Addressing the “Pain Points” of Claims Processing
There always seems to be something in the way, right? Some elusive something that prevents us from doing what we know is best. (Or rather, the excuse we need to keep us in our comfort zone.) “I want to travel, but I hate flying.” “It’d be great to hire a new employee, but it’s just not in the budget.” “I could totally be Batman... but my insurance premiums would be ridiculous! Also, I don’t like caves...”
These are “Pain Points”, the inconveniences and hurdles that have to be surmounted in order to proceed. In their recent article, Majesco highlighted that businesses only tend to adapt and evolve out of urgent necessity, as a response to the pain points that they face. At Livegenic, we’re all well aware of the pain points that insurers face today - our entire platform was designed to face these challenges head-on. It may seem counterintuitive, but pain points are often the first instigators of positive change for many businesses.
Let’s take a look at some of the points that Majesco highlighted and see how Livegenic addresses them:
Pain Point – Customer Expectations
Smartphones and everyday technology have changed what customers expect from their carriers. Today insureds want to be more involved, they want more options for their coverage, and they want intuitive, easy-to-use tools that facilitate services like communication and payments on their own schedule. Livegenic helps carriers fulfill these expectations by giving them mobile solutions that enable insureds to virtually collaborate with adjusters, underwriters, and other staff. By allowing customers to participate and assist in the claims process, carriers are able to improve customer satisfaction, shorten cycle times, and simplify the entire process.
Pain Point – Compliance
Making sure to cross the t’s and dot the i’s on every form can be a tiring practice, but it’s a necessary one for ensuring that rules are followed and proper protocol is maintained. Some companies still rely on older and more manual processes, believing that digital solutions can’t support their standards of security or verification - “If it’s not ink on paper, it can’t be compliant.”
But this is an outdated belief - today’s technology providers often go above and beyond the security and compliance expectations of the market. Livegenic has kept all of these legal requirements at the forefront, accommodating them through our commitment to maintaining national and international security standards like ISO-27001 and GDPR, as well as data protection for our entire platform through blockchain-based security services and end-to-end data encryption.
Pain Point – Converting Legacy Systems
Prior to the outbreak of COVID-19, the insurance industry was already working hard to overcome the public perception that it was antiquated or out of touch. In large part, this belief was due to the slow pace that insurers adopted new technologies; but this slow pace was the result of the perceived difficulty of transitioning from legacy systems to modern, fully-digital platforms. But this approach could only work for so long, and the pandemic burned the fuse out quicker than many anticipated. For the insurance world, COVID was an almost overnight paradigm shift, as the new risks posed by in-person interaction suddenly made standard workflows impossible.
Luckily, Livegenic (and many other technology providers) had not only already created many of the services needed to address the problems posed by COVID-19, but we had also designed our platform to be as flexible and easy to implement as possible in order to best-support carriers who were hesitant to move off of legacy systems. This allowed carriers to quickly react to the “new normal” brought on by the pandemic and continue providing critical services to their customers and policyholders.
What pain points are impacting your business? Set up a demo with Livegenic today and see how we can help your business overcome these obstacles.