Delivering customer delight in a critical moment of truth

Publish date:

Digitizing the First Notice of Loss to deliver customer delight in a critical moment of truth

Today’s consumers have grown accustomed to the ease and simplicity of online shopping.  Now they expect similar convenience and personalization from their insurers. However, the insurance industry continues to lag behind others when it comes to providing a satisfying, high-impact digital customer experience, according to the World Insurance Report (WIR) 2018.

Reporting a new claim is a critical customer touchpoint (in the aftermath of a personal injury, storm damage to property, a family member’s death, or the loss or theft of a treasured item) and it forms a key moment of truth that can highly influence customer loyalty.

Convenient, seamless, and personalized claims processing experience, for First Notice of Loss (FNOL) can drive superior customer satisfaction and earn loyalty.

More and more customers are leveraging digital channels such as web platforms and mobile apps to report claims conveniently, allowing users to upload photos and videos of losses incurred. The idea is becoming increasingly popular. A recent JD Power survey found that 42% of participants used a digital channel to transmit photos or videos of a damaged vehicle.[1]

Technology advancements in the industry is a great catalyst to achieve quicker settlement times, reduce loss adjustment expenses and to avoid leakage by fraud. Technologies such as optical/intelligent character recognition (OCR, ICR), natural language processing (NLP), and computer visions can aid in capturing extended data about the loss, estimate the loss automatically, and also adjudicate certain portion of the claims straight through.

By digitizing FNOL intake, more information is collected at the initial loss-reporting stage. Paper-based workflows are reduced, and claims’ volume and complexity are better managed. The result? Quick and accurate adjudication and lower claims processing costs for insurers while customers enjoy faster settlements and restoration.

With the deep understanding of the industry need, Capgemini has developed a next-generation, pay-per-claim utility solution, Digital FNOL Utility. The offering uniquely combines digital omni-channel technology, InsurTechs, and global business services expertise to decrease the unit cost in non-digital channels and diverting some of the call volume to digital channels.

For more information, feel free to get in touch with me at kiran.boosam@capgemini.com or connect me on social media

 

[1] J.D. Power press release, “Auto Insurers Earn High Marks for Customer Satisfaction in Claims Process but Struggle to Integrate Digital Claims Reporting Technology, J.D. Power Finds,” October 25, 2018, https://www.jdpower.com/business/press-releases/2018-us-auto-claims-satisfaction-study

 

Related Posts

insurance

The insurer of the future: From payer to partner and preventer

Kiran Boosam
Date icon August 22, 2019

Strategies tied to the 3P (Payer, Partner, and Preventer) model will have a positive impact...

insurance

Insurers of the future: policyholders, partners, preventers, and payers

Ian Campos
Date icon July 26, 2019

By leveraging technology, the insurer of the future will evolve to become both a partner and...

insurance

Insurers must work across departmental silos to unify customer experience

Kiran Boosam
Date icon July 2, 2019

Customer centricity for product and process design defines the insurer of the future.

cookies.

By continuing to navigate on this website, you accept the use of cookies.

For more information and to change the setting of cookies on your computer, please read our Privacy Policy.

Close

Close cookie information