It's no secret that brokers are feeling the strain when it comes to motor claims. The process is time-consuming and often overwhelming, and it can be difficult to keep up with all the changes in regulations.
Many brokers are choosing to outsource their motor claims process in order to reduce internal pressure and free up some of their time. However, it's vital to maintain complete visibility and control over costs, quality of service and customer satisfaction levels.
So how can you outsource your claims process and still stay in control of these elements? Read on for some expert tips.
Why outsource your motor claims process?
There are many good reasons to outsource your motor claims process. As mentioned above, it can free up time so that you can focus on other areas of your business - crucially, selling insurance and managing key relationships.
Outsourcing also helps you to control costs in the event of an incident. When you need to collect data following an incident, it is essential to obtain accurate details as soon as possible.
If third-party information isn’t captured immediately, overall incident costs can see significant increases. According to a study by Allianz, incident costs can rise from £5,000 when reported straight away to £20,000 when reported one month after the incident.
However, when you’re faced with the various factors associated with the follow-up of an incident (for example, organising repairs and a replacement vehicle), it becomes difficult to prioritise third-party data collection. That’s why it’s helpful to outsource to an incident management partner who will capture this important information as part of their service.
The importance of triage and repair networks in the claims process
Other ways in which outsourcing can help you to control incident costs include triaging, repair networks and AI and automation.
Working with an incident management company that can deploy their own repair network, vehicle fleet and claims managers means they can move very quickly and guarantee the most economical repair route. If they have their own vehicle fleet you may even find that rental rates are more competitive than handling the process yourself.
It's also important to utilise AI and automation services to ensure there is no duplication of data, saving time and money in the long run, helping you keep on top of costs and efficiency.
What to look for in a claims partner
When looking for a partner to outsource your claims process to, it’s important to choose a firm who can manage feedback to ensure a smooth customer service.
However, you need a partner who does more than pass on basic customer feedback; ideally, they should be able to track key satisfaction metrics throughout the process, allowing you to focus on the continual growth of your business, without a fall in customer service.
It’s also important to consider your partner’s NPS and Trustpilot scores. Feedback from end-customers is very telling and the ideal incident management partner should have a solid score and fast response time. Both of these indicate a passion for customer satisfaction, not only when things go to plan, but also when the unexpected happens as well.
Your chosen partner should also provide a single point of contact to deliver simple, accurate and timely updates to the customer on the status of their claim. They may even invest in technology to deliver real-time updates via an app, increasing the overall efficiency of communication.
By working with a single, end-to-end solution provider who is equipped to manage the entire process from FNOL to vehicle repair, you can create and maintain a frictionless customer journey.
Staying in control of your motor claims process
It has never been more important to control claims costs and provide genuine value for your customers.
With more than 20 years of experience in fleet, claims and incident management expertise, along with a newly launched tech platform, Motor Assist presents brokers and their customers with the opportunity for significant savings. Our 24/7 FNOL team has an empathetic customer-first approach to those who have been involved in an incident and always act compassionately.