How to harness technology to deliver excellent customer experience through transparency in claims

In the recent panel at Intelligent Insurer’s Claim Innovation USA Virtual Event, Seth Simon, our Senior Director of Insurance Operations for the Americas, discusses how to increase customer loyalty and value through delivering an efficient and transparent client claims journey. 

Seth starts the panel with a recent anecdote of the difficulties in the online claims process with a large insurance company. Oftentimes large traditional companies try to incorporate new technology only to rush into it and the panelists echoed that “you can’t go digital because everyone else is doing it.” For most digital companies, including Cover Genius, the customer claims journey is digitalized with clear intentions to why and how they’re doing it. Insurance products are sold within a few clicks and claims can be made the same way and being honest about the platform’s capabilities are essential in providing customer satisfaction. 

Collecting data and trends through AI is fundamental for any insurtech company and now that we’re all so connected digitally, customer expectations have shifted. Seth highlights that “we can order a package on eBay and have something on our doorsteps the next day, or use a ride-share app and have someone there within minutes and that’s the same way consumers want their insurance claims.” 

Constantly tweaking and learning to make a product better is the best way to deliver excellent customer experiences and as Seth illustrates, creating products that have zero relevance to the customer is the worst case scenario. To listen and learn more about customers requires methods like conducting surveys to potential customers in order to understand their needs and frustrations. 

Whilst automation can provide efficiency, personalization is also necessary since speciality claims can be nuanced and complex. A key takeaway is that automation allows for efficiency but for most companies, they do not intend to do it at the expense of personal and empathetic customer service. 

Key Video Highlights:

  • 3:38 Introduction to Panel

    9:07 What does digital mean to your customers and what does it increasingly mean to you [Cover Genius]?

    11:30 How are you helping something go from manual to electronic to self-serve? What does that process look like? 

    15:45 How do you navigate the virtual claims process with virtual peers and connections? 

    19:05 Should everything be digital? 

    22:10 When you look at your customers and the way they engage with your platform, how does it balance when things should be automated or when people have to step in? 

    26:15 What do you do with old files and how do you make better fact files for digital experiences? 

    29:24 What is the negative of being digital and having all the data out in the world? 

    32:39 [Seth] You have an extensive fraud detector system integrated into XCover. How do you look at the benefits of making someone who’s following all the rules move faster in the system? 

    35:07 what do the changing customer expectations look like? 

    40:30 How do you balance working with consumers who want a digitized correspondence versus one who wants a more personalized experience? 

    47:21 How are systems and companies prepared to listen to customers? 

    51:07 Can you automate empathy? 

    52:17 The customer has the life and this is creating friction with that. How does that enter into the empathy with things that shouldn’t be automated? How do you make that better? 

    56:00 Are there any new tools that are making this whole process (connecting the data, and understanding feedback) around creating more satisfaction for customers? 

    1:00:52 What would be your regret list?