Why it’s important to build a risk-aware culture
Customer dissatisfaction can ruin an insurance business
The short term insurance industry has not escaped the wrath of the general public and entities when it comes to the processing of claims. From complaints to criticism, media and social media has on occasion unfairly been used to portray insurance companies in a negative light.
Insurance companies are very aware of this situation. They have implemented various programmes to manage and minimise risk, with extreme pressure being placed on the claims departments to deliver exceptional customer service whilst keeping claim costs to a minimum.
Reducing the need for human intervention
In order to meet the clients’ expectations, claims must be validated as quickly as possible, and any irregular or fraudulent claims investigated further. This process should not unnecessarily prejudice the client. The principle of treating customers fairly should be kept in mind when claim validations are underway.
The idea is to reduce the need for human intervention and create fully automated business workflows that speed up transactions. Thanks to improvements in software tools and artificial intelligence it can now be effectively applied to insurance claims. Various programmes enable users to be responsive, it reduces the risk of errors, drives down costs, and results in much swifter claims processing, which is good for clients and insurance companies.
by Marius Zeelie