One evening, Praveen met with an accident and his car was damaged. He had insured his car from ABC, an insurance company. Since Praveen is new to city, he had to spend a few hours to find the nearest car service center and contact them, after which, he took the car to the service centre with their towing service. Since it was night already, the insurance team was not available at the service center; Praveen had to leave the vehicle and go home.
The next day, he went back to the service center to fill the claim application by providing all the required documents.
On the third day, ABC’s insurance claim inspector called Praveen during his office hours to know more details about the accident and location. The inspector also collected photos that Praveen took at the accident location.
With another few days of following up, Praveen’s claim got approved, covering 80% of the repair expense. His vehicle was repaired in the next two days. Overall, it took five days to process the claim.
The same evening, Naveen met with an accident and his car was damaged. He had insured his car from another insurance company, XYZ. Naveen then opened XYZ’s app on his smartphone, chose his prepopulated car insurance policy details and clicked on ‘Initiate Claim.’ The app prompted him to upload the photos and location of the accident through a map. Within 10 minutes, Naveen got a call from a nearby car service center and to his surprise, they said they would go to the location with their tow vehicle. They took his vehicle to their repair center and Naveen went home.
The next day, when Naveen was at work, he got an SMS stating that his claim is in progress and that the damaged car is under inspection to assess repair cost. He was able to track the status of his claim on the app. After two hours, he got another SMS stating that 80% of the repair expense was approved. Naveen’s vehicle got repaired in the next two days. Overall, it took him less than two days to process the claim.
Evidently, XYZ was able to process claim quickly, at almost double the speed of ABC. In addition, more than the time taken, XYZ helped provide a fabulous one-touch claim processing experience to its customer. This was possible because they have matured business processes and systems in place, whereas ABC has many manual processes.
In this white paper, we will understand the claim processing journey and various maturity levels that companies should strive for.
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