October 17, 2023

Faster Path to Claims Resolution: Why Speed Matters for Insurers

Safety & Efficiency For Roofing Business

For today’s insurance providers, claim handling is the ‘moment of truth.’ It’s possibly the most significant touch-point in the provider-policyholder relationship – and a crucial time for insurance companies to position themselves as a trusted and reliable provider. This is where prioritizing speedy claims processing and resolution is the key for insurance carriers and adjusters to gain a competitive edge. 

By engaging with customers quickly, handling claims efficiently, and maintaining communication with policyholders, insurance providers can drive higher customer satisfaction, lower cycle times, and cost savings. Read on to learn why and how insurance companies are paving faster paths to claims resolution in order to cement customer loyalty and drive more revenue.

Why Insurance Adjusters Need to Prioritize Speed

Customers Expect Fast Resolution

Speeding up claims resolutions ultimately produces a stronger competitive edge for insurance companies as customers experience higher levels of satisfaction and entrench their loyalty. Customers across industries have evolved to expect immediate and streamlined support from providers—and insurance is no exception. 

The proof is in the numbers. Research shows:

  • Nearly 80% of consumers say they would switch insurance carriers if their responsiveness were “less than stellar.”1 
  • The highest-performing claims adjusters demonstrate “consistency in timely contact.”2
  • The second-biggest driver of five-star satisfaction ratings is fast response and prompt resolution.1

Every insurance customer wants their claim processed and completed as soon as possible, and in today’s world, the faster the better.

Faster Claims Resolution Means a Bigger Bottom Line

The revenue-boosting power of faster customer support and claims resolution is real. Faster claims resolutions lead to happier customers who are more likely to become promoters of their insurers. According to Bain & Company4, customers who are promoters “stay longer, recommend the company to friends and family, and usually cost less to serve.” The consultancy found that—at one major US property and casualty insurer—a promoter’s lifetime value is worth “on average, more than twice that of a passive customer and about five times that of a detractor.” 

Additionally, faster property inspections—as part of the overall acceleration of claims processing—mean adjusters spend less time out in the field climbing roofs. By cutting the need for physical roof inspections, adjusters clock fewer hours doing that manual labor and spend more time on work that expedites claims resolutions. They also experience improved safety and efficiency—two factors that play major roles in their job satisfaction—resulting in cost savings associated with talent retention.

How Insurance Adjusters Can Speed Up Claims Processing with EagleView Assess™

Drone-based technology from EagleView Assess™ enables insurance adjusters to pave the path to faster claims resolutions by facilitating easy, safe, and quick roof inspections. You can generate highly accurate repair estimates using innovative software that automatically detects and inspects property damage—expediting claims review processes. Plus, with Assess, there’s no need for adjusters to risk safety by climbing up on the roof. 

EagleView Assess™ allows insurance adjusters to capture ultra high-resolution images using drone-based technology—and combine the images to create complete digital roof reproductions. These digital roof twins are accessible from your computer and show damage that human eyes might miss. AI-analyzed imagery, property data, and damage detection available in real time let adjusters maximize claims accuracy and eliminate the need for secondary inspections that prolong claims resolution time. Adjusters have access to automatically generated, detailed summary reports that include the high-resolution imagery and notes to support the claim.

With automated claims handling, faster workflows, and reliable accuracy and property intelligence delivered in a single comprehensive report, insurance adjusters can conduct more roof inspections in less time with fewer staff and more consistent workflows. Completing more inspections faster means resolving more claims faster—resulting in higher volumes of happier customers, strengthened relationships with your policyholders, and a leg up on your competitors.

Accelerate Insurance Claims Resolution with EagleView Assess™

Speed is the key that will keep insurers ahead of the game because resolving claims faster fulfills your promise to your customers that you will help make them whole again. Get in touch with EagleView today to see how our drone-based technology solutions help insurance carriers and adjusters strengthen relationships with policyholders and stay competitive in the evolving world of customer expectations.

Sources:

  1. http://www.worldinsurtechreport.com/ 
  2. https://www.himarley.com/wp-content/uploads/2022/03/Whitepaper-What-Drives-1-and-5-Star-Scores-In-Claims-1.pdf 
  3. https://www.bain.com/contentassets/944fc33d3c5c4790b9fd7732c5b288c4/bain_brief_why_it_pays_for_p26c_insurers_to_earn_customers_loyalty.pdf 

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