Trillium Annual Insurance Claims Survey Stresses on Customer Satisfaction

By CIOReview | Thursday, April 24, 2014
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BOSTON, MA: Trillium Software, a provider of data quality solutions for insurance, financial services has released the outcome of their Insurance Claims annual survey for 2013. Conducted in the fourth quarter of 2013, the survey covers nearly 50 claims professionals like executives, managers, adjusters and the primary focus being improving customer satisfaction with better claims handling.

While more than 80 percent of respondents mentioned monitoring, evaluating and improving adjuster interactions with customers, 60 percent identified reducing cycle times as prime claims initiatives for improving client contentment.

The highlights of the study says the biggest hurdle in achieving high customer satisfaction rates  poor communication(66 percent), disagreement on claims settlement(50 percent) and unreturned phone calls(40 percent).  Insurers also stress on training for staff performance for reducing operational costs and data sharing across departments while achieving customer satisfaction and retention.

The study result urges the insurers to make a difference between plain handling of a claim settlement and in a way that ensures customer satisfaction. Gathering and analyzing information from existing data sources, adjuster notes and unstructured data stored in a claims management system is one way achieve it. Moreover, it will provide insights to every step of the claims cycle until the final to settlement, on what initiatives are slowing the process and also reveal niches which are costing them too much money.

"By analyzing the full universe of claims data, including free form text and scanned documents, claims professionals can better understand their current interactions with customers to identify areas for improvement, while implementing processes that can reduce costs and improve the efficiency of their department," says Michael Chochrek, Insurance Solutions Principal Consultant at Trillium Software.