Reducing claims cycle times is essential – for insurers and for customers. After all, time is money. While giving greater cost control and exceeding customer expectations are just two of the benefits of cutting cycle times, it does need to be done carefully in order to maintain quality and provide the best possible customer experience.
There are many ways to decrease property claims cycle times and here we examine eight of those employed within WNS Property Assistance:
Proven processes and regular reviews
Every business is only as good as the processes it has in place and selecting the right structure isn’t a one off project. Regular reviews of the processes involved in property claims can help to highlight areas of improvement, as well as mitigating the risk of fraud and lowering leakage rates.
Continuous staff development
Proactive people make for happy customers and it’s important to invest in your employees to make sure they’re armed with the latest market and industry information. At WNS Property Assistance we’ve invested in our own training academy, giving our people the knowledge and experience they need to grow and flourish within their roles.
Integrated IT – Centralised systems
Your processes and people need the support of an IT system that has been built with their business requirements in mind. At WNS Property Assistance we invest millions every year into making sure our unique .Net systems work for us at the cutting edge of technology.
Reduced service interruptions
Every claim is unique and there can be many reasons for service to be interrupted, sometimes taking days away from your targets. Working with our suppliers and keeping our communication channels open ensures expectations are managed throughout the claims process.
Running the right management reports
Running the management reports that show you the cold, hard facts about your business help to ensure you keep your processes running smoothly and efficiently. Again, integrated systems that automate processes for you and run reminders to ensure every aspect is dealt with on time and to cost prove useful indeed.
Collaborative working with your suppliers
We invest resource to build relationships and work in parallel with your other suppliers. This includes loss adjusters, validation surveyors and restoration companies. This approach has had a positive impact on claim lifecycle by reducing ‘downtime’ but has also simplified the process for customers.
Sequencing is everything
Regularly reviewing your processes means you are armed with the detail needed to continuously streamline your processes. This may suggest you need to speak with a particular supplier, or you may need to realign the different elements of your process.
Finally, communication is key. Investing in a system that offers the ability to keep conversation open with suppliers makes a big difference, ensuring they’re constantly working towards their next completion date to minimise associated costs such as alternative living arrangements.
Communication with customers has never been easier. Whether you use an app style device, such as the WNS Assistance Claims Tracking App, or if you prefer to use more traditional methods such as phone or email, keeping your customers informed and happy can also have a positive effect on cycle times.
WNS Property Assistance believes in controlling customer claims cycles and has the people, processes and support in place to ensure our customers and insurers all receive the best outcomes.