12:00 AM, 10 07, 2016

Instant claim settlements – changing insurance for the better

As an insurer, you’re probably aware that the process for settling a claim could use a bit of rejuvenation.

According to the J.D. Power 2016 U.S. Small Commercial Insurance Study, insurers who have been turning their attention to customer interactions and policy offerings has led to a 30-point improvement in overall satisfaction in 2016, to 823 on a 1,000-point scale, up from 793 in 2015. This marks the third consecutive year satisfaction has improved, with a 46-point increase since the study launched in 2013. Overall satisfaction is based on five factors (in order of importance): interaction, policy offerings, price, billing and payment, and claims.

With social media, review sites and of course – new companies vying for your customer’s attention- it’s key that you offer a service that stands out.

Instant claim settlement fits the bill perfectly for any insurer wanting to offer a simple, cost effective way to improve the process. With instant claim settlement you have the ability to instantly settle for personal possessions and home contents, resulting in better customer experience, a shortened claims cycle time and reduced labour and settlement costs.

This can be incredibly worthwhile when it comes to areas hit by a disaster. With so many claims to handle, you make the process much more seamless and less admin heavy by using an instant claims settlement system on the front end to speed up the whole process.

Picture the scenario. Your customer may have made the claim immediately after the loss. Providing you are happy to settle and the customer has provided proof of ownership,using an instant claim settlement, they can go shopping that very same day and go back to the store where the item was originally purchased from and acquire a replacement.

If you’re interested in some more information on how this could work for you, speak to me today. Call 07956 717 748 or email amy.morson@svmglobal.com


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