Travel Insurance Claims Management (OLD)

Claiming Your Way to Success: Why Effective Claims Management is Critical for the Future of Travel Insurers

Travel insurers need to have the resources and processes in place to handle a wide range of claims, including those related to medical emergencies, trip cancellations, and lost or stolen luggage, among others.

According to the US Travel Insurance Association, travel insurers paid out approximately $1.9 billion in claims in 2019, illustrating the significant financial impact of travel insurance claims.

Effective claims management can also help insurers control costs by preventing fraud and reducing administrative expenses. Additionally, it allows insurers to identify potential risks and improve their underwriting processes, which can help them to better manage their risk exposures.

In addition, it also ensures that policyholders receive timely and fair compensation for covered losses, which is a crucial part of maintaining customer satisfaction and loyalty.

Key Challenges for Travel Insurers

Timely and Efficient Claims Reporting

As soon as a traveling insured experiences a loss they want to be able to digitally file the claim and attach the supporting documentation from their phone. Online First Notice of Loss (FNOL) is important for travel insurers because it allows you to quickly and efficiently collect information about a claim, which can help expedite the claims process and improve customer satisfaction.

Slow and Inaccurate Claims Processing

Traditional claims processing can be slow and costly, and may require significant manual intervention, which can lead to errors, delays, and inconsistencies. A modern claim system should be able to automate many of the manual tasks involved in claims processing, such as data entry, assignments, digital payments and more –  enabling a faster and seamless end-to-end process.

The use of automated workflows and real-time data can also provide insurers with greater visibility into the claims process, allowing you to make data-driven decisions and optimize your operations more effectively.

Speed, Security, and Convenience of Claims Settlement

Traditional methods of claims settlement, such as paper checks, can be time-consuming and inefficient, and may require manual intervention to process. Digital payments, on the other hand, enable you to settle claims quickly and securely. In addition, digital payments can provide a more convenient and accessible claims settlement process for your customers.

Seamless Customer Experience across Multiple Channels

With your policyholders increasingly interacting with you through various channels, including phone, email, social media, and web, it can be challenging for insurers to provide a consistent and personalized experience across all channels. Omnichannel communication solutions can enable you to provide a seamless and consistent experience across all channels, ensuring your customers receive the same level of service and support, regardless of the channel they use to interact with you.

The Benefits of Five Sigma's CMS for Travel Insurers

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

Automated Claims Submission

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 support 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 flags coverage and liability issues and presents 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

Our advanced Performance QA tool enables managers to monitor critical claims operational KPIs and measure the quality of claims handling by its adjusters.

Dashboards and Reporting

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.

Modernizing the Claims Experience in Travel Insurance

Drawing on Five Sigma’s expertise regarding travel insurance, claims management, technology, and more, this guide will provide useful insights and suggestions on key ways to modernize and enhance the claims experience.

Download the guide to learn:

  • Why it’s critical for travel insurers (as well as other insurance companies) to offer a top-notch customer experience.
  • Why claims management plays a critical role in shaping that customer experience.
  • What the essential components of a successful travel insurance claims experience are.
  • How to use innovative technologies to make sure each customer’s claims experience includes these critical elements.
  • Why data-driven innovation is a win-win for travel insurers and consumers.

Go live in weeks with the state-of-the-art claims management platform.