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Technology accessibility, information availability, and changing customer preferences are leading to digital disruptions in all industries. Customers who consume services offered by companies such as Amazon, Uber, and Google expect similar level of personalized services at fast pace and economical rates. Insurance industry is no stranger to this trend. Before signing-up for new products, customers review the claim processing experience of other people and stay away from the companies who are perceived as slow and paper heavy. It is therefore important for insurance companies to consider digitization of critical customer facings processing processes such as claim management.
As per Morgan Stanley BCG, overall customer satisfaction in insurance industry is only around 45% compared to other industries in which it is close to 60%. A claimant, who has been hit with a personal loss, feels frustrated with a lengthy and paper intensive claim settlement process. Such claimant stories are not good for public image of the insurer. On the contrary, settling the claim faster creates a major positive impact on the claimant, thereby leading to increase in the overall Net Promoter Score (NPS). This helps in establishing a positive brand association with the prospective customers
Insurers face challenges while trying to improve customer experiences. These challenges are due to
Process variations and multiple customer touchpoints get introduced into the system due to number of reasons such as
Process variations and multiple customer touchpoints together lower the straight through processing (STP) rate and increase the cost per claim for the insurer. Process variations tend to increase the time it takes for the claim to navigate through the process often getting stuck into bottlenecks. These bottlenecks commonly occur at fact finding stage or during manual data retrieval and interpretation by the adjudicators. Similarly, multiple customer touchpoints create process dependencies on customer schedule and induce the challenge of providing consistent customer experience during the process.
Such complex insurer problems can be solved by Mphasis Enterprise Automation offering, which brings a unique combination of IPs, methodologies, and domain expertise. Enterprise Automation offering based solutions are aimed at business KPI improvement: increase STP, reduce NIGO%, reduce lead time to service customers, and increase NPS. Our unique methodology and data driven approach based on design thinking workshops and cognitive process mining help clients discover improvement areas in business processes, end to end. The combination of technology, process, and delivery models levers such as lean, analytics, process reengineering with the automation, deliver additional incremental benefits to the targeted KPIs. Our technology solutions such as Optimize.AI, AutoCode.AI, Cognitive Guru, and DeepInsights™ enable our clients to traverse the automation journey in short period of time.
Critical customer facing processes are one of the most important candidates for digitization. Such processes have huge automation potential and therefore insurers must focus on enterprise automation as their strategic business priority to achieve business goals.