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MillennialsMillennialsThe Challenge to Claims ServicesThe Challenge to Claims Services
How will millennials’ customer expectationsimpact the insurance claims arena?
And what should Property/Casualty companies do to prepare?
Digital Communication Preferences
In a recent Celent survey on Insurance and Social Media with 114 insurers responding, 80% are using social media in their business, and 90% of those are saying it will benefit the insurer through customer service.2
90%90%WithWith
of millennials routinely researching products online,1 companies should utilize social media.
But
yet71%71% 30%30%MorethanMorethan
Companies need a social media strategy.
believe their organizations need
to embrace new technology or lose
market share.
do not have a social media
strategy.3
Social media can make or break a company’s reputation.
Click tosee example
Millennials rely on referrals and reviews and a poor claims experience can go viral in minutes.
Having rules in place for handling complaints and negative reviews before they happen can help you avoid making a bad situation worse.
Case: United BreaksGuitars
Also
Real-time content rendering will drive user satisfaction, and CIOs must invest in mobile applications, social media content, electronic forms and e-signature capabilities to improve customer experience.4
Companies must deliver a multi-faceted claims experience—from front-end IT management systems with personalized access to call centers, quick accounting systems and knowledgeable staff.
Engage with your customers.
40%40% 6%6%
Top-performing companies proactively email 40% of customers about open claims,
as compared to only 6% of low performers.5
Examples
Click tosee examples
Household insurance is keeping pace with the likes of Know Your Stuff™ from the Insurance Information Institute which creates a cloud-based home inventory for use in a claim.
Mobile apps are needed to manage policies and submit/review claims (such as FenderBender,™ which creates an accident file or Allstate Mobile,™ which has an accident toolkit and quick photo claim app).
Claim Trends:
Product Development
Of those,Fewer thanFewer than
10%10%
1 in 21 in 2 insurers have adopted cloud computing.
are using it forproduct development.6
Data mine adequately so that
new trends can be spotted
and addressed
Allow timely delivery of
new products and services
Provide exceptional customer service
based on insights gained
about the customer
Companies that have adopted new systems, and use them fully, have a distinct competitive advantage.
They are able to:
Companies should utilize these to provide real-time data to feed underwriting systems, immediately impacting
premiums along with input from experienced underwriters, and giving the consumer control over their own risk.
New technologies are quickly being adopted such as black box auto insurance and wearable technology.
Are your systems flexible to customize to this level?
Keep Claims Knowledge In-House.
Recruiting, training and mentoring new talent, as well as transferring knowledge to data storage systems, are critical to meeting today’s claim expectations and staying competitive.
And just like many industries, insurance companies need succession plans for the baby boomer claims associates on the cusp of retiring.8
The value of workforce intelligence to an organization cannot be overstated.7
RememberClick to read Employing Millennialsblog
Millennials still want and value a real relationship, they just want to start it online.
Hiring third parties is a viable short-term option, but “buying” expertise will eventually be more costly than homegrown.
While low-level claims may be automated, complex cases will always require extensive expertise, and relationships will continue to be critical.
Finding the right balance:
Contact:Contact:
@sydoniewilliamst
© 2015 General Re Corporation. This presentation is based on Gen Re's understanding of a number of external sources. It is intended to provide background information for our clients and professional staff. It is time sensitive and may need to be revised and updated periodically.
+1 203 328 5745 P
Sydonie Williams
[email protected]@genre.comE
/in/sydoniewilliamsIN
To learn more about millennials and their impact on insurance companies, visit genre.com/millennials.
1. www.genre.com/knowledge/blog/identifying-millennials-attitudes-and-behaviors.html2. www.celent.com/system/files/social_media_ii._infographic.pdf3. www.the-digital-insurer.com/harvey-nash-cio-survey-implications-for-insurance and
www.canadianunderwriter.ca/news/most-insurers-using-social-media-tools-but-many-lack-a-strategy/10022704914. www.propertycasualty360.com/2014/05/27/10-tech-trends-impacting-pc-in-20145. www.insurancenetworking.com/news/editors_picks/inadequate-digital-engagement-continues-to-disappoint-millennials-35076-1.html6. www.sap.com/bin/sapcom/hr_hr/downloadasset.2014-09-sep-02-17.insuring-millennials-no-different-think-again-pdf.html7. www.insurancethoughtleadership.com/brain-drain-twenty-two-steps-to-reduce-the-impact-of-retirement-and-increas8. www.propertycasualty360.com/2009/01/07/reversing-imminent-brain-drain
Claims will be just one of the units integrated into the new customer service model as yesterday’s innovation becomes today’s expectation.
