We are now several months into the coronavirus pandemic and it is clear that the crisis has rewritten the rules for customer engagement, business processes and technology. Insurers understand that the customer experience is critical during the claims process otherwise they risk customer attrition. J.D. Power’s 2020 satisfaction survey found that insurance customers are 13.5 times more likely to shop for a new policy if claims were too cumbersome to resolve. While a number of factors play a role in resolving claims, one of the most important drivers of a positive customer experience is an insurer’s operational processes.
Insurers who ask tough questions about their operations and re-consider the way things have always been done will be well-positioned to thrive in the next normal. It’s vital for insurers to evaluate how to become more digitally efficient, how to enhance the customer experience by connecting historically disparate processes, and ways they can effectively bring critical customer data directly into core operational processes.