Entering the technology evolution
As technology continues to pervade into modern day society, expectations of consumers in the short-term insurance environment is changing rapidly, and speed of service is ranking very high on a consumer’s list of expectations.
This is particularly true when it comes to the processing of claims says Vickey Swanevelder, Head of Claims, Claims Support and Customer Relations at Momentum Short-Term Insurance.
Meeting customer demands
“Speed is vital and technology is the answer,” Swanevelder says. “We have been in a continuous state of transformation over the last few years. This has largely been fuelled by the need to meet diverse and changing customer requirements.”
According to Swanevelder, the insurance industry, and more specifically the claims management process, has evolved considerably. She adds that “we should make it as easy as possible for a consumer to interact with us by providing them with a wide variety of channels to choose from. We should focus on their preferences and facilitate their needs; be it through our call centre, website, mobile applications or social media. Every consumer is different, but they are all equally important.”
Offering holistic solutions
Consumers are becoming increasingly technologically enabled, but the solutions insurers offer, need to cater to a holistic picture of its customer base. Doing this does not only have a positive impact on the consumer, but on insurers as well.
“New technology has seriously improved our own efficiencies and effectiveness from an operational standpoint,” says Swanevelder. “A great example of this would be document management. We do not need clients to complete lengthy claim forms to file a claim anymore. When clients make contact, for whatever reason, we now have immediate access to their information, so it becomes easier for us and them to interact.”
When it comes to claims and catering to the varied demands of consumers, Swanevelder believes that all consumers attach tremendous value to a good claims process. As a consumer herself, she believes some of the key components of a good claims process are: an easy claim notification process; clear communication and regular feedback from the insurer; and no unnecessary red tape.
“If you look at that definition on its own, it is clear that technology plays a very important role,” says Swanevelder.
Obvious drawbacks
While technology has seemingly limitless benefits, there will always be some drawbacks. One of the most obvious pitfalls is the loss of human contact.
“Our intermediaries and call centre are still the most popular port of call for our clients,” says Swanevelder. “Some of our clients will still prefer to speak to and deal with knowledgeable and helpful intermediaries and claims agents.
Another uncertain element attached to the prevalence of technology is the security of personal data. The advent of the Protection of Personal Information Act (POPI) means that insurers have to clamp down their data protection processes for fear of breaching consumer rights.
“POPI will most certainly govern the safe keeping of personal data shared via technology. It is not just about complying with the Act but increasing our clients’ confidence in us by doing so,” says Swanevelder. “In the end this will be a positive shift as the Act exists to protect the consumer, which is a shared objective.” says Swanevelder.
Swanevelder is excited about what the future holds and believes that consumers can expect innovative progress from the insurance industry. “Evolution is exactly that. It is about moving forward for the benefit of the consumer and the insurance companies.”
