Claims transformation for general insurers - The Next Big Bet of Transformation
Claims transformation for general insurers
Claims: The Next Big Bet of Transformation
The general insurance industry is in the middle of a digital overhaul. The customer mix is shifting towards digital natives, who expect seamless interactions over digital channels. Challenge is balancing the digital services while also maintaining the personal touch that is the foundation of a positive customer experience.
EXL’s research and work with general insurers suggests that the true winners will be the ones that will focus on creating an end-to-end view of the claims value chain and accomplishing the delicate balance of the trifecta of outcomes that the carrier will aim to achieve: optimizing indemnity, reducing cost of claims, and creating frictionless customer experiences.
- Optimize indemnity by 8-10%: Improve recovery hit ratio, detect fraud, reduce leakage and third party exposure, prevent losses
- Reduce cost of claim operations by 20-25%: Improve straight-through processing, reduce claim handling expenses, lower litigation cost, supplier cost, and failure demand/ repeat requests
- Frictionless CX, improve NPS by 10-15%: Increase first-contact resolution, self-serve and reduce cycle time
For general insurers, digitizing claims function holds tremendous potential. With a changing competitive landscape, insurers must realize where to bet big on transformation effort and cost. Read our whitepaper to learn more.