Webinar: The Claims Experience in 2021 – with Hanover and VPay
Reuters Events recently partnered with Hanover and VPay for a webinar exploring what the customer experience needs to look like now and how insurers can rapidly innovate to maintain their momentum and exceed client expectations.
Historically, insurance has been slow to adopt new technology. However, 2020 brought on rapid changes thanks to Covid-19 and a resulting need to digitize both client-facing and internal processes. Reuters Events recently partnered with Hanover and VPay for a webinar exploring what the customer experience needs to look like now and how insurers can rapidly innovate to maintain their momentum and exceed client expectations.
Doug Kratzer, Vice President of Claims at The Hanover Insurance Group
The Hanover Insurance Group’s Doug Kratzer notes that his company has identified three ways in which they’ll be focusing on improving the customer experience:
1. Personalize the Experience for the Customer
While there are multiple approaches to personalization, its success must be measured by whether the customer feels a sense of connectedness to the company after their interaction. Each customer has unique expectations, however, and what creates that connection won’t be one size fits all. Empathy is the key to making an individualized connection—showing customers they’re more than just a claim number.
2. Simplify the Process for the Customer
Nothing frustrates customers more than redundancy and unnecessary steps, especially in the middle of a life experience requiring an insurance claim. Using technology, we can show the customer the process is meant to meet their needs, not just those of the carrier.
3. Maximize Efforts at the Adjusting Desk to Focus on the Customer Experience
Using predictive analytics, Hanover quickly identifies the complexity of a claim, then uses that information to prioritize adjusters’ time. This empowers adjusters to focus their efforts on claims that most need their personal attention and ensures consistent application of the claims process. These same predictive analytics identify common speedbumps or areas for misunderstanding in the process, and help adjusters head off these concerns before they arise.
Elisa Logan, Vice President of Growth at VPay
Transforming the claims journey can be overwhelming. The simplest approach is to identify ‘quick wins’ that deliver a positive impact on the customer experience—payments are a good place to start.
In fact, studies show that the number one driver of policyholder satisfaction is how quickly they get paid. But right now, 50% of claims payments are being paid via check, and checks are out of step with the payment trends that have been taking over the consumer market over the last few years—digital wallets, mobile banking, and mobile apps for moving money from consumer to consumer.
Insurers could build systems themselves that meet these expectations but using an outsource payments processing partner can offer that ‘quick win’ while keeping things simple.
Outsource partners offer multiple benefits:
- These partners deeply integrate into existing claims systems and adjuster workflows.
- They take the financial regulatory and compliance burden off the insurer.
- Customer-facing systems can be white labeled, appearing as part of the insurer’s existing brand—and mobile applications meet that desire for choice, offering payees epayment options like push-to-debit in addition to more traditional methods.
- For B2B payments, outsource partners often have virtual card offerings that add revenue sharing benefits on top of convenience for both parties.
- Expertise often increases epayment adoption rates as high as 45 – 60%, which results in significant savings