Boosting Customer Loyalty Through AI Enhanced Claims Handling

In today's travel insurance landscape, streamlining claim processing is crucial for both policyholders and insurers. Manual methods can be slow and error-prone, leading to delays and frustration for policyholders. Fortunately, advancements in artificial intelligence for claim handling are set to revolutionize the process. These innovations transform customer satisfaction into customer loyalty.

Effective Claims Handling Process Directly Influences Customer Loyalty

Leading insurers are continually seeking ways to improve claim accuracy and customer satisfaction. They understand that effective claim processing depends on two key pillars: customer satisfaction and an efficient claims handling process.

• Customer Satisfaction: In today's travel insurance market, customer satisfaction is paramount. According to a recent study by Forbes, 87% of customers indicate that the effectiveness of claims processing influences their decision to renew with the same insurer. Moreover, 1.33% of insurance companies are investing in AI to enhance their claims handling operations, aiming for more efficient and accurate claims processing.
• Claims Handling Process: Traditionally, claims processing has been a manual and labor-intensive task, often leading to delays and errors. However, artificial intelligence (AI) is transforming this process by enabling insurers to automate claims handling and improve accuracy. AI facilitates audits, real-time analytics, the application of behavioral finance principles, and the implementation of efficient workflows, all of which contribute to optimized claim processing.

The Era of Improved Customer Service through AI-powered Claim Handling Process in Insurance

• 99.99% Accuracy of Claims Handling Process: AI swiftly analyzes data to identify inconsistencies, dramatically reducing errors and ensuring accurate settlements.
• 60% Boost in Operational Efficiency: AI automates tasks and optimizes workflow, leading to faster processing times and freeing up adjusters to focus on more complex cases.
• 95% Customer Experience Jump: AI chatbots provide support, faster processing reduces wait times, and personalized communication builds trust and improves customer experience and loyalty.

Case Study: Enhanced Customer Service Through AI-powered Claim Handling Solution

Challenge: Zurich Insurance encountered long call wait times and limited hours of operation for filing non-emergency home and motor claims, leading to customer frustration.

Solution: Zurich partnered with Spixii to develop Zara, a chatbot for initial claim notification. Zara operates 24/7, allowing customers to file claims anytime.

Result: Zara reduced claim filing time by 30%, achieved an 80% Net Promoter Score (NPS), and facilitated 60% of claims being filed outside of office hours.

Introducing Lea: An AI-powered Digital Native Travel Insurance Claims Solution

We are thrilled to announce the launch of Lea, an AI-powered Digital Native Travel Insurance Claims Solution designed to simplify and enhance travel insurance claims processing.

Lea is designed around seven key modules:

1. Online Claim Submission: Our user-friendly online portal guides claimants through the process, ensuring all required information is captured upfront. This reduces back-and-forth communication, saving time for both the claimant and the claim handlers.
2. Centralized Collaborations Claims Hub: All claim details, documents, and communication are organized in a single, editable workspace. This fosters seamless collaboration and allows anyone on the team to quickly understand the claim status.
3. Automated Claim Assessment powered by AI: LEA integrates rule-based management, document verification, and fraud validation to swiftly make automated, real-time decisions on claims. This functionality frees up valuable time for your claims examiners to concentrate on complex cases, offering personalized attention to customers.
4. Customer Self-Serve Policy Management: Provide your customers control with a self-service portal where they can access policy details, update information, and manage their coverage independently.
5. Omni-channel Customer Service: Deliver exceptional customer care through diverse channels, ensuring constant connectivity and support for your customers.
6. Outbound Customer Engagement: Proactively reach out to your customers, keeping them informed and engaged throughout the claims process.
7. Advanced Claim Analytics: Extract valuable insights from data to identify trends, optimize operations, and make informed decisions. These insights enable your claims team to pinpoint improvement areas, allocate resources effectively, and enhance the efficiency and effectiveness of the claims process.

Contact us to learn more!