Workforce Management for the Insurance IndustryThe insurance industry is an interesting place; it’s facing an increasing number of challenges: - Climate change is arguably leading to more extreme weather conditions and the associated claims for damages that this brings
- Price comparison websites are making it easier for clients to switch to a cheaper insurer thus putting you under pressure to keep annual premiums down
- Diminishing barriers to entry is increasing the number of competitors and adding to price competition
- Fraudulent motor, household, and commercial claims are raising costs and pushing annual premiums up
- It’s a highly regulated industry with compliance standards that must be met
...and you have profitability targets to reach.
| “We needed a solution to be able to dispatch field assignment work to our examiners where they could receive the assignment details and also communicate back to our dispatchers how they were progressing throughout the day. ClickMobile made perfect sense since it "plugs and plays" with the other Click products we're using.” – Liberty Mutual | Other than the annual renewal of premiums, most personal clients have little engagement with their insurers, until something goes wrong. A car accident or a household emergency such as a flood are stressful times. And at this time, the thing that your clients care most about most is your speed and efficiency. How long will it take for the claims assessor to inspect my vehicle or property? How long will it take for them to approve the work? Despite increasing price competition, many clients will base their renewal decision on this experience. Get this wrong, and you can expect to lose a valued client at the time of policy renewal. For commercial clients, their engagement with insurers may be more frequent. But the same expectations exist – in times of needs insurers must be prompt and efficient with fraudulent claims quickly spotted and reported. Insurers that fail to adjust to the competitive marketplace and client expectations, and do not build an infrastructure that has the flexibility to adapt to future unforeseen challenges face: - The prospect of ongoing increases in operating costs
- Loss of business to competitors
- The potential of incurring large fines for not meeting compliance standards
And all of these will contribute to further increases in annual insurance premiums for your clients. With the use of our Service Optimization solution that is tailored toward the insurance industry and can be further adjusted to meet any additional specifics for your business, you can ensure that the right assessors are scheduled, to the right claims, with the right information, at the right time, and at the right place. In an ever changing market, the most efficient insurers will be the most competitive and the most successful.
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