‘Micro Engagements’ Key To Claims Process

Many insurance companies suffer from slow and inefficient claims processes, which are notoriously lengthy and cumbersome for both the insurance companies and their customers. From long and difficult back and forth to messy, complicated paperwork, claim cycles can be a real pain for all involved. Long claim cycle times increase administrative costs, reduce claims department employee productivity and hurt relationships with providers and policyholders. For the claimants, long wait times for time-sensitive financial decisions lead to poor net promoter scores (NPS) for the brands. The delays in the adjudication of a claim are due to the laborious process of collecting and coordinating a variety of information. Insurance companies typically deploy claims personnel to interact with claimants through the traditional modes of email and phone calls. When customers have to speak to agents in person or through email, it takes an average of six attempts to converse and collect all of the claims data needed, eating up the claims department’s time as well as that of the claimants.