Service is the new frontier where insurance companies will fight for market position ClaimTracker's communications package will provide the decisive advantage, says Mari Haigh.
In an increasingly competitive insurance market, margins are getting tighter and tighter, and price is no longer the main competing factor.
Service is the new frontier on which insurance companies will be competing for the foreseeable future, and it is going to require a big change in the way companies think in order to differentiate themselves from the competition, and make a real difference to their customer retention ratios and bottom lines.
Communications package
With this in mind ClaimTracker has developed a unique communications package capable of connecting insurance companies, brokers, loss adjusters, third party suppliers and policyholders in real-time 24 hours a day seven days a week, using all of the technological breakthroughs available today.
Imagine, complete claims transparency for all concerned stakeholders, and the ability to automate new instructions, new claims, quotations, e-invoicing, milestone progression and electronic document storage, as well as automated communications via a multi-lingual web service, email, SMS and fax. All of this at predetermined milestones to any of your chosen stakeholders.
Claims management no longer needs to be hampered by disconnected data, departments and organisations. ClaimTracker provides the ability to connect every stream of data to every stakeholder throughout the whole claim management process.
This unique tracking and communi-cations software solution is available either independently as VisioConcept, or as an inclusive component of ClaimTracker's Re-ClaimIT service.
As a stand-alone solution, Claim-Tracker's software; VisioConcept, is able to rapidly schematise any type of claim, from a basic motor accident through to complex disaster management scenarios - and allow milestones, event logs and other mission critical data to be fed from anywhere in the supply chain - and shared by all parties.
Just as revolutionary as its communication abilities, the VisioConcept suite can also, if required, integrate seamlessly into any existing legacy system to facilitate e-invoicing, e-quotes and automated new instructions.
VisioConcept requires NO set-up costs, and is available on a low cost-per-claim invoicing basis.
Cost v customer satisfaction
The standard dichotomy for any business is that of cost v customer satisfaction/service.
Rarely does an opportunity exist to increase margins and customer satisfaction simultaneously.
However ClaimTracker is uniquely positioned to offer just that:
1. By giving policyholders the power to track their own claims, both call centre dependency (and thus administration costs), AND policyholder frustration are naturally reduced considerably.
2. By ensuring that third party suppliers are able to feed status changes to the claim in quasi real-time (via secured access), SLAs can be monitored more closely, decisions made more rapidly, errors made apparent before it's "too late", all of which contribute to a shorter, smoother claim life-cycle.
In short, VisioConcept provides ultimate control of the information you need to reduce bottom line damage, and increase policyholder satisfaction.
Re-ClaimIT (an internal division of ClaimTracker Ltd) offers even greater cost and efficiency savings by providing an international outsourcing solution to Insurance Companies for all electronic and high value brown goods claims.
Our 10,000 sq ft workshop prioritises "repair over replacement", to reduce both bottom line settlement costs, and the increasing problem of policyholder fraud geared to the systematic expectation of a 'new for old' settlement.
- Mari Haigh is managing director of ClaimTracker
If you would like to know more, contact us on 0800 393 6344 or visit www.claimtracker.com
