Personal Auto Insurance Claims Management

Digital Transformation Should Be Top of Mind for Personal Auto Insurers

Digital is the name of the game for attracting today’s auto insurance customers.

Digital is the name of the game when it comes to attracting today’s auto insurance customers. Traditional auto insurance companies are not only competing with other local insurance providers, they are competing with a host of digital-first auto insurance companies, too. These companies often offer a more intuitive user experience and a host of features built to attract auto insurance shoppers, create a smoother claims process and provide a better customer experience for their policyholders.

Creating a digital presence and experience for your customers doesn’t have to mean reinventing the business. Today’s SaaS claims management systems can be up and running in weeks, and with an API-based architecture it can integrate easily with your other systems, such as policy administration, billing systems, and more.

 

Key Challenges for Personal Auto Insurers

Claims Optimization by Frequency and Severity

Running a successful claims operation requires constant optimization of high frequency/low severity and low frequency/high severity claims. Being able to triage claims quickly and accurately, assign claims seamlessly, and ensure that claim-specific protocols are applied and executed on a timely basis will help you improve efficiency, reduce claim-handling costs, and enhance the customer experience.

Omnichannel Communications

Due to the complex nature of claims, claims management processes can be labor-intensive, error-prone, and time-consuming, leading to delays, increased costs, and reduced customer satisfaction. Additionally, claims management requires a high degree of accuracy, as errors or inconsistencies can result in legal disputes, reputational damage, and financial losses.

Effective Negotiation

Negotiation is critical to balancing speed, accuracy, and customer service. Your adjusters must be able to negotiate effectively with various parties and defend their decisions. Their justifications should be conveyed convincingly, showing that they reached their decisions fairly and that their reasoning was accurate.

Coverage and Liability Investigation Precision

With today’s emphasis on resolution speed and customer service, investigative quality and outcomes often suffer the consequences. Keeping pace with change—while containing claims costs—requires innovative tools that streamline claims management.

Benefits of Five Sigma’s CMS for TPAs

Our cloud-native data-driven claims management solution makes your claims processing simple and smart.

Automated Claims Submissions

Our digital claims management solutions (CMS) provide:
  • All FNOL data received from the insurers/digital channels are embedded automatically into our workflows and ready for the next step in the process
  • Rapid system identification of claim types
  • Automated triage and adjuster assignment

Embedded Omnichannel Communications

Our CMS includes an API-level communication module that supports all types of communications, including SMS, mail, voice video calls, and even WhatsApp. All claims-related communication is documented, stored, and analyzed automatically.

Just-in-time Recommendations

Our systems flag coverage and liability issues and present the adjuster with relevant information and investigative steps within the claims system.

Damage Assessment and Negotiation

The key to effectively negotiating a claim begins with accurate damage assessment. Our CMS includes a digital bodily injury evaluation module to itemize, assess, and aggregate damages.

Monitoring and Management

Based on our advanced data modeling, we enable insurers to monitor your operations and receive actionable insights that will help you make strategic management decisions.

How Five Sigma Helped INSHUR Improve Claims Efficiency

After initially outsourcing its claims management, INSHUR decided to start handling claims in-house, first in the U.S. and then in the U.K.

INSHUR knew that it needed an innovative solution to match its data-focused approach to insurtech. The right claims management platform would need to be fully digital, mobile-friendly, and highly scalable while being accompanied by excellent customer support.

See how we helped INSHUR build a smarter, simpler, more efficient claims operation.