The intensely competitive motor insurance broker sector is under pressure to boost the efficiency of the claims process.
After several years of volatility due to the Covid-19 pandemic, Brexit and ongoing challenges in the supply chain, brokers are also contending with rising inflation, which is impacting costs and profitability.
Despite some positive signs that more stability is in sight, the testing times are set to continue in the short and medium term. While brokers have various issues to overcome to stay competitive, they are also expected to adopt cutting-edge technologies to speed up and automate the claims journey.
Technology is helping brokers to stay competitive
Claims management has always been a resource-intensive, manual process, but new technologies can relieve some of that pressure. However, not every broker can be expected to rollout the required technology which can have a transformative effect on the process of managing an insurance claim.
As well as speeding up the process through automation and improved data capture, insurance claims software development is helping brokers to minimise the time they spend on the process while also offering their customers a much-improved claims journey. This two-pronged benefit can make all the difference in such a cutthroat environment.
Aside from throwing precious time and money at adopting the technology in-house, brokers should be encouraged to ask suppliers how they can harness these systems to support them.
Which technologies are being used now and what can we expect in the near future?
In addition to enhancing productivity and helping brokers stay competitive, with a large proportion of the workforce being digital natives, technology can deliver an intuitive, online customer experience. It is not a stretch to say that if you could more easily detect fraudulent claims or largely automate most simple claims, you will be a more efficient business.
While the name ‘chatbot’ may have some negative connotations, automating routine communications with customers is a huge benefit – for the broker and its customers. They offer a 24/7 quick and easy self-service, and they can even support automation of First Notice of FNOL, while gathering the data needed to process a claim.
An automated claims management platform can fulfil the ambition to improve efficiency, and while not every supplier will use cutting edge software, brokers should investigate the technology that their partners deploy.
An intuitive and capable platform can build workflows, meaning the system can automatically complete upcoming actions like collecting missing information or uploading documents to backend systems. It can also offer a means of communicating with the policyholder at every step, offering significant potential time-savings.
In the coming years, artificial intelligence (AI) will gradually be introduced on an operational level. Tools such as AI could dramatically improve efficiency and reduce costs for brokers and partners; they also promise a host of benefits to the end customer, propelling service levels to new heights while making the claims journey less resource intensive.
Consider outsourcing your claims management to capitalise on newer technology
The claims process is undoubtedly challenging and often complex. It is always a stressful time when a driver has been involved in an accident, yet this can be turned into a constructive and positive scenario.
Leveraging technology to support a better customer experience will help, yet this is no simple task, and many don’t have the capability and time to integrate the latest software. In choosing the right partner with both the technology and the human expertise to assist your brokerage, however, brokers can access the benefits much more quickly.
Motor Assist provides a simple, bespoke solution for brokers to outsource claims, enabling them to protect their brand reputation and retain customers. It is a solution for brokers who want to capitalise on technology now, while enabling them to focus on their areas of expertise.
We understand how important it is to control costs when it comes to your incident claims management process. That's why we offer the opportunity to benchmark your current costs against what we can offer.