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Claims personalization improves retention, reduces risk

Insurance brokers are investing in a variety of technologies to personalized claims processing, and reaping the benefits:

Probus Insurance Broker serves as a one-point solution for all insurance needs. Established in 2002, it has tie-ups with almost all the marquee insurance companies. Rakesh Goyal, Director at Probus Insurance Broker, has been in the field of financial services since 1996. He has excelled in the fields of general and life insurance distribution, channel management, and relationship management. His previous experiences include working in Bausch and Lomb (India), World Index Investment, International Foreign Currency Market & Gogia Capital.

Raghnall Insurance Brokers serves large commercial, MSMEs, start-ups and individual clients with data-driven risk solutions and advisory services. Bhakti Dama, Senior Vice President, Products at Raghnall Insurance Broking & Risk Management, is an insurance professional building tech, led by product innovation and driving digital business. She has earlier work in HDFC ERGO General Insurance.

Mehul Dani: What is the overall approach to personalization of claims at your company?

Rakesh Goyal: At Probus, we tailor the insurance claims handling to the individual needs and circumstances of each policyholder to enhance customer satisfaction and improve the efficiency and effectiveness of the claims process. This can involve providing personalized communication and customer service.

Probus differentiates itself from other companies by offering services that address specific customer needs. Probus also differentiates itself through its use of technology, such as AI, to provide more accurate and personalized services. Probus may also differentiate itself through customer service or branding, creating a strong reputation for reliability, transparency, and innovation. Ultimately, the specific ways in which Probus differentiates itself from its competitors include its market position, customer base, and overall business strategy.

Bhakti Dama: At Raghnall, we believe in taking an approach to personalization of claims that combines both technology and personalized interactions. We have adopted technology to enable smooth processing and data exchange

throughout the entire claims journey. However, customer interactions are always done personally by dedicated claims managers rather than chatbots or other electronic means.

Our personalized claims approach starts with our data analytics tools, which enable us to capture and analyze a wide range of customer data and claims-related data. This data includes information on customer demographics, past claims history, and other relevant information that helps us understand the unique needs and preferences of our customers. We use this information to develop personalized solutions for each customer based on their individual needs.

We also prioritize customer engagement throughout the claims process to ensure that their needs are met fully. Our dedicated claims managers provide a personalized touchpoint for customers, giving them the confidence that their claims are being handled professionally and with care. They take the time to understand the customer’s specific circumstances and provide tailored solutions that meet their unique needs. This personalized approach helps to build trust and loyalty with our customers, resulting in increased satisfaction and a higher likelihood of repeat business.

In addition to the benefits for our customers, our personalized claims approach has also resulted in improved efficiency and reduced costs for the company. By using data analytics to personalize the claims process, we are able to identify and prioritize claims that require more attention, allowing us to allocate resources more effectively. This has resulted in improved productivity and lower costs, as we are able to manage claims more efficiently.

Overall, our personalized claims approach has delivered numerous benefits for both our customers and our company. We believe that it is a strategic differentiator that sets us apart from our competitors and enables us to provide better customer experience, reduce costs, and increase revenue across all our lines of business.

What data types do you find most useful in personalizing claims?

Rakesh Goyal: The data types that is more useful in personalizing claims include customer demographics (information about age, gender, occupation, and location), claim history (to better understand their risk profile and develop more accurate and efficient claims handling processes) and customer behavior (frequency of a customer contacting the insurance company, preferred channel of communication, and their level of engagement with the claims process). This data helps personalize the communication and provide more relevant and timely updates on their claims.

Bhakti Dama: We consider several types of data to be useful in personalizing claims. we gather information about the customer’s individual circumstances and needs. This includes details about policy coverage, previous claims history, type of claim, location and other specific claims data related to product and coverage.

Additionally, we use data analytics and machine learning techniques to analyze data related to the claim, such as the severity, the cause of the loss, and other factors. This helps us to identify patterns and trends that can inform our decision-making and enable us to provide personalized solutions to our customers.

What softwares have you developed/procured for this?

Rakesh Goyal: Once a policyholder initiates a claim through the portal, an automated email notification is sent to the concerned team. The team will then review the claim and take the necessary steps to investigate and process it. Depending on the type and complexity of the claim, additional information or documentation would be requested from the policyholder. In some cases, the policyholder might need to undergo certain additional examination. Throughout the claims process, the customer may receive updates and notifications through the portal, email, or other communication channels.

Probus has adopted a hybrid technology solution that leverages both public cloud infrastructure and in-house developed software. By utilizing cloud infrastructure, Probus is able to benefit from increased scalability and flexibility while minimizing its operational costs. In addition, Probus employs a range of standard technology solutions, such as SaaS-based call centre solutions, omnichannel communications, campaign management, and analytics solutions to help to streamline operations, improve customer service, and enable more efficient data analysis. Probus has also developed its own core insurance distribution platform, which is integrated with 25 insurance companies across the life, non-life, and health lines of businesses. This in-house developed software allows Probus to tailor its insurance products and services to the specific needs of its customers while also enabling the company to maintain greater control over its operations and data.

Bhakti Dama: At Raghnall, we have developed and procured several software solutions to support our personalized claims approach. We have implemented advanced analytics tools and machine learning algorithms to analyze the customer data and claims-related data that we collect. This enables us to identify patterns and trends that inform our decision-making and personalize our approach to each individual customer. We have also developed a dedicated claims management system that streamlines the claims process and ensures efficient communication between our claims managers and customers. In addition, we have invested in CRM software that enables us to gather and analyze feedback and customer preferences, which we use to continuously improve our services. Overall, our software solutions are designed to support our personalized claims approach and deliver a seamless, customer-focused experience.

How have the people been structured for handling claims with personalization?

Rakesh Goyal: To incorporate personalization into the claims handling process, we have created specialized roles focused on analysing customer data and developing personalized communication and handling strategies. These teams offer tailored communication and service strategies that meet the individual needs and expectations of each policyholder.

Bhakti Dama: We have a dedicated team of managers who are responsible for handling all queries from the customers including claims with a personalized approach. They are trained internally to bring expertise in respective areas. They work closely with customers to understand their needs, provide personalized solutions, and ensure a smooth claims process. We believe that a human touch is essential to providing a personalized claims experience, and therefore, we have structured our team to prioritize direct customer interaction over automated solutions such as chatbots. Our claims managers are supported by advanced software solutions that enable them to efficiently process and manage claims data, communicate with customers, and provide timely updates on the status of claims.

What benefits of personalization have been observed, for the company and for the customers?

Rakesh Goyal: For company, personalization can improve efficiency, accuracy, risk management, reduced processing time and customer satisfaction. On the other hand, customers can benefit from personalized communication and updates on their claims, making the claims process more convenient, faster, and fairer. The personalization can result in improved customer satisfaction and loyalty, as well as increased efficiency and effectiveness for us.

Bhakti Dama: Our personalized claims approach has resulted in an increase in business for our company. By delivering a highly personalized claims experience, we have been able to attract and retain more customers, resulting in increased revenue and profitability. This approach has resulted in a higher level of customer satisfaction, increased trust and loyalty, and faster claims resolution. Additionally, our personalized approach has reduced customer effort and led to fewer escalations and complaints, resulting in improved customer retention and reduced risk.

The personalized approach has also resulted in improved efficiency and reduced costs by allowing us to identify and prioritize claims that require more attention, enabling us to allocate resources more effectively. This approach has delivered a win-win for both our customers and our company.

What are the targets of your company wrt personalization of claims for FY 2023-24?

Bhakti Dama: Raghnall Insurance Brokers’s target for personalization of claims is to bring in personalized claims across all lines of business in the coming fiscal years. This will involve investing in advanced analytics tools and machine learning algorithms to better analyze customer data and claims-related data. The company intends to experiment with advanced AI and ML models to predict customer preferences and offer personalized solutions proactively.

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