Streamlining Claims Processing: How Contact Center Software Eases Insurance Industry Burdens

 Claims processing is one of the most critical aspects of the insurance industry. In such a competitive sector, the ability to process claims and deliver exceptional customer service determines the success of insurers.

This article discusses the challenges insurance companies face when they handle and process claims by using traditional methods and how the right contact center software can ease their burden. Deep dive into the article now and thank us later.

Challenges Insurance Industry Face

In traditional claims processing methods, insurance industry faces a wide range of challenges such as:

1. Manual Processes

A McKinsey study found more than a third of claims processing and underwriting tasks could be efficiently automated. Historically, claims processing has always been a quite labor-intensive task that requires huge manual efforts. Apart from being an excruciatingly slow and time-consuming process, the manual claim processing method is highly prone to human error. That’s the biggest demerit and challenge insurance companies face.

2. Communication Bottlenecks

Ensuring smooth communication between various stakeholders such as customers (policy holders, claims processing agents, adjusters, and management team) can be extremely challenging. Common issues such as long wait times, missed calls and messages, and phone tag result in considerable delays in claims resolution.

3. Data Silos

Insurance companies that use disparate traditional systems to manage customer information, claims data, and policy details find it hard to access comprehensive information. The data silos resulting from the disparate systems not only slow down claims processes but also make the entire processing inefficient.

How Contact Center Software Ease Insurance Industry’s Burdens

When insurance companies use sophisticated contact center software, they can ease a wide range of challenges that insurance industry face such as:

1. Automation of Manual Tasks

As discussed in the challenges, insurance companies that use traditional technologies and systems have no other option than to process claims manually. If they automate their processes, they can streamline their claims processing activities.

As per a KPMG study automation in the insurance sector can cut down repetitive work of agents by 80 percent and reduce claims processing time by half. Sophisticated insurance contact center software does just that. It helps in automating a wide range of repetitive tasks in claims processing.

2. More Self-Service Options

When it comes to reducing the burden of insurance companies, offering self-service options can be a game changer. In fact, more and more policyholders prefer self-service options to solve minor problems instead of speaking with customer service agents. A study revealed that over two-thirds of customers chose self-service portals over interacting with customer service representatives to solve minor problems with their insurers.

Sophisticated contact center software can provide a wide range of self-service options to customers and help insurers streamline routine tasks. Some of the popular self-service options insurance contact center software provide are interactive voice response (IVR), Chatbots, virtual assistants, knowledge base, frequently asked questions (FAQs), and feedback and surveys. 

3. Unified Communication Channels

Insurers that use traditional systems have disparate communication channels because of which they don’t have access to comprehensive information and struggle with data silos. A McKinsey study revealed that two out of every five insurers find it difficult to leverage data effectively and struggle with data silos.

Data silos can have far-reaching consequences for insurance companies and can considerably impact insurance companies’ functional goals. But when insurance companies leverage the right contact center software, they can unify various communication channels and eliminate data silos.

Summing Up,

In today’s time, when customers want faster claims processing, insurance companies need to leverage the right tools such as sophisticated insurance contact center software to handle and process claims. If you are in the insurance industry, you must consider investing in the best-in-class insurance contact center software.

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