To help insurers better understand COVID-19’s impacts, TransUnion recently conducted a survey of 3,148 U.S. consumers with active auto, homeowners, renters and/or life insurance policies.
One finding reflected that of our experience from a much larger **sample of 4million plus claims events from Australia to the USA.
- Digitization accelerated across the insurance policy lifecycle in response to the COVID-19 pandemic. TransUnion’s survey revealed 47% of respondents filed an auto and/or property claim in the last year, and of those respondents, 39% used a mobile app, website portal or e-mail. Consumer preferences also lean towards digital/online platforms, with respondents preferring to communicate with an insurance provider primarily via e-mail (32%), telephone calls (32%) and an insurer mobile app/website portal (18%).
With these findings in mind, insurers will likely need to balance expanding digital interactions and offerings with reducing customer friction and protecting against fraud.
** 30% to 35% of customers will use self-serve eFNOL when they can click on a 'Make a Claim" button on an insurer's, broker's or MGA's website. Especially when there is no need to remember a password to some long forgotten app.
Of the remaining 65% to 70% a massive 90% will choose to accept a secure digital html link sent by email or phone by the claims adjuster to complete at their convenience rather than hold on and spend twenty minutes or more on the phone. That makes 95% of customers preferring virtual transactions rather than on he phone.
Mind you- they also demand to be able to talk to an adjuster whenever they want and not have to repeat information already submitted but just dive in to the next step.
And they need more than just eFNOL and submitting photo and video evidence to back up text/voice descriptions. They need to know that the whole process will continue in the same fast, convenient and managed way. If amazon and online suppliers can tell them what's happening to their orders and when they will be delivered then so must insurers and brokers across the whole claims journey.
- Automated Assignment
- Case Reserving
- Fraud Management
- Negotiation and Settlement
They need constant updates in real-time as the claim advances or else they get back on the phone to find out what is happening. These messages must be automated plus reminders to submit required information. Not just whilst in the competent hands of the claims adjuster but also when being managed by repair networks, contractors, subcontractors, engineers and so on.
Which means all participants must be part of the digitally transformed claims journey and working from the same current digital claims record.
Last, but certainly not least, when you have achieved that for home and auto claims your customers will expect the very same experience on pet, travel (hopefully soon for everyone),, personal injury, ewarranty and vehicle recall, health, workers comp.
Which means insurers, brokers amd MGAs need one no-code digital claims platform that will empower them to customise every claims category, type and peril in any territory and any language. All without adding more Capex every time you add a new claims type.
Sounds like a dream?
Not at all.
You will find it with 360SiteView already used by 40 household name enterprises across the world.
Why not find out more before your competitors do? Email me on Mike.Daly@360Globalnet.com
Throughout the last year, the COVID-19 pandemic challenged insurers to better understand customer needs and preferences while also accelerating digitization efforts. COVID-19’s impact on the insurance industry will continue well into 2021, and insurers will need to equip themselves with insights and information that can help build trust with consumers and businesses while also allowing them to remain competitive in today’s evolving marketplace. Following are four trends that will likely influence the insurance industry this year and beyond: