Post on 18-Jan-2016
Education in claims and importance of claims experience in overall insurance bussines
October 2015
Madalin Rosu
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Claims = Insurance = Complexity
In order to improve customer service, insurers must progress from a transaction focus to an interaction focus
Traditional Objectives Modern Objectives
Reasonable response time Rapid response time
Efficiency Efficiency plus
Accuracy Accuracy
Compliance Compliance
Communication options
Flexibility
Subject matter expert intervention
Best subject matter expert
Analytics
claims
Claims inquiry
Beneficiary change
Investment redirection
Cash value withdrawal
Billing inquiry
Proof of insurance for
motgage
New car cover request
Premium payment
Transactions
• The claims handling process is the “moment of truth”
•Claims handling is the central criteria that clients use to judge an insurer.
•Services of the insurer that are perceived by the client to be adding value are vital.
• Claims handling offers a considerable potential to reduce costs.
• Claims handling is a source for new business.
Claims handling importance
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A well trained person will be able to deliver the promise to our client.
Training need to be in line with each employee.
Education
Education need to be forma-lized and recognized at a high level proving higher standards.
Recognition of knowledge
In these days where the competition and market conditions become tougher and tougher we need to concentrate on the client needs more than ever. For this we all need to focus on :
Education in claims
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Education in claims
A certified claim person, based on European standards can easily access a job in any EU country.
Join education standards assure high level quality in the financial industry and EFICERT jointly paves the way
Education in claims is not anymore a issue of particular insurer or a market
Education in claims area is very important and there is existing a specific attention at European level
A proper trained claims inspector will deliver the proper service to the client
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Romanian practice
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C1.1M
MTPL
C1.1M
MTPL
Claims specialization structure Claims specialization structure
C1.2MMotor
Hull
C1.2MMotor
Hull
C1.3MInternal
Regulation
C1.3MInternal
Regulation
C1.4MEU
Directives
C1.4MEU
Directives
C1.5M
Fraud
C1.5M
Fraud
C2.1NMLegislation
C2.1NMLegislation
C2.2NMProperty
C2.2NMProperty
C2.3NMFinancial
C2.3NMFinancial
C1M Motor
C2NMNon Motor
C2.2NMLife&Travel
C2.2NMLife&Travel
20 H
EXAM
20 H
EXAMCERTIFICATION
CERTIFICATION
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Claims handling is a core process
!
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E
T
Bmotions
houghts
ehaviour
Client is not different than us
Why so important?
1. A high price does not cause a customer to leave, but a negative experience in contact with company employees, YES – Accenture global satisfaction report
2. For every complaint there are 26 other customers with the same problem which not complained – Lee Resource
3. 2% increase in customer retention means as much as 10% cost reduction – Leading on the Edge of Chaos, Emmet Murphy & Mark Murphy
4. 96% of unhappy customers never complains, but 91% of them will simply leave and not coming back – 1Financial Training services
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6. A dissatisfied customer will tell 9-15 people about his experience. Around 13% of unhappy customers will tell on other 20 people to about this. – White House Office of Consumer Affairs
7 It takes 12 positive experiences to repair a negative experience – “Understanding Customers” by Ruby Newell-Legner
8. A customer treated professionally and whose issue is resolved, it becomes a brand advocate for the company
5 Over 70% of consumers recounted experiences relate to the way they were treated – McKinsey
Why so important?
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Simple and basic expectations
Common claims service
expectations
Added value
• normal and reasonable reimbursement
• Fast and not bureaucratic handling• Individual support• Personal contact
• Problem solutions and services which positively surprise the client
Motivation to buy
Full Customer
Satisfaction
Claims experience leading to customer satisfaction
Claims Management is an optimal way to generate Customer Value
• However, this opportunity is rarely used in the insurance world.
• Generally, there is little emotional connection with the insurer that results in a conviction that the customer has found the best solution.
• Therefore, customer orientation offers numerous opportunities to increase customer value.
Customer Orientation
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Education is not important !Education is extremely important !