Tips for Insurance Carriers
“A complaining customer can be your best opportunity to show how good you are…and to create a customer evangelist.”- Shep Hyken
I have been in the insurance industry for more than a decade now and have had the opportunity to work with Fortune 500 companies globally. One intriguing matter that I noticed is that insurers keep working with their monolithic legacy complaint management systems despite the challenges these systems present. This costs you not only customer loyalty, but you also deal with the risk of losing millions in complaint settlements (caused by mismanagement). Also, you end up compromising on the overall operational efficiency.
It’s time you think beyond traditional complaints management systems.
The right technology can help you simplify and optimize your complaints management process. Without a streamlined approach, complaints management can be cumbersome. For instance, setting up a complaint on a legacy system could take up to 90 minutes! With the right platform, it can be done in under 6-8 minutes! Also, with legacy systems, reporting for individual cases could take weeks to collate data from multiple sources. Whereas with the right technology, weeks’ worth of work can be done in minutes!
Today, insurers need a comprehensive digital transformation platform to manage all nuances of complaints management deftly. And cloud-based NewgenONE digital transformation platform with low code capability offers you all of the above, along with stability, scalability, and much more! Here’s how-
- Complete digitization of the complaints process with no manual hand-offs
- 100% compliance to necessary regulations such as FINRA, WORM, and more
- Easy-to-use forms for quick complaint set-up; integration of the platform with necessary applications allows auto-filling of the forms, which speeds up the process
- No more misfiling of complaints with 100% traceability, visibility, tracking, and auditing of each case
- Easy upload, download, and streaming of large media files; our technology breaks down larger files into smaller bits to ensure there are no failures
- Dexterous handling of each case with smart case assignment from a centralized dashboard
- Advanced reporting—case summary packages with advanced search capability based on 20 parameters for quick reporting to regulatory authorities
The core point that I intend to drive home is that with NewgenONE, you can have a firm grip on customer complaints. This will help you avoid misrepresentations and fraudulent selling by agents, thereby protecting your organization from unnecessary exposure and liabilities. Furthermore, you can stay on top of compliance and regulatory requirements. The right technology can also mitigate all risks and optimize the complaints handling process to unravel optimized costs, operational efficiency, and enhanced customer experience.
If you are curious about how NewgenONE continues to empower global insurance organizations, read how we helped a Fortune 500 insurer automate and transform their complaints management and field inspection processes.