For today’s insurance companies across lines of business, it’s critical to optimize the claims customer experience. Customer satisfaction is the key to both customer retention and word-of-mouth referrals, which are particularly important in light of the cost of customer acquisition – which rose from 16.6% of gross written premium in 2020 to 17.9% in 2022, according to IBM.
And claims management is the customer journey’s moment of truth, the point at which customers can be thoroughly impressed by the quality of service they receive, or can be just as thoroughly disappointed. In fact, 87% of policyholders believe that the claims experience impacts their decision to remain with an insurer, according to EY.
But while the importance of the claims experience is not unique to travel insurance, travel insurers differ from other insurance companies in their customer base. The customers insured by travel insurers are often on the move (sometimes internationally), traveling either for business or for pleasure, and in need of quick responses to get their trips back on track. To deliver a winning claims experience, travel insurers need to accommodate the needs that are specific to those customers.
That’s why today, we’re excited to introduce our latest eBook – with insights from innovative travel insurer Faye. It’s called Modernizing the Claims Experience in Travel Insurance and Beyond: How Insurers Can Tap into the Power of Data, Innovation, and Customer-Centricity, and you can download it now.
Insights for all types of insurance companies
Drawing on our shared expertise regarding travel insurance, claims management, technology, and more, the new guide offers useful insights and suggestions on key ways to enhance the claims experience.
While the examples it highlights focus mostly on travel insurance, its core ideas can help all types of claims organizations, no matter their line of business.
Specifically, the guide answers key questions including:
- Why is it critical for travel insurers and other insurance companies to offer a top-notch customer experience?
- Why does claims management play a critical role in shaping that customer experience?
- What are the essential components of a successful travel insurance claims experience?
- How can you use innovative technologies to make sure each customer’s claims experience includes these critical elements?
- Why is data-driven innovation a win-win for travel insurers and consumers?
Why now is the time to modernize the claims experience
Today, travel insurance providers (as well as other insurance companies) need to improve their customers’ claims experiences, both through technological innovation and through data-driven and customer-centric approaches to the customer journey. To do that, they need to combine advanced technology with an organizational culture focused on fostering customer loyalty, efficiently and reliably, through excellent service.
In part, that’s because today’s insured customers look at their online experiences with banks, retailers, and other organizations that provide them with a seamless customer journey tailored to their needs. Seeing those examples of customer experience, they expect their insurers to match or exceed them. And if their expectations are not met, it’s easier than ever before for them to switch insurance providers. Plus, the travel disruptions and other consequences of the COVID-19 pandemic have accelerated innovation among insurers, further raising the bar for customer experience.
Meanwhile, technological developments such as AI and data modeling have created new opportunities for data-driven innovation, further contributing to an increase in customer expectations. To adapt and excel, insurers need to leverage advanced tools and technologies to upgrade their claims organizations and offer their customers the experience they seek. And a travel insurer offering a variety of digital services has a competitive advantage over providers slow to invest in the future.
In the face of these demands, data-driven innovation in claims management is a win-win for consumers and insurers. In addition to improving the customer experience, it can increase insurers’ efficiency and thus reduce their loss adjustment expenses. As a result, both in the world of travel insurance and across the insurance industry, claims organizations need to innovate in order to stay ahead of the curve and not get left behind.
For useful insights and tips on how to offer a world-class claims experience to your insured customers, download Modernizing the Claims Experience in Travel Insurance and Beyond: How Insurers Can Tap into the Power of Data, Innovation, and Customer-Centricity
