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Insurers expected to intensify claims automation efforts as customers consider quick claims processing a priority, a recent survey by Sollers Consulting and Ipsos has found.
For customers, faster claims processing from insurers is the most important thing when it comes to claims handling, but insurers are struggling to respond to their demands.
According to the survey, conducted in found countries, 52% to 63% of customers stated that a quick response is one of the top three expectations they have after making a claim.
At 63%, demand for fast claims handling is strongest in the UK, followed by Germany with 60%, Poland with 57% and France with 52%.
In countries like the UK, Germany and France, fast claims handling is the most important factor for customer satisfaction, even more than the actual amount of compensation paid by the insurer.
While in Poland, 55% of customers prioritised the amount of compensation, noting that is slightly more important than the speed of claims handling, which at 53%.
However, particularly after major natcat events, the insurance industry in countries like the UK and Germany, among others, experience serious shortcomings, as they receive negative feedback from customers, consumer organisations and regulators about their claims handling capabilities.
The survey also found that human contact is more important for customers when processing claims than when buying and using other services from an insurance company.
In the UK, 50% of customers prefer to submit a claim via a call centre, 36% of insurance customers in France want to submit a claim via an agent and 37% via a call centre.
“It is highly beneficial for insurance companies to invest in technology to speed up claims processing,” Lennart Imorde, Head of Process Automation at Sollers, stated.
Aleksander Czarnołęski, Senior Consultant at Sollers, said: “Our survey shows that the most important thing for customers is not the money, but the solution to the problem.
“To improve customer experience, streamlining claims handling is crucial. We are seeing more and more insurers investing in claims technology as they recognize that it also helps to reduce claims handling costs.”
With the insurance landscape constantly changing, insurance companies have to evolve rapidly, with many of them starting to invest in the automation of claims processing to increase customer satisfaction and become more efficient, Sollers stated.
Artificial intelligence is becoming a common technology in claims management in countries like the UK and Poland. In Germany, there is a trend towards digital claims management.
French insurers are modernising their connectivity to improve and speed up claims handling by brokers, agents and call centres.
Gijsbert Cox, Insurance Industry Leader at Appian, a platform for process automatisation, commented: “The insurance landscape continues to evolve rapidly. It remains imperative for insurers to embrace automation, cut operational expenses, and elevate customer experiences to remain competitive and viable as a business.
“Insurance process automation solutions with artificial intelligence and connected data have proven transformative for industry frontrunners to accelerate claims handling, underwriting, and processing time. We anticipate widespread adoption among insurers seeking to optimise operations and exceed customer expectations in this fast-paced environment.”
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