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Reinventing the digital P&C Claims customer journey

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Across the globe, insurers are more concerned about technology than any other potential risk. Weighed down by legacy IT programs and infrastructure, modernising software usually means significant upfront financial and resource investments. 

However, failing to adapt can be just as costly.

Unsatisfactory customer experience, sub-optimum workflows, cybercrime, and human error can wreak havoc for a P&C firm. Meanwhile, organisations that choose to invest in cutting-edge technology, can gain a leading competitive market position, whilst reducing costs.

The results of digital transformation are significant. In a recent study by McKinsey, automation alone can reduce claims costs by 30%. Processes that used to take days or weeks can now take only 30 minutes with the right technology. 

Investing in a digital experience can also result in increased revenue. In that same study, it was determined that large auto insurers alone, could double their profitability in five years through the redesign and digitisation of their P&C claims process. 

But perhaps one of the most significant changes digitisation offers P&C firms, is the dramatic increase in customer satisfaction. At Delta Capita, we have found that customer service is the cornerstone of any reinvention initiative. 

While reinventing your P&C claims can take some initial upfront work and investment, there are numerous benefits to digitising your infrastructure. 

Combining digital transformation with human interaction

Digital transformation is more than plugging in new technology or replacing older systems. To gain the benefits of digitisation, P&C insurance firms are advised to first focus on providing a secure and streamlined experience, which boosts customer satisfaction. 

When firms focus on the end-customer rather than the individual processes that can be automated or transformed, many operational and cost-reduction benefits come naturally. 

Delta Capita’s Klarion digital solution, combines innovative technology with personalised interactions. Klarion automates and streamlines customer servicing whilst putting the human element at the forefront. Klarion’s digital solution embraces the personal touch and delights the customer whilst providing steadfast auditable and secure interactions within which business can be transacted in real-time. Klarion augments existing technology and workflows, which can be digitised with ease.

Through developing customer-first interactions digitally, clients can reduce the cost to serve, maximise revenue, and watch as their customer satisfaction skyrockets. As a result, Klarion is more than just an onboarding, workflow optimisation, customer processing or customer services platform. Here are just five elements we have digitally reinvented: 

  1. Self-Service – Our digital, self-service IVR functionality has allowed clients to quickly take the initiative to complete tasks in a fast and secure environment. This has decreased wait times and assisted clients with complex queries or problems to find resolutions quickly, whilst PCI-compliant.
  2. Enhancing Analytics – The analytics collected from insurance and identity data and how customers interact can all help reduce fraud without sacrificing customer experience. One can rapidly collect data through the onboarding process and verify it within Klarion, which provides more insight into customers and helps with providing the right support to a range of segmented customers, such as vulnerable individuals. At the same time, the customer-facing side of the solution is seamless and fast, making the processing of specific client requirements, highly efficient. 
  3. Personalised Advertising and Content – We know how crucial it is to have personalised, relevant client solution offerings, FAQs, and other tailored content available for onboarding clients and for cross-selling. Klarion enables the display of rich media promotions, customised messages designed for segmented audiences or individuals, which personalises the customer experience whilst in a queue, thus leveraging wait times.  This not only improves customer satisfaction rates but also boosts retention, brand awareness and sales.
  4. Convenient Customer Experiences – End-consumers are busy, and as digital transformation in other areas of financial services has shown us, clients expect onboarding and query resolution to be quick and easy. Klarion provides this by reducing the number of touchpoints required and providing real time capabilities for digitising forms, e-signatures, documentation, media and optimised tailored screen sharing, guided reviews of critical documents, and more. All features, not only make the process simple for end clients, brokers, advisors, but also shorten sales cycles and any other digitised customer journey. 
  5. Feedback Loops – Finally, clients may want to share their thoughts with you at the end of their digital interaction or you may wish to garner further client insights. Post-interaction analytics can assist in winning back customers and provide additional support. Meanwhile providing important data which can be applied to improving services and optimising P&C claims processes.  

Klarion’s capabilities increase potential client acquisition and retention. Brokers, agents, and advisors, can easily add the human touch to client communication, delighting them with a convenient and personal approach, whilst reducing acquisition and retention costs. Thus, increasing revenue and brand recognition whilst reducing complaints, call time servicing and allowing your resource allocation to be more efficient.

Reinventing your P&C workflow 

The first step to taking advantage of these benefits is finding technology that works for your business. Ideally, it should be possible for your new technology to integrate with existing frameworks for optimal efficiency and usability – Klarion does exactly this and with ease.

Delta Capita’s Klarion provides complete client engagement interactions with an in-session web link, with no need to download an app. You can interact directly with clients without additional software installs. You can walk clients through documentation and create approval trails, all in one place. In this way, you can make complicated P&C paperwork accessible, be more efficient and delight your customers. Klarion augments existing tools and interacts with other technology in your ecosystem, whilst being highly scalable with the ability to process multiple millions of interactions simultaneously.

Clients have gained significant monthly savings through the use of Klarion, have increased customer satisfaction astronomically, with end customers rating our technology and the customer journeys we have digitised as excellent, whilst providing multiple impactful business benefits.

To learn more about how you can reinvent your digital P&C claims processes, contact us here.

Klarion – reinventing the digital end to end customer journey.