An efficient workflow is the path to customer retention
It’s absolutely vital to ensure that your customers are satisfied with the current climate. According to a recent JD Power 2015 Claims Satisfaction Study, “23 percent of indifferent customers and 42 percent of displeased customers say they ‘will shop’ for a new provider during the next 12 months.”
Retention is a real challenge, but there’s an opportunity here to differentiate and build customer loyalty. The most effective way to achieve high policyholder satisfaction is to reduce the time it takes to process claims and to deliver accurate settlements with clarity. According to an Accenture News Release from last October, “Speed of settlement and process transparency are the most important contributors to customer loyalty.”
Take your shot
You may only get one chance at one this. If your policyholders don’t have a positive experience the first time around, many of them won’t remain customers. An efficient workflow will enable your adjusters to settle speedily and close claims without the need for reviews or supplements. It makes best use of your limited resources and delivers a desirable outcome for customers at the same time.
Consider how you handle the contents portion of a claim. Creating a detailed inventory and assigning accurate values can be time-consuming and difficult. If you get valuations wrong, or need to clarify, then the whole process is slowed down for revisions and supplements. Customers grow weary of delays. They just want the funds they’re due as quickly as possible.
Today’s digital generation would rather get on with it themselves, so they’re happy to use self-service portals where available. This puts less strain on your adjusters and speeds the process up.
Backed by the right software platform
If you choose the right software then you can boost your workflow efficiency quite dramatically. According to an independent third-party study, Enservio’s ContentsExpress is 32% more efficient at valuing contents than the competition. It also encompasses a policyholder portal, and a powerful search capability. The same study found that it’s 87% more efficient than traditional internet searches for replacements.
Another advantage with ContentsExpress is the reporting system. It can provide you with actionable business intelligence, to help you get the best return on your investment. It’s a flexible system that can be adapted for your specific industry needs at any given time.
Reaping the rewards
By offering an easy to use self-service portal, which enables real-time collaboration with customers, you can really boost claim processing speed and free up resources. Adopting a system capable of searching over 15 million products and assigning accurate pricing, which is refreshed nightly, delivers even greater efficiency. It creates room for your workforce to focus their efforts where they can add the most value.
You’ll also gain insights from the platform that can be used to introduce further improvements to your business offering and differentiate yourself from the competition. The end result is accurate claim settlements that will increase customer satisfaction and boost retention.