Personal Auto Claims Management

Digital Transformation Should Be Top of Mind for Personal Auto Insurers

Digital is the name of the game when it comes to attracting today’s auto insurance customers. Traditional auto insurance companies are not only competing with other local insurance providers, they are competing with a host of digital-first auto insurance companies, too. These companies often offer a more intuitive user experience and a host of features built to attract auto insurance shoppers, create a smoother claims process and provide a better customer experience for their policyholders.

Creating a digital presence and experience for your customers doesn’t have to mean reinventing the business. Today’s SaaS claims management systems can be up and running in weeks, and with an API-based architecture it can integrate easily with your other systems, such as policy administration, billing systems, and more.

Key Challenges for Personal Auto Insurers

Claims Optimization by Frequency and Severity

As you know, running a successful claims operation requires constant optimization of high frequency/low severity and low frequency/high severity claims.  Being able to triage claims quickly and accurately, assign claims seamlessly, and ensure that claims specific protocols are applied and executed on a timely basis will help you improve efficiency, reduce claim-handling costs, and enhance the customer experience.

Omnichannel Communications

Your policyholders expect real-time communication across multiple channels (text, email, chat, phone, video) – corresponding just by snail mail or even email is no longer an option.  According to a study by Deloitte, 70% of consumers ages 25-44 and 57% of customers over 55 prefer to use smartphones to manage their insurance claims. Unfortunately, most claims insurance technology is outdated and does not support omnichannel communications,  leading to frustrated customers and unhappy adjusters.

Effective Negotiation

Negotiation is a critical component of balancing speed, accuracy and customer service. Your adjusters must be able to negotiate effectively with various parties  and defend their decisions. Their justifications should be conveyed convincingly, showing that they reached their decisions fairly and that their reasoning was accurate.

Coverage and Liability Investigation Precision

With today’s emphasis on resolution speed and customer service, investigative quality and outcomes often suffer the consequence. Keeping pace with change—while containing claims costs—requires innovative tools that streamline claims management.

Five Sigma Benefits for Personal Auto Insurers

Our cloud-native data-driven claims management solution makes your claims processing simple and smart.

Automated Claims Submissions

Our digital claims management solutions (CMS) provide:

  • All FNOL data received from the insurers/digital channels are embedded automatically into our workflows and ready for the next step in the process
  • Rapid system identification of claim types
  • Automated triage and adjuster assignment
Embedded Omnichannel Communications

Our CMS includes an API-level communication module that support all types of communications including: SMS, mail, voice video calls, and even WhatsApp. All claims-related communication is documented, stored and analyzed automatically.

Just-in-time Recommendations

Our systems flags coverage and liability issues and presents the adjuster with relevant information and investigative steps within the claims system.

Damage Assessment and Negotiation

The key to effectively negotiating a claim begins with accurate damage assessment. Our CMS includes a digital bodily injury evaluation module to itemize, assess and aggregate damages.

Monitoring and Management

Based on our advanced data modeling, we enable insurers to monitor your operations and receive actionable insights that will help you make strategic management decisions.

How Five Sigma Helped INSHUR Improve Claims Efficiency

After initially outsourcing its claims management, INSHUR decided to start handling claims in-house, first in the U.S. and then in the U.K.

INSHUR knew that it needed an innovative solution to match it’s data-focused approach to insurtech. The right claims management platform would need to be fully digital, mobile-friendly, and highly scalable, while being accompanied by excellent customer support.

See how we helped INSHUR build a smarter simpler, more efficient claims operation.

Go live in weeks with the state-of-the-art claims management platform.