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3 Ways Mobile Apps Help Motor Insurers Simplify & Expedite Claims Process While Reducing Claim Expenses
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By [x]cube LABS
Published: Feb 04 2014
Claim servicing time is a key factor in the buying decision and insurer-customer relationship. For insurers, a streamlined and speedy claims process not only means reduced costs but is also an excellent way to boost market reputation through competitive differentiation. As per World Insurance Report 2011, for every dollar collected in premiums, insurers, on average, spend 61 cents on claims pay-out and 13 cents on claim expenses. The advent of mobile devices and apps provides new opportunities for insurers to improve customer convenience, reduce time and costs via claims self-service mobile apps.
Mobile solutions for insurance claim management can help insurers in-
1. Easing claim servicing
A study by AXA UK shows that only 34% of the motorists, participating in the survey, knew exactly what to do in case of an accident while 54% remembered taking photos from the accident site. A smartphone app for claims servicing available in the consumer’s device will be able to guide customers through the claim report process, shoot photos of the accident scene and instantly report to the insurer. Insurers can add more value to the app by providing breakdown services, hospital and garage information and improve the customer experience through value-added services.
2. Reducing costs
Mobile app for claim processing can also help your team handle more claims as reporting claims gets self-serviced. It will also reducing customer servicing calls and visits of your team thereby helping you optimize resource utilization and expedite claim settlement helping you reduce claim expenses.
3. Boost efficiency
Mobile solutions for claims processing can also boost productivity of your staff by helping them gather data, collaborate and communicate in real-time. Moreover, accurate information from accident site ensures prompt response leading to speedy quicker claim processing.
Mobile apps can play a critical role in speeding claims servicing for motor insurers. apart from that, they also help insurers build long-term relationships with customers through personalized communication, build loyalty through frequent engagement and earn revenues through up-sell/cross-sell.
To know more on how mobility can help insurance companies, download our ebook ‘5 MOBILE OPPORTUNITY AREAS FOR INSURERS‘ here.
