An insurance company’s relationship with a customer is tested most when a customer files a claim. Customers want their lives to return to normal as quickly as possible—whether that means repairing an automobile after an accident, or rebuilding a home after a fire.
How quickly do customers want their claims settled? According to a survey of property and casualty claimants, when insurers settled claims in one to three days, for example, 92 percent of customers remained loyal to the insurers. When insurers took more than 15 days to settle claims, however, more than 65 percent considered changing insurance companies (Accenture, 2002).
When a customer calls with a claim, or visits a field office, PredictiveClaims instantly assesses the claim risk, using advanced analytics and business rules from both your company and other industry leaders. PredictiveClaims even prompts the agent with specific questions when more information is needed to resolve the claim. This automated risk assessment enables insurance companies to provide streamlined claim experiences that keep customers satisfied.
By resolving claims quickly with PredictiveClaims, insurers keep loss-related expenses, such as rental car charges and hotel fees, to a minimum. Customers that are satisfied with the speed of settlement are also less likely to increase their claim amount—or resort to costly litigation. And with handling costs responsible for 20 percent or more of an insurer’s costs, reducing those costs can have a significant, positive impact on overall company performance.
By resolving claims quickly with PredictiveClaims, insurers keep loss-related expenses, such as rental car charges and hotel fees, to a minimum. Customers that are satisfied with the speed of settlement are also less likely to increase their claim amount—or resort to costly litigation. And with handling costs responsible for 20 percent or more of an insurer’s costs, reducing those costs can have a significant, positive impact on overall company performance.
For example, a leading European insurer added PredictiveClaims to its existing claim processing system and reduced claim handling costs by more than 20 percent, while doubling its fraud detection rates. PredictiveClaims’ real-time risk assessment enables the company to settle low-risk claims quickly to satisfy customers and minimize handling costs.
To learn more about optimizing your claim risk assessment process with PredictiveClaims, contact an SPSS Account Representative today.
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