Claims Processing Increase Customer Retention
When looking at ways to increase customer retention, one often overlooked opportunity is improving the claims processing function. Why it may be somewhat less intuitive, claims processing has a notable impact on customer perceptions and overall level of satisfaction that, when favorable, can minimize churn while also directly impacting a company’s image in the marketplace at large.
Claims Processing Perceptions
Before focusing on how to improve claims processing, it is first important to have the right mindset and regard claims as more than just an outflow or an expense. Indeed, claims can be viewed as a profit center of sorts – a department rife with opportunity to impress customers on the front line and foster loyalty while concurrently improving processes and procedures that can boost the bottom line.
There are various ways the claims function can be improved. The possibilities include:
- Automating processes to free up staff time to interact with customers;
- Gathering more specialized knowledge to better assist customers with their concerns; and
- Mitigating the chance for mistakes as processes are streamlined.
Moving to an Innovation Mindset
By deploying claims processing innovations, companies can increase the likelihood of keeping the customers while taking on more without disrupting the high touch-point they seek to offer. The advantages are that:
- Customers have peace-of-mind know that a company is utilizing the latest technology for security and efficiency.
- Customers like to have more self-service options when checking on their claims.
- Other companies that are involved in the processing of claims find it easier to get their part of the job done.
This does not mean, however, that just any technology will do the trick. It is important to assess what system can best help the company focus on the customer throughout the entire process of handling a claim. This includes keeping the customer engaged and communicative. One way to do this is to outsource aspects of back office claims management that consume the most time - but in a way that appears seamless to the customer. Today many outsource companies work in partnership with in-house claims departments to handle the administrative end, allowing internal company personnel to focus on making - and maintaining - connections with customers.
In Summary
Here are the main points in this blog post:
- Improving claims processing can help retain more customers because it speeds the claims process and offers a way for companies to spend more time connecting and communicating with their customers.
- Customers like to know that a company is utilizing technology to improve its processes as do other firms involved in the claims process.
- Companies can utilize an outsource partner rather than invest heavily in technology and training so they can save money but yield an improved claims process.
Fig Gungor is CEO of OneSource Document Management, a New York based company that offers a broad range of customized copy and scanning services that translate into a significant savings for insurance companies, hospitals and large medical facilities.