Large Insurer Utilizes AutoPilot to Ensure Quick Claims Processing
Helps Retain Customers in an Increasingly Competitive Service-Oriented Environment.
Need to lower allocated and unallocated loss adjustment expenses.
Today’s economy has had a significant impact on the insurance industry and has exacerbated the ongoing issues of customer retention, lowering costs and improved loss ratio. In addition to a struggling economy, regulatory pressures and the implementation of complex new technologies have been a burden on insurance providers. With all of these challenges, it is essential to focus on customer service and retention of existing customers, as the cost of new customer acquisition is significantly more than improving the satisfaction of one’s existing customers. And it is well known that insurers select insurance companies based on outstanding service, not just on low price. In addition to customer service issues, there are those impacting operations – namely, the need to lower allocated and unallocated loss adjustment expenses, reduce fraud and leakage and maintain an improved loss ratio.
US Insurance firms polled by independent research firm, Forrester Research, said that their most important business priorities over the next 12 months were (in priority order – highest to lowest: lower operational expenses, grow the business, acquire and retain customers, drive new offerings and comply with government regulations. The leading goal for IT, after lowering costs was to improve business process execution speed2. And of course as it has been in recent years they are still continually asked to do more with less. A prohibitively tall order? Not necessarily.
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