Imagine the possibilities…
Your customers are completely satisfied, your claims professionals are incredibly efficient and your company is growing at an exponential rate! These new heights are accessible with the ServiceNow Insurance Claims Management solution.
Managing the claims process is challenging in today’s environment. Customer expectations are unprecedented. There are too many applications, too many follow-ups, too many people, too many monitors, and too many manual processes that slow down the insurance claims process and increase customer frustration.
First Notice of Loss (FNOL) is a common issue and significant cost that impacts insurance companies and their customers. FNOL call centers operate 24/7, 365 days a year to ensure policyholders can quickly report any theft, loss, or damage that occurs. In addition, many insurance companies today don’t leverage modern technologies, intelligent workflows, and consumer grade experiences; therefore, failing their customers and their profit.
Cask Can Help You Improve Insurance Claims Workflows
Successful claims transformation focuses on innovative customer journeys, end-to-end digitization, and the integration of digital technologies to future proof your business.
Most interactions between your customers and your claims professionals are few and far between, so getting those experiences right during the moments that matter is even more paramount to drive loyalty. Consider how frustrating it can be when customers have to repeat information, wait for claims professionals to look up account information, or start from scratch communicating to other agents during a traumatic event.
The opportunity for your customers to immediately engage with their insurance company through self service with contextual information, proactive notifications, and personalized services wherever they are creates a significant impact on customer satisfaction and your bottom line.
Over the last 5 years, U.S auto insurance companies have lost $4.2 Billion dollars in underwriting profit every year due to intense price competition and adverse loss management! Let’s face it, insurance companies have a choice: be disrupted or be the disruptor with new products, services, and business models that leverage digitization and integrated technologies to thrive now and in the future.
What Makes A World-Class Customer Experience?
This is a two-fold question as insurance companies need to think about the user experience through the lens of two distinct personas: your customers (the insured) and your employees (claims professionals).
To create solutions that delight your customers, it’s imperative to apply Human Centered Design to put your customer in the center, while integrating the needs of your audience with the possibilities of technology and the requirements for business success. We all know that customers demand access anytime, anywhere; expect highly personalized and tailored services to meet their specific needs; and want to feel valued.
Your employees are another critical persona as you want to make their life easier and provide a better work experience so they can focus on your most important asset, your customers. This includes the coordination and unification of core systems into a single system of engagement with a 360 degree view of your customer, robust and intelligent dashboards, real time visibility, automated fraud detection, remote damage control, digital payments, and more. All of these benefits reduce human error and allow for better interactions with your customers.
Why is the ServiceNow Insurance Claims Solution unique?
Cask and ServiceNow partnered together to create a scalable, sustainable, and modular solution that meets the specific needs of your organization. The ServiceNow Insurance Claims solution streamlines the insurance claims journey from First Notice of Loss to Settlement (FNOL) with a customer centric experience that improves customer satisfaction, drives loyalty, increases automation and efficiencies, and decreases costs.
This solution dramatically improves the end-to-end experience for everyone. It has embedded data models, machine learning, robotic process automation, and more to accelerate outcomes, allow for unprecedented visibility and efficiency for your agents, and delights your customers.
How does this Accelerate Outcomes?
The ServiceNow Insurance Claims solution offers a variety of tangible outcomes, based on how you leverage the modularity or holistic solution for your organization.
FNOL: Automates contextually relevant questions for your customers in a simple, step-by-step self-service process that updates real time with agent workspace. Add a witness, embed photos, conduct a virtual damage assessment, integrate e-signature, and more through a highly personalized and customer centric experience.
Custom Agent Workspace: A seamless and dynamic interface for agents, claims adjusters, and other roles that are responsible for handling insurance claims and customer interactions. Employees have access to tailored reporting, tabbed browsing, notifications, and alerts to help minimize bottlenecks and swivel chair between various insurance systems to improve productivity and decrease time and effort, while consolidating the user experience into a single system of action.
- Increase revenue by improving customer satisfaction and reducing churn with faster time to resolve issues in stressful situations. Drive subscription revenue and fierce customer loyalty with a consumer grade experience that is personalized, customized, and offers complete transparency.
- Decrease costs with increased automation, personalized notifications, and actionable SLAs. Decrease manual activities and operational expenses and customize dashboards and reporting based on organizational roles.
- Improve efficiencies by streamlining operations, removing manual or onsite services, reduce resource expenses, and digitize processes and payments.
- Reduce organization risk with embedded risk management, cyber risk profiles, and automated fraud detection. Reduce human error and improve reporting and analytics for data driven decision making.
The future of Insurance Claims is here!
The ServiceNow Insurance Claims solution works for your customers, it works for your employees, and it simply makes the world of Insurance Claims work.
Request a quote today and learn how our Insurance Claims Management solution and industry expertise can help you achieve digital transformation and improve the experience for everyone.