A recent report has revealed that motor insurance complaints have increased by 38 per cent over the last year. In 2016 alone, 11,844 people complained about their vehicle's policies, representing nearly a third of all insurance complaints. A further increase in motor insurance complaints has been recorded with the increasing number of logbook loans, in which borrowers use their logbook as collateral for the loan. This type of loan has also seen a 75 per cent rise in complaints to the Ombudsman.
First, insurers need to change how they handle claims. Today's customers expect 24/7 services, transparency, and a choice of human interaction. Insurtechs and established non-insurance players are building digital ecosystems to make the claims process faster, more convenient, and more cost effective. To avoid losing customers in a price war, insurers must shift their focus from cost containment to facilitating an interactive, transparent claims process.
Claims management is a critical success factor
With more consumers and strict government regulations, claims management is an increasingly important aspect of insurance companies. Efficient claims management involves a range of strategies to reduce costs, detect fraud and increase customer satisfaction. Even small companies can benefit from these tools. Here are three ways claims management can improve customer satisfaction:First, insurers need to change how they handle claims. Today's customers expect 24/7 services, transparency, and a choice of human interaction. Insurtechs and established non-insurance players are building digital ecosystems to make the claims process faster, more convenient, and more cost effective. To avoid losing customers in a price war, insurers must shift their focus from cost containment to facilitating an interactive, transparent claims process.
