Measuring instant gratification
We live in a society that is increasingly becoming instant. Instant gratification, or at least nearly instant, is something Generation X’ers, born between 1965 and 1980, and Millennials, born between 1980 and 2000, demand in their daily lives. From shopping online, finding an answer to almost any question via the internet, to applying for credit.
It is this instant lifestyle, which drives many people in this demographic, and their expectation for immediate assistance stretches across many areas of their daily lives.
Significant business driver
In the short-term insurance industry, technology has been a significant business driver since the arrival of those old clunky green-screen computers on our desks.
According to Moore’s Law, computing power doubles approximately every 18 to 24 months. This rapid innovation attracted the industry to the power of the computer, improvements in transaction times, and for the storage and manipulation of Big Data.
Other technological advances spurned from the computer age, such as the internet and mobile telecommunication, means more people have access to devices that enable instant connection.
In the fast-paced world of technological advancements, staying abreast of changes and advancements and implementing the latest and greatest bit of software or hardware - sometimes referred to as the bleeding edge, can be a differentiator. Companies that have successfully managed to keep up to date with technology are able to serve and delight a market that insists on immediacy.
Comfort shopping
The need for instant is prevalent in other industries. Buying a ticket for a concert for R200, or buying a ticket to fly to New York for R20 000 can both be done from the comfort of your lounge.
Confirmation of your purchase with all the necessary details is instant. Who would have guessed either of these transactions could take place without leaving home just ten years ago? It would therefore be short sighted to assume that similar advancements would not make their way into the settling of claims.
Progressive leader
Looking abroad at how claims are handled, and the advances made in streamlining the claims process, Progressive Insurance must be one of the outright leaders in the United States. Since their early days, as far back as the 1950’s, Progressive have been the innovators in using technology to their advantage. In 1990, they introduced Immediate Response (IR) claims service. IR was available around the clock, and provided customers with personal service and support immediately after they reported a claim.
Then in 1994, with another industry first, they introduced the Immediate Response Vehicle (IRV), a vehicle specially equipped with everything a trained claims professional would need in order to settle a claim, wherever customers needed them, even at the scene of an accident.
In 2003, Progressive wanted to provide a better overall experience for every stakeholder involved in a claim, including the customer and the panel beater, which lead them to launch the Concierge Claims Service. Here Progressive oversees every step of the claims process – from start to finish - on behalf of drivers involved in accidents. This service reduces the time drivers would normally spend on managing repairs from about four days to 15 minutes.
Experience is everything
The old adage that claims is the shop-front of every intermediaries practice surely still rings true. The insured only starts measuring the product they purchased once a claim is submitted. Buyer’s remorse quickly sets in when that experience is anything less than expected.
The instant generation is here to stay. Give them what they demand, they will return the favour – they will become a walking, talking billboard for your brand, customer evangelists, sharing their remarkable experience with others in their group.
