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Three Ways for Quick Claims Processing

Pamela Morgan, Insurance CIO Outlook | Tuesday, March 09, 2021

Usually, the insurance claim process is resolved in two to six weeks or more. However, this is not quick enough in the aftermath of a natural disaster when customers want speedy compensation and help.

Fremont, CA: Natural disasters often leave customers stranded and helpless with no access to normal channels like printers and computers. Businesses need to simplify processes and respond to claims quickly and precisely for customers to receive compensation on time.

A move to mobile-first, effortless tools will be crucial, or else companies risk positioning their clients in a dangerous and uncomfortable position. Also, customers will not be the only ones paying the price for inefficient claims after the disaster, as insurers will also suffer because of the messy process, overworked call centers, and wasted overhead.

Here are three ways for quick claims processing:

Automated Workflows

Automated workflows enable an insurance admin to set up business rules according to conditional logic to simplify the document and form collection process. In the FNOL form, conditional fields are shown or hidden based on the customer's information and coverage level. It takes the stress off the agent to remember all the important documents, making sure that the FNOL process is completed correctly and quickly.

Time Is Important

Insurance companies need to know that until a payment process is supported, they will be bound to cover additional living expenses (ALE). Insurance companies that reach a settlement quickly have more satisfied customers and save money on accommodation and food expenses.

Seamless Compliance

Insurance companies need to have digital records of customer information like digital copies of important documents because the inability to access paperwork can be a liability and also a fraud risk after a disaster.

The proof of loss is essential for compliance, but victims of disaster cannot be expected to take pictures and send them to the company to confirm the claims made. However, smartphone technology has helped made it easier for customers to send information across.

Identity verification is crucial during the claims process. But after a disaster, it needs to be managed differently. Automatic facial recognition ID verification technology is easy for customers to use wherever they are and has excellent accuracy rates.

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