Insurance companies are increasing their technology spend to retain current customers and curb the cost of attracting new ones. Is staying with one insurance company for 30 years a thing of the past? Or is field service management software about to usher in a new golden age of customer loyalty?
Pay attention to online or television advertising long enough and you’ll likely see an ad for car insurance, urging you to switch providers to save hundreds of dollars. Regardless of the veracity of these claims (and what you may be giving up in coverage to attain the savings advertised), it’s clear that switching insurance companies is meant to be quick, relatively painless and…just something people do these days.
Insurance providers, however, would rather hold on to the customers they have than spend money to win new ones. And spend they do – it can cost anywhere from $150 to $500 to acquire a new customer, and there’s no guarantee how long that customer will stick around.
Insurance companies can go a long way toward building customer loyalty by providing fast, attentive and convenient service. The challenge is that insurance services are usually rendered when customers are already unhappy or even traumatized. Waiting on field adjusters, having to explain the situation multiple times and delayed settlement checks are all prime motivations for moving on to a new insurance provider. Therefore, focusing on the last mile of the customer experience – that all-important face-to-face meeting – is most likely to yield the biggest rewards to both the insured and the insurance provider.
Here are three ways field service management technology can impact the customer experience while alleviating some of insurance companies’ common challenges:
Strive for customer satisfaction – even when customers are unhappy
It’s an unavoidable fact: no one actually wants to actually use insurance. By the time a call is placed to file a claim, the insured has already suffered property damage or worse; now is not the time to fumble the ball. With field service management technology, you can offer shorter customer service windows and deliver on them consistently. Give your customers options during the claims process – for instance, whether they’d prefer a field adjuster visit them at home or work, or if they’d rather schedule an appointment at an approved repair shop – and focus on building lasting, loyal customer relationships through personalized engagements.
Realized efficiency and reduce time in process (TIP)
One of the primary concerns for insurance providers is the ability to reduce the time between the first notice of loss and claim resolution. Offering turnaround times of 24 hours or fewer is not unheard of, and some companies even strive to settle minor claims right at the scene of the loss. Maximizing field productivity is key to achieving these ambitious goals. By maintaining visibility over the field, insurance providers can make sure their adjusters are more responsive. In a slightly different scenario, providers could use field service management software to offer customers appointments at approved shops and repair depots – eliminating wait windows entirely and putting control directly in the hands of the end user.
Use technology to transform the claims process and provide a seamless experience for customers and employees
Imagine folding field service into the modern claims management process and bridging the gap between these critical systems to provide a seamless, end-to-end experience. Oracle Field Service Cloud gives both customers and insurance providers the modern technology to make this happen, from integration of disparate systems and protocols to self-service tools for the insured. A modern field service management solution can also set the stage for the next wave of new technology that will continue to transform the industry.