In the claims process, speed matters. The 2019 J.D. Power U.S. Auto Claims Satisfaction Study found that customer satisfaction with the claims process had reached an all-time high, an improvement that was fueled by shorter cycle times.
The average amount of time between the first notice of loss (FNOL) and the return of repairable vehicles was reduced from 13.5 days in 2018 to 12.9 days in 2019. Even just a half day can make a big difference to a policyholder waiting for life to get back to normal.
Reducing the time-to-close is beneficial for the insurer as well – and automation makes it possible.
Many aspects of the claims process can be digitized to reduce time-to-close. Here are three good places to start:
We all know a faster close is better – but the benefits might be even greater than many people realize. Here are three advantages that you can achieve with a faster close.
Digital payments are an easy first step toward improving your organization's claims process efficiency and boosting customer satisfaction. Request a ClaimsPay® demo to learn more.