In the last couple of months, experts have been writing reports on the effects of COVID-19 on the insurance industry. Digital enablement has largely been quoted as the way forward for businesses that are facing increased pressure on call centres and claims departments.
An interesting article that offers a critical analysis of the insurance scenario is “COVID-19: A tipping point for insurance digital transformation?“, written by Mark Breading and published on Digital Insurance. The review explains the rising importance that digitisation plays in tackling an uncertain future. At RightIndem, we believe that digital transformation is fundamental for businesses that want competitive advantage and loyal customers. Now more than ever, digitisation plays an essential role as it can allow ‘business as usual’ even during disruptive times.
This article aims at providing possible solutions for insurers, TPAs and brokers that are currently facing challenges due to COVID-19. Some references will also be made on how RightIndem can alleviate the burden on the industry.
Mark Breading explains that the demand for self-service digital interaction capabilities is significantly increasing after the 2020 pandemic, both from a sales and service perspective. The below list shows some of the technologies that will become more critical than ever:
The digital delivery of documents and correspondence will have an impact on employees. In particular:
Working from home will increase the possibility of cyber-risk as more and more people will rely on digital interaction. This represents an area of concern for insurers and policyholders, that will require a stringent use of security technologies and greater adherence to security protocols.
Some professionals argue that digital transformation is the only way for insurance organizations to prepare for unforeseen catastrophic events. Open, agile, digitally-enabled organizations are in a much better position to persevere during crisis than those that are not.
To tackle the challenges that insurers, TPAs and brokers face in times of crisis, RightIndem is now offering its digital self-service claims platform as a flexible contract. We are indeed offering a solution that could be implemented into the Business Continuity Plans and can be switched on and off as organisations need it.
We have recently launched with a well-known UK based TPA, enabling their remote workforce to focus on outstanding caseloads, vulnerable customers and allow digital registration of claims to enter through workflow, alleviating the pressures on those taking calls remotely.
Below are some of the key benefits why RightIndem can help insurers, brokers and TPAs mitigating the disruption caused by COVID-19.
RightIndem allows for a self-service, instant, claim reporting (FNOL) that facilitates remote working by alleviating the pressure from remote teams. The solution enables the high volume-low value claims while offering more time to claim handlers to manage the most valuable activities.
We offer a simple and fast journey that gives full autonomy and control to policyholders. Customers can make their claim at a time convenient to them, removing the need for phone calls, never-ending paper works, and static web forms.
Adding RightIndem as a solution to your Business Continuity Plan will allow you to use the technology when you need it the most. The solution can be switched on and off depending on necessity, with flexible contractual terms.
The crisis management solution can be tailored to all lines of business: Travel, Wedding & Events, Motor, Home and Pet.
RightIndem reduce Opex burden on remote teams. It also mitigates the increase in costs faced with the occurrence of unexpected and unusual events.
The platform provides a range of partner integrations to facilitate end-to-end digital transactions from notification through to fulfilment. Digital fulfilment options will reduce physical handling.
If you want to find out more about RightIndem and understand how we can help your business, and customers please submit the form below and one of our representatives will be in touch with you shortly.