The turbulent events of the past few years have resulted in a more competitive and uncertain insurance landscape than ever before. From the COVID-19 pandemic and aging populations to rising geopolitical conflicts and catastrophic weather events, transformative forces are changing the way customers perceive their risk exposure, as well as their expectations of insurance providers in mitigating those risks in this new reality.
In this article, we’ll look at how insurance carriers and third-party administrators (TPAs) must redefine their roles and expand beyond traditional risk transfer and claims functions to meet customers’ expectations, increase customer retention rates, and win new customers.
Evolving Customer Expectations
Now more than ever, customers are looking to reduce and prevent the risks that may result in loss, as well as cover losses when events occur. Insurance carriers and TPAs must therefore shift from a focus on risk transfer to loss prevention. On top of this shift, customers also expect improved service and communication levels as the industry at large moves towards automation.
According to Finextra, insurance must focus on the following areas to build customer loyalty:
- Enhanced Customer Experience
- Improved Products and Services
- Competitive Pricing
To remain competitive, insurance carriers and TPAs should both satisfy and consistently deliver on all three of these areas. Ventiv’s claim management software was designed to help insurance players deliver on these three focal areas.
Enhanced Customer Experience
Insurance customers these days expect an optimal omnichannel user experience; this includes continuous/automatic updates regarding claims status, immediate access to claimant data when it's needed, and access via a digital portal. Unfortunately, many legacy claims management software solutions currently on the market are incapable of supporting these multi-channel communication strategies.
Improved Products and Services
Insurance carriers must continuously adopt new and/or emerging technologies and extend the benefits of digital transformation to their customers. For example, customers increasingly expect insurance firms and TPAs to offer automation capabilities, low-touch claims functionality, and other features that reduce claims costs while improving their user experience. This requires integrating analytics and adopting Al/ML to support automation, technologies many insurance carriers have yet to implement.
In today’s competitive environment, insurance customers increasingly expect more for less, especially when it comes to self-service offerings and digital services. Insurance providers unable to offer these services or lack the expertise to build them may eventually lose their clients to more technologically-enabled competitors, especially if they aren’t able to translate the benefits of new technology adoption into customer savings.
Ventiv Claims for Increasing Customer Retention Rates
Ventiv’s claims management software enables insurance carriers and TPAs to provide comprehensive insurance offerings yet competitively priced, as well as deliver an enhanced customer experience through improved products and services. For example, the solution’s multi-channel communication functionality is capable of automated letter generation and outreach via email, SMS, mobile, and more. Claimants can access a mobile, self-service claims portal for on-demand, continuous situational awareness regarding claims. The results are an enhanced customer experience and a reduction of manual adjuster touchpoints, leading to lower claim costs.
Better View on Claims Data
Ventiv’s claims management software as a service provides insurance carriers and TPAs with an accurate and up-to-date view of all claims data. Firms can create ad-hoc queries, reports, graphs, and a multitude of dashboards using flexible and easy-to-use toolsets. The software’s user interface has incorporated drag-and-drop report development, advanced graphics, and drill-down capabilities for getting a better view and handling of claims data. Reports that can be generated in real-time, scheduled, and easily distributable to all parties necessary.
Effective and Accurate Reporting
With the proper tools to create customized ad-hoc reports, insurance carriers, and TPAs can glean unique insights from their claims data. Additionally, Ventiv’s claim management SaaS allows for the importing of data from external sources and other internal systems for additional context and refinement.
Reporting Cost Reductions
With reporting automated and centralized in a highly configurable, easy-to-use interface, Ventiv’s solution allows insurance carriers and TPAs to realize substantial operational expense reductions related to running, re-running, delivering, and managing reports.
Automated Claims Processes
Ventiv’s claims management solution comes with embedded predictive analytics models for reserving, litigation, subrogation, and duration analysis. Additionally, Ventiv has incorporated cutting-edge AI automation and straight-through processing for auto-adjudicating low-complexity claims. With low-complexity claims automated, adjusters are free to handle more complex claims and cases that require special attention, leading to improved productivity and lower claims costs.
With routine tasks automated and claims management costs reduced, insurance and TPAs can focus on providing better customer service and increasing customer retention rates.
Chat with an expert to see why Ventiv’s claims management solution is the right solution for your organization.