Delight Your Customers by Digitizing Insurance Claims

Today, success in insurance is measured through the customer experience.

Consumers have more choices in insurance providers than ever before, with new digital-first entrants like Hippo, Lemonade and Bold Penguin emerging as a growing threat to incumbent carriers. Capitalizing on improved efficiency and an engaging customer experience, these and other innovative firms are driving an insurtech market that is poised to reach $11.9 billion by 2027, representing a compound average growth rate (CAGR) of 34.4% over the next six years. 

Moreover, customer expectations have never been higher. According to Accenture, 76% of insurance customers would switch carriers for more personalized service. And a recent study by Capgemini reported that 75% of insurance consumers would switch providers if they lacked a seamless omnichannel experience.

A frictionless, every-channel customer engagement process is no longer a nice-to-have. It’s absolutely essential.

Many firms have gotten the memo. According to Accenture, 60% of insurance companies are already using digital technology to improve the customer experience. These carriers are using new solutions like e-signature and ID verification to generate more sales, boost profits and service their customers more quickly, efficiently and responsively— all while managing growing risks and reducing costs.

Employing digital to streamline the claims process

Carriers are particularly focused on leveraging digital technology to help expedite claims cycles and deliver a superior customer experience at a key “moment of truth.” To date, several carriers have invested in predictive analytics and artificial intelligence to automate the back-end processing of simple claims and evolve them to a touchless state. 

In addition, carriers must also invest in the front-end digital experience, leveraging mobile-friendly innovations to make the claims submission process simple and easy for customers. Customers desire the ability to submit their claims digitally; according to JD Power, in 2020, 84% of customers who filed auto insurance claims used digital tools at some point during the process, a proportion that will only continue to grow as customer expectations evolve. 

As the focus shifts to digital, carriers must ensure that they are employing secure technologies and processes in lockstep. Non-medical insurance fraud already accounts for a hefty $30-40 billion in losses each year, and the share of claims suspected of fraud is on the rise, growing from 10 to 18% in 2020.

How DocuSign can help

As you embark on your digital transformation journey, begin by assessing whether your firm’s claims submission and intake process is both easy for your customers and as secure and compliant as possible. Ask yourself these questions:

• How do you prepare and send claims forms – like accident reports – to your policyholders? 
• Do you still use arcane word processing software and email to complete internal processing steps like reviews and approvals?
• Can digital ID verification speed up claims intake and reduce the risk of fraudulent submissions?
• Can you pre-fill claims forms with existing data rather than forcing policyholders and adjusters to manually enter or copy and paste personal information?
• After forms are submitted and signed, does the data need to be transferred into other systems?

The DocuSign Agreement Cloud for Insurance includes a range of innovative solutions to meet the needs of carriers, and is designed to improve your customer’s claims experience in the following ways:

• Collect initial accident intake with an adaptive, self-service questionnaire using Guided Forms.
• Reach customers faster by sending key intake forms via SMS Delivery of notifications, fully integrated with eSignature.
• With Drawing, eliminate unnecessary back-and-forth by enabling customers to submit marked-up photos of vehicle and property damage as part of their claim.
• Securely Identify signers through a range of authentication and verification methods, including SMS authentication and electronic verification of government-issued IDs.
• Expedite reviews and approvals with advanced workflow logic by getting the right documents in the right hands of adjusters and internal teams faster.
• Simplify complex claims – like total losses – with DocuSign Notary by remotely notarizing affidavits, powers of attorney and expediting salvage processes.
• Deliver operational excellence by simplifying negotiations and claims settlement by replacing a combination of emails, word docs, and spreadsheets with a single source of truth using DocuSign CLM. 

These are just some of the reasons why top insurance companies and over 1,400 life and property and casualty agencies use DocuSign. For example, AXA Insurance uses DocuSign SMS Delivery to stay in touch with customers and ensure a smooth, frictionless claims experience.

“We love having the ability to request signatures from our clients using text messages,” says Alishan Dhanani, Analyst - Strategy Advisor ata AXA Insurance. “It enables us to provide clients with a seamless experience while expediting turnaround times. The best part is that it requires no additional integrations to setup.”

Rising consumer expectations are shaping the future of insurance. As carriers compete to retain existing clients and capture new ones, they’re turning to digital technology to streamline key claims processes. Isn’t it time you join them?

To learn more and begin your digitization journey, check out our guide to Agreeable Insurance.