09/03/2022

How to streamline claims operations

By Mariana Almeida Marques

Insurers face increasing pressure to optimise and simplify their claims operations systems. The digitalisation boost and the rise of InsurTechs across the globe puts traditional insurers in a complicated position with only one way forward: to rapidly change how they pay out to customers. In this article, we discuss some of the ways in which insurance companies can streamline their claims operations to meet and exceed customer expectations.

Update and define your strategy

There is a long way between verifying a claim, settling it and paying out to customers. This complex process is also very much paper-based and highly dependent on human resources. So, before deploying new technology, is it worth looking at the actual changes that you want to put in place. Accurate documentation of instructions and best practices serves as a backbone that your teams will be able to rely on whenever they are handling claims.

Standardized processes mean that every customer claim will be dealt with in a similar way, so there is less room for error. It also generates consistency across departments, making claims handling more predictable and easier to manage. So, when updating your strategy, ensure that all your documentation is accurate and descriptive, and that it is shared with everyone in the team. It is also crucial that these documents are easily accessible to all team members.

Mandates are agreements in which customers authorise merchants to set up Direct Debits.

Deploy the right technology

Deploying new technology is the not-so-secret ingredient that makes businesses in every industry flourish. It also isn’t an option anymore, but rather a condition to thrive in a market that is increasingly digitalised and automated. However, the trick isn’t to simply deploy the latest technology available, but to deploy the technology that truly suits business’s needs.

Having the right technology tools that can integrate with other systems will facilitate the storage and accessibility of information. Being able to receive and update data in real time also enables insurers to act faster and ensure accuracy. Lastly, strong analytics and reporting tools are key to making more informed decisions. These are some of the crucial factors to consider when deploying new technology for your claims management system.

Focus on payment delivery

Payments is a critical component of the claims journey, and one that is often neglected. Aside from a smooth and simple claim handling process, customers want to get paid quickly and in their preferred payment methods. A paper cheque, for instance, is bound to make customers unsatisfied with the claims resolution, as it is much more impractical than other digital methods. Therefore, it is important to consider how you can update your payment offering taking into account your customers’ particularities (for instance, their locations).

Insurers must be able to offer a wide variety of payment methods.

Ideally, you should be able to offer a wide range of payment methods that cover all of your customers needs. Connecting to a SaaS provider like Imburse will allow you to deploy any payment provider and method in any market. This means that you can not only exceed customer expectations and provide them with an optimal payment experience, but also have the flexibility to change providers whenever the business needs.

 

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

Author

Mariana Marques

Mariana is a content writer at Imburse, specialising in Finance and Technology topics.

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