With a steep decline in traffic, according to a new report from J.D. Power, the frequency of auto insurance repairable claims dropped 22% this year. In turn, this significant drop in claims volume freed up time and resources for insurance professionals to focus on other endeavors.
Across the industry, the main focus was customer service, and according to J.D. Power, those efforts resulted in demonstrated results of shorter cycle times, better service delivery, and a record high level of customer satisfaction.
“The sharp decline in claims volume during the pandemic has served as a test case for the industry in how to make improvements in service delivery that translates directly to increased satisfaction and increased intent to renew,” Tom Super, head of property and casualty insurance intelligence at J.D. Power, said in the report.
“This is important because it demonstrates that efforts to improve claimant service delivery translates directly to improved business outcomes. The challenge now, of course, will be maintaining that high level of service as claims volumes start to normalize.”
End-to-End Digital Claims Management Platforms have been critical success factors in delivering higher customer and claims adjuster satisfaction, lower Opex and greater effectiveness.
Even more important No Code platforms have empowered insurers and brokers to implement and deploy faster without burdening IT with extra development and coding tasks.
Business analysts can innovate, customize UX and journeys and continuously improve outcomes all at a far lower cost of ownership. That frees up IT resources that always have more key tasks and projects than they can deliver on to focus on maintaining and upgrading core systems. Tackling technical debt.
From Quote & Bind to MTAs and Renewals, Intelligent Upsell and Cross-Sell to fully transformed Claims Management i.e. eFNOL to Settlement- No Code is an essential critical success factor for competitive advantage.
Pity the insurers with the costs and limitations of on-prem and hybrid cloud/on prem core systems that hold back innovation. A sign of that?
Having to pay huge amounts of time and money in system upgrades that freeze innovation during deployment of the new system. Or deliver a new auto claims transformation but are just as complex and costly to do the same for home & property claims transformation.
Rejuvenate Coded Core Systems with digitally transforming No Code Shells to hide away the complexity, cost of innovation and give you time to tackle technical debt.
Among the key findings of J.D. Power’s annual U.S. Auto Claims Satisfaction Study for 2020, overall satisfaction with the auto insurance claims process increased to a record-high 872 on a 1,000-point scale — up four points from 2019. This is the third consecutive year of improvement in auto claims satisfaction, which is measured by performances in claim servicing; estimation process; repair process; rental experience; and settlement.