In a recent interview with an insurance industry leader, we were given some of his biggest secrets to managing claims.
Imagine you’re the head of a big company in the insurance industry. Millions of dollars in claims are funnelling through your system every day, and it’s up to you to make sure everything runs smoothly. It’s a lot of pressure, but luckily, we’ve got some secrets up our sleeve that may help you stay on top of things. Today, we’re revealing those secrets. Keep reading to learn how to manage claims like a pro!
Secret #1 – Have a customer first approach
Putting your customers first in any business is almost always essential. So why would this change for insurance? When a customer makes a claim, something serious has generally happened and their emotions are usually high.
Tailoring each experience to the customer’s needs is key when managing claims, as every claim is different. Putting yourself in the customer’s shoes and understanding their frustration will ensure you are putting them first and aiming to get their lives back to normal as fast as possible.
Secret #2 – Continue to improve your processes
“But my process is working fine…” What if it could be working better? As the industry continues to grow and the digital adoption is upon us, claims management process’ must adapt to using these new and innovative technologies to ensure their process is creating the best experiences for all parties involved in a claim. Whether that be the customer, your client, your suppliers and even your team members.
The claims management process generally involves more than one person, so making it easier for everyone to collaborate through process enhancement should be at the top of the priority list.
Secret #3 – Ideate, create and implement strategies
Planning new strategies to fix or improve a process can be a difficult task. However, breaking it down into three stages can make this easier to see the full vision of your plan.
Starting with an idea is the first step. Better ideas can be ideated through team collaboration and brainstorming sessions. For example, deciding to integrate a virtual collaboration tool like Livegenic into your claims management process to speed up assessment approvals.
Secondly, comes the create step where the improvement is built and designed to fit into your workflow. Understanding the logistics of how this process improvement will work and what resources are required.
Finally, implementing the strategy. Ensure your team are aligned and briefed to the objectives and goals of the strategy. Also, make sure they are trained if they are using any new platforms.
Secret #4 – Focus on customer, quality, lifecycle and cost outcomes
When it comes to managing claims, there are factors that matter more than others. With years of experience in the insurance industry, this industry leader states that the four most important factors are customer, quality, lifecycle and cost outcomes.
Having strategies that focus on these outcomes should be a priority when it comes to making your claims management process perform to the best of its ability.
Secret #5 – Let your team innovate!
Failing should be rewarded, because if people aren’t failing, they aren’t innovating! Encouraging your team to innovate and try new ways to improve process’ and workflows should be on the forefront of any manager’s mind.
You never know, the most unlikely team member might come up with the most phenomenal idea that ends up very beneficial for the organisation. Oh, and not to mention, it will make you look like a good manager.
Secret #6 – Listen to partners, clients and supplier’s feedback
The full circle of claims management needs a few parties to participate to endear a positive experience for everyone. These parties generally have a massive role in the success of a claim and the way it is managed from start to finish.
Listening to their feedback is a great way to understand frustrations or issues on their end. Mending these for the other party may not only make their lives easier but also your own and your teams. Disregarding reoccurring feedback can be a quick way to run your claims management process into a dark spot. Whereas, making changes that help the full circle of a claim easier is really a no brainer and relates back to the rest of these secrets.
Secret #7 – Work backwards from your vision
– what is going to help you achieve this?
Think about what your company vision is. Whether that is to be the best insurer in Australia or become the best service provider to the insurance industry, to achieve this you need to work backwards. Understanding each backwards step you need to take to make your organisations vision a reality is the best way to start planning your objectives and goals.
Linking everything you do to your vision is the best way to achieve this.
We hope that these seven secrets to managing claims have given you an insight on how to stay at the forefront of the insurance industry. Enabling any of these should push you in the direction you want to go especially if it is aligned to your vision.
Want an insight into some industry leading insurance technology? Connect with a Wilbur specialist today to see what we can do to help you.