“Picking technology, industry players can arm themselves with huge competitive advantages over their peers if they can make the most of the technology and the various vendors that are looking to add significant value into evolving this space for both our industry and the clients we serve.”
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Since 2001, Claim Central Consolidated has been a champion of creating easier, faster and cheaper claims outcomes for insurers, brokers and their customers. Here we take the 10,000ft view of what we believe are the 5 key secrets to easier claims.
1. Customer connection is #1
Everybody seems to share the same problems when it comes to insurance claims – lack of visibility, poor communication and very little connection to what’s happening in the claim. All too often, claim staff get so swamped with menial tasks and admin that the customer gets forgotten and frustrated.
The Chartered Insurance Institute (CII) (London), Public Trust Index, 2018, found that the top priorities of insurance customers are:
- Having a claim settled quickly (76%)
- Having a claim handled in a respectful manner (71%)
- Having control over the way a claim is settled (69%)
Trust is the key to a great claim experience and the best way to build trust is through more visibility and better communication to create a more connected claim experience – before, during and after the claim.
Claim Central’s emphasis on building trust through technology has helped Insurx, our TPA claims management business, achieve industry-leading results in 2019 – with a +52 Net Promoter Score for one major client and an 87% home insurance claims satisfaction rating for another – results that have been almost unthinkable up until now.
A few examples of ways you can help your customer to feel in control of their claim:
- Real-time customer sentiment & feedback – allowing customers to give feedback at every stage of their claim in real-time helps keep the claim on track and pre-emptively mitigates the risk of a poor experience.
- Customer portal access – allowing customers to see where their claim is at and what the next steps are to finalise the claim. When there is a vacuum of information the customer tends to assume the worst – but by presenting complete transparency they know they have nothing to fear.
- Keep it quick and simple – allowing the customer to sign and upload documents digitally, make excess payments via their mobile, or connect in real-time via video streaming, are all ways to make the customer’s life easier.
2. Take advantage of technology
Technology alone is not a magic bullet to achieving better claim outcomes – if it’s not based on a strategy of ‘customer-first’ coupled with a strong digital foundation and workflow, you won’t be able to achieve a connected claim experience.
A good example of this is our live video and collaboration platform LiveLogik, which allows claims to be finalised in a fraction of the time of the traditional process. With features such as live video streaming, digital document signing, mobile excess payments, on-screen measurements and drone integration, the first 72 hours of a claim are drastically reduced through real-time connection between the customer and claims manager. By integrating LiveLogik into our workflow and our claims management ecosystem (including ClaimLogik and Hello Claims), and by proactively providing desktop assessing capacity to handle the additional volume of this channel, we are able to take full advantage of LiveLogik’s capabilities. Without this integration into the core digital foundation of the business, the benefits would be greatly reduced.
Some technology innovations to look for in the next twelve months include:
- AI – utilising predictive analytics pre-event and post-event to reduce losses and cut cycle times
- Digital workers that far outperform their human counterparts in redundant repeatable tasks
- VR technology not only at claim time but also for training purposes
3. Take control of your supply chain
Your suppliers are the lifeblood of any claim and taking control of your supply chain through digital channels is a key way to not only improve your claims process, but create scalability also. A few examples include:
- Competitive tendering – setting up your ecosystem to optimise the tendering process through competition, is a key way to drive down claims cost on both materials and labour.
- Digital scorecarding – by measuring every interaction between your supplier and the customer, you are better able to track the quality of their work and also their professionalism and customer service. What’s more, by tying scorecard results into your allocation process you can proactively drive better performance through incentivisation.
- Digital access – allowing trades to participate digitally through the entire claim process not only drives engagement but also improves lifecycles. From initial onboarding, through to online claim tracking, photo & document uploads, live video streaming and invoicing – you make their lives easier which makes your life easier.
4. Generating insights from your data
Over the last couple of years the integration of data models and insights into the claims process has moved from descriptive and diagnostic reporting (which retrospectively tells you what happened and why); to a more predictive and prescriptive model. Predictive analytics helps you anticipate what will happen, while prescriptive analytics helps you to respond effectively to those likely events. So the data analytics journey within claims is evolving from a reactive one to a more proactive one. In essence, we as an industry can put data into the hands of frontline staff who can consume it to determine the best outcomes for customers and clients.
For Claim Central Consolidated, our ability to analyse claims data to identify bottlenecks has seen huge improvements in our long-tail claims reduction. In 2019, through our data analysis, we were able to pinpoint specific pain points in claims greater 60 days and take the appropriate measures – resulting in a reduction of 74% in open long-tail claims over a 3 month period.
An integrated data and analytics strategy can help you to:
• Connect data from multiple sources to create a 360° view of a claim
• Define lead and lag indicators for your key claim KPIs
• Prepare, respond and review catastrophe events through comprehensive weather event monitoring
• Estimate duration targets and cost targets at claim level and segment level
• Plan capacity and utilisation
• Use predictive models to optimise customer, cost and lifecycle outcomes across your claim segments
• Enable early intervention to reduce the impact of ‘off-track’ claims
5. Lifecycle, lifecycle, lifecycle
Like it or not, claim performance outcomes are a direct function of lifecycle. The longer the claim, the greater the cost, the unhappier the customer. As we all know, keeping lifecycle at front of mind is key.
One of the key influencers of total lifecycle is the first 72 hours of a claim when first notification, mitigation and emergency response take place. One of the ways to improve lifecycle at this early stage and get the claim off to a fast start is by using technology that encourages quick and easy interaction between the customer and the repairer or insurer.
Our live video streaming and collaboration platform, LiveLogik, has provided enormous results to our claims performance at Claim Central Consolidated. In 2019 our property repair average time from claim decision to receiving excess and signed scope of works was just 5.5 days (a 68% reduction compared to 17.4 days using traditional methods). Tellingly, 30% of these are received within just 3 hours and 58% within 1 day.
What will claims look like in 10 years? How much of the claim process will be handled by humans, and how much will be technology-led through robotics and digital workers? How smart will technology be in not only completing processes and tasks, but feeding information into data models to create a continuous loop of improvement?
We’re looking to the next horizon and it’s a lot closer for insurers and brokers than a lot of people think if they are willing to implement a sound digital foundation and a smart workflow methodology. The industry needs to move from a ‘bolt-on’ mentality of piecing together disparate widgets and platforms, to a ‘vision-first’ mentality – starting from the ground up to understand their vision and operational model before integrating the relevant technology to help achieve that vision.
To learn more, please contact:
Matthew Lawrence | Head of Partnerships
+61 401 063 828
Five weeks since the devastating downpours hit the north Queensland city of Townsville which was classified a catastrophe, the damage has reached $1.02 billion in loss to date.
Claim Central’s Catastrophe team led by Wade Eilersen, swiftly mobilised to the affected regions the day after the floods hit and assessed claims immediately. This was due to their robust plans for managing sizeable events and catastrophes enabling them to act promptly, and leveraging their long-standing relationships with local trade partners.
With the team receiving a large influx of claims in a short period, they managed the claims end-to-end through Claim Central’s digital claims technology and digital repair fulfilment process, as well as the more traditional loss adjusting services.
Some of the feedback the team received from customers who were affected by the catastrophe has been positive, speaking of the simplicity of the technology they used during the claim process, and empathy of our staff.
One of our customer’s said:
“I was able to look after my baby and sign the contracts through my phone – if I didn’t have this I would have had to run to a printer, printed the documents, signed and sent them back. It would have taken me a while to get these back. This is a great idea.”
Another customer who commented on our service said:
“Claim Central have been so kind – you have no idea what it means to us.”
Our Claim Central team is ready to assist you and your clients with any claims. For any questions contact Wade Eilersen, General Manager – Loss Adjusting Services & Chartered Loss Adjuster on 0419 820 231 or email@example.com
Technology surrounds us in our daily lives making everyday tasks more simple and efficient. However, paper-based contracts and customers telephoning to lodge claims are still relied upon in the insurance industry.
Global Chief Executive Brian Siemsen, had a vision to utilise modern technology to digitalise insurance claims processes, which has transformed the industry from reactive to proactive.
Are you prepared or adequately insured if your kitchen catches fire?
Recently one of our staff members attended a kitchen fire claim at a property and found the customer was very lucky to get away with minor damage to their kitchen.
A customer was distracted by her small children while cooking and oil caught fire, which burnt the kitchen cabinets and ceiling. Luckily a smoke detector activated, and the customer had a fire blanket to extinguish the blaze.
During the assessment, it was identified the building and contents sums insured were grossly underinsured. Subsequently, within days the property owners significantly increased their building and contents to ensure they were well protected.
Within two weeks, all repairs and cleaning were completed. A 10/10 service scorecard was received as well as a personal thank you note to the Claim Central team.
It’s important to annually review the sums of insurance as a minimum. For any advice on how to prepare your property, contact our team on firstname.lastname@example.org
The current Australian insurance landscape is facing a complete lack of trust from customers. Claim Central CEO Brian Siemsen, shares his insights into how regaining customers’ trust comes down to one thing.
The Claim Central team in Darwin was recently engaged to complete a major re-roof and gutter redesign project for a boutique townhouse development. The team managed the entire undertaking from start to finish.
Claim Central identified the structural non-compliance and original design deficiencies giving rise to several, ongoing rainwater ingress issues.
Wade Eilersen, General Manager – Loss– Adjusting Services, said: “Once our investigations were completed and we understood what we were dealing with, we conceptualised and developed the structural and hydraulic redesign to abate the building defects.”
The Claims Central Darwin team formulated the required scope of works, went to tender and managed the trade selection process for their client. Claim Central was onsite daily and managed the physical rectification works from the start, through to certification and customer sign off.
A major challenge was the requirement to complete the works with minimal disruption to the building occupants and which allowed them to continue residing onsite. This was achieved through open, effective communication and flexible work scheduling. All works were completed and delivered with a high degree of professionalism, zero defects, on time and on budget.
This is a great example of skill set diversification and just one of many services Claim Central can offer.
Should you have any questions or require further information on how our Claim Central Darwin team can assist you, please contact
Wade Eilersen, General Manager – Loss Adjusting Services & Executive Loss Adjuster on 0419 820 231 or email@example.com
Cyclone Marcus was a tropical cyclone that impacted the Northern Territory and Northern Western Australia in March this year. Classified a category 2 system, the damage caused by this cyclone was extremely significant due to the destructive winds reaching up to 126 km/h.
Cyclone Marcus is the strongest cyclone to impact Darwin since Cyclone Tracy in December 1974. When cyclone Marcus was of the WA coast, it had developed into the most intense cyclone to impact Australia since Cyclone Monica in April 2006.
Fallen trees brought down power lines and blocked roads as the trees extensive root systems became uprooted and caused major damage. This resulted in widespread power outages to over 28,000 households and businesses, in some areas lasting more than a week.
The Darwin team led by Wade Eilersen, swiftly mobilised to the affected regions the day the cyclone hit and assessed claims immediately. This was due in part to their robust plans for managing sizeable events and catastrophes enabling them to act promptly, and leveraging their long-standing relationships with local trade partners.
With the team receiving a large influx of claims in a short period, they managed over 1,000 claims across personal, strata, SME, and large commercial lines of business for underwriters, brokers, and self-insured entities. The claims were managed end-to-end through Claim Central’s digital repair fulfillment process, as well as the more traditional loss adjusting format for clients who requested the service.
Luke Harris, Branch Manager, MGA Brokers Darwin, said: “We’ve been using Wade and his NT team’s traditional loss adjusting services to handle the recent influx of claims from Cyclone Marcus.
Our experience has been extremely positive in all aspects and as a testament to their service, experience and expertise, we have received no complaints from the claims handled by Claim Central.
“Above all, their communication has been unparalleled – a strata claim has the most number of people involved and the coordination is time consuming and tricky – Claim Central have done an amazing job in handling all these parties for a quick outcome.”
Troy Glover, Managing Director of Glover & Glover, said: “Glover and Glover are builders who have 30 years’ experience working in the construction and insurance repair industry. We have worked in many sizeable events for several insurance companies and loss adjusters over many years, however the way Claim Central operated during Cyclone Marcus was second to none.
“The entire process with Claim Central was straight forward and seamless from tender through to repair and sign off using their claims management technology, ClaimLogik. The quality of the repair scopes presented to us for tendering were extremely well documented, which made our job so much easier. The ongoing communication with their repair team led by Shane Drake was exceptional, he said.”
Most of the repairs running through our digital repair fulfillment program were finalised within 30 to 50 days, with the Darwin team receiving an influx of 10/10 customer satisfaction scores on the timeliness of response and quality of the repairs completed.
Claim Central achieved these superior outcomes through the combination of leading edge technology, experienced loss adjustment skills as well as local knowledge supported by our qualified and experienced trade partners.
Our Claim Central Darwin team is ready to assist you and your clients with any claims. For any questions, please contact Wade Eilersen, General Manager – Loss Adjusting Services & Chartered Loss Adjuster on 0419 820 231 or firstname.lastname@example.org