Techno-Burden

By Staff Writer Sponsored By Navex Global

NetClaim’s unique solution for an aging industry could save carriers a fortune while skyrocketing customer loyalty

It’s no secret the insurance industry is behind the eight ball when it comes to adopting modern, more efficient technology.

After all, it’s hard to keep a red-tape-bound $1.2 trillion behemoth abreast of other, more nimble sectors — especially ones that don’t legally require the same compliance standards.
But carriers can’t afford to hide behind that “hurdle” anymore — it is costing them money and client satisfaction.

With an increasing trend of multi-billion-dollar natural disasters and a client base that demands a greater user experience, the compliance excuse no longer holds water. Every hurricane, flood, wildfire and blizzard painfully reminds carriers just how old-fashioned and fragile their systems are.

And who suffers the most? Policyholders waiting on the phone during the most difficult times of their lives. Call centers are overloaded. Claims are slow to process. And because of poor data collection, payouts are often inaccurate.

Real Change Within Your Budget

There’s no doubt change is needed — especially if companies are to maintain their market share in the era of artificial intelligence, smartphones and on-demand access to virtually everything. Insurance at large is one of the slowest industries to adopt new technologies, as per industry surveys.

But even for the corporations with the deepest pockets, the prospect of overhauling a decades-old infrastructure to catch up with modern client demands can appear insurmountable.

Fortunately, adopting the technology needed to maintain (and even increase) an insurance company’s market share will soon be well within reach for virtually any carrier. You simply have to know where to start. That’s the message Jackie Hamilton is spreading.

Jackie would know. As the director of NetClaim’s Client Technology Management, she is on the cusp of helping carriers revolutionize their processes and navigate the turbulent waters of technological advancement. With the help of NetClaim’s emerging intake systems, those carriers will soon be able to boost efficiency, cut costs and skyrocket customer satisfaction — all at the same time.

It’s an industrywide advancement that won’t just be nice to have — it will become fundamentally crucial.

Your Techno-Guide

Through a newly formed partnership between NetClaim and Gradient AI, the leading enterprise software provider of artificial intelligence (AI) solutions, NetClaim will soon be able to work hand-in-hand with carriers to develop effective, accurate and agile claims intake solutions that integrate seamlessly with existing architecture. The result will offer companies a modernized process that won’t just meet newer industry or policyholder standards, it will exceed them.

“NetClaim’s decision to offer Gradient’s artificial intelligence insights integrated with their First Notice of Loss (FNOL) intake solutions will provide claims organizations with a huge advantage.” said Aaron Shapiro, Gradient’s CRO and head of field operations. “Best practices, interventions and more can now be automated from the first moment carriers are notified of a potential claim.”

In fact, the results of implementing new claims technology is projected to rapidly pay for itself (in savings and growing customer base) and should excite any chief financial officer or chief marketing officer. For example, innovation in auto insurance claims can already cut expenses by as much as 30% while boosting customer satisfaction by 10-15%.

NetClaim’s goal is to help every insurance carrier — regardless of size — adopt affordable and easy-to-use claims intake solutions that eliminate the risk of overloading a contact center in the event of a natural disaster while disseminating, escalating and routing claims automatically to the right channels, saving policyholders time, money and frustration.

By utilizing outsourced claims intake specialists like NetClaim, carriers themselves would be free to focus more on their core strengths, rather than intimidating technological innovations.