Insights from America’s Claims Event 2014
Nearly 500 claims professionals converged on a fantastic, newly built Washington DC Gaylord Convention Center on June 25-27th. The conference, hosted by the claims industry thought leaders and founders of the Claims Magazine, is well known for a great turnout and participation by the many leading organizations ranging from Insurance Companies, Adjuster Organizations, and Tech and Consulting firms supporting the industry in their daily needs.
For several days, numerous keynote speakers and panel interviews took place sharing some of the most prevalent topics in the industry - use of data analytics to improve business processes, enhancements in customer satisfaction initiatives, and tech innovations. The conference also hosted an exhibition showroom allowing organizations to showcase their products and services. Livegenic also took part in the exhibition, demonstrating its Real-time Guidance and Customer Insight services.
Attending this conference, one thing is certain, the P&C Industry is beginning to take a much more proactive role in utilizing technology to improve the quality of customer service and reduce the complexities and expenditures of internal business processes. From application of social media, to rolling out mobile solutions, and taking a much more aggressive stance and commitment to support their clients during catastrophic events, all organizations are focusing on the better service and experience they can offer to their customers.
"Everyone's claim is the most important claim and we want to handle them well" said Art Longnaker, a Claim Business Process Manager at Kentucky Farm Bureau. The claim volume is always large and growing and the claim departments are trying to move faster through claims to support the claim load. With customer retention closely tied with how an insurance company deals with a claims resolution process, no organizations can expect to loosen their grips on their internal effectiveness to meet customer's expectations during a loss.
Eric Martinez an Executive Vice President of Global Claims, Operations and Systems at AIG emphasized the importance of improved claims management by stating that organizations cannot rely on utilizing the net promoter scores to evaluate their customer satisfaction. "The most important measure is the customer retention statistic of customer post claim." In order to boost customer satisfaction, Eric Martinez also stated that It is vital to anticipate and understand claims before they come in by being more proactive and gaining a better insight into the claim. In the words of Jason Richards, Head of Property and Casualty Business Management from Swiss Re, "Claims are a part of the sales force of the organization."
We are exited discover many more changes and innovations to come from the insurance industry and are looking forward to next great upcoming events from ACE.