We don’t know when and even if the life that we
knew before is going to be the same as it was. The largest global experiment of
our time will bring about a new way of thinking, living and doing business.
Even the smallest groceries have implemented online stores overnight and the
future of every business will depend on being able to take care of their
customers with a few clicks without ever leaving their couch. So, think again –
are you prepared for the new normal in every aspect of your business? Even if
you are not, your customers surely are.
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