At first glance, claims experience and policy renewals may not seem directly linked. However, insurance companies must uphold stringent standards of excellence to ensure their claimants experience the highest levels of satisfaction throughout the entire claims process. Unsatisfied claimants translate into unhappy insureds, which can often lead to the loss of those same insureds when it comes time for them to renew their insurance policies with your company.
The frequency and style of communication factors in to the level of claimant satisfaction as well. According to Agencybloc’s blog entitled, “The #1 Reason Clients Leave Your Insurance Agency,” a Rocket Referrals study showed that 81% of clients exit due to the absence of consistent contact with the agent or agency. Furthermore, another study cited in the same piece showed about 44% had been in touch with their agent in the last year and a half.
It’s important that your insurance company keeps these statistics top of mind when administering claims. Even though the claims department is not an agency, these facts highlight the need for regular communication with claimants on all levels. The direct reason for this is because that even though your adjusters and examiners are dealing with claims every day, your claimants typically are not. Claimants may be calling in to report an auto accident with injuries and may be experiencing an array of emotions; adjusters and examiners have an opportunity to excel at customer care with these types of claims especially.
As a company, it is your duty to indemnify claimants but in order to excel and ensure that renewal premium gets paid, you must go beyond your minimum duty and ensure that claimants are taken care of from the very start of the claim through the very end of the claim. Throughout the entire claims experience, there are dozens of touch points that your company should be maximizing in an effort to provide the highest quality of service for the claimant.
These touch points can mean the difference between an average claim and an exceptional claim for your claimants. Additionally, if your company hasn’t already looked into the possibility of providing a call center that is accessible to both claimants and adjusters, now would be an opportune time to do so. Another feature to assist you in going above and beyond to deliver an exceptional claims experience is a translation service. Claimants who speak multiple languages will appreciate this service and your adjusters will have an immediate resource to tap into if they are unable to speak the claimants’ language.
Investing in the claimant experience can mean the difference between a satisfied claimant and long-term insured or a former insured and lost premiums when it comes to renewal time. For help identifying additional ways that will allow you to deliver an exceptional claimant experience and delight your claimants, call Rosanne Brugnoni at 586-755-3830 ext. 3771.
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