Insurers face three key challenges: They operate in an already crowded marketplace, they have to meet the ever-increasing expectations of consumers, and they face incursions by disruptive tech enterprises with innovative applications. To survive in such a market, insurers need to find ways to distinguish themselves from their competitors and build lasting relationships with their customers.

Claims not only represent the single largest cost for insurers, they also represent the best opportunity to build a positive relationship with customers, which can massively boost satisfaction and retention rates. KPMG predicts that over the next few years customer satisfaction and retention will be a more relevant performance indicator than operational efficiency and that claims settlement will be one of the key elements in customer engagement.

Here are three ways to speed up your claims cycle to feel the love from your customers.

1. Enhance automation and support through mobile and web applications.

People are increasingly living fast-paced and hectic lives. They expect access to key services outside of standard 9 to 5 office hours, from any place, using virtually any device. In the wake of a risk event this becomes even more important. Consumers want systems that allow them to update information when it suits them and make it easy to keep track of progress.

Digitizing the claims cycle reduces costs, streamlines processes and improves customer satisfaction. Claims automation allows the majority of straightforward claims to proceed with minimal involvement from an agent. AI chatbots can answer simple queries and collect information, freeing up agents, appraisers and claim representatives to focus on more complex tasks that better utilize their talents. Major gains in efficiency and transparency can be made by promoting enhanced accessibility through mobile apps and web portals, supported by two-way communication with claim representatives or applications via email, text message and social media.

PwC notes that when consumers interact with insurers, they are not just comparing one carrier with another, they are comparing insurers with a wide range of online retailers and service providers, elevating their expectations for fast and intuitive service. This new mindset challenges insurers to up their game by providing 24/7 access across a wide range of platforms to applications that are quick, efficient and responsive. Insurers that are equipped to meet this challenge will enjoy a wealth of opportunities to leverage higher levels of customer engagement, building brand loyalty and promoting services and products.

2. Resolve claims in the first call.

Consumers want a fast and simple claims process. The earlier they can put the loss event behind them and get on with their lives, the better. Insurers also want a shorter claims cycle. The longer a claim goes on, the higher the costs and the more profound the negative effect on profitability and consumer goodwill.

How an insurer handles the First Notice of Loss (FNOL) is a strong indicator for both customer satisfaction and retention. But why not aim higher than positive FNOL procedures and institute First Notice and Resolution (FNAR)? Instead of seeing the initial report of a claim as the first step on a long journey, FNAR employs automated digital systems (using smart claim intake methodologies and rules-driven claim resolution paths) to deliver real-time resolution. In short, it synchronizes claims reporting and resolution.

Research bears out the evidence: A massive 90 percent of insurance executives surveyed for Accenture‘s “Technology Vision for Insurance 2019” agreed that the customization and integration of real-time delivery is crucial for competitive advantage.

Proactive FNOL procedures can help insurers establish themselves as allies and friends, there to help in a time of need.FNAR can turn a consumer into an evangelist.

3. Schedule instant service appointments.

Following a loss event, the insured may have to deal with numerous service providers, not just their insurer.So, why not go further than automating and streamlining your claim procedure and shortening your claims cycle? What if you could also integrate the appraisal, repair and replacement of the insured’s property by scheduling appointments for them?

Everyone benefits from this team approach. The insured has one less phone call to make, one less provider to find, one less detail to worry about. The insurer can help speed up the resolution of the claim, ensure that only reputable service providers are used, reduce costs by building strong relationships with providers and (most importantly) bask in the glow of the customers’ gratitude.

Providing regular email or text updates regarding the required services will ensure the insured is fully appraised of progress and reassured that everything is in hand.

Speed is of the essence. If you ensure that your claims process is fast, intuitive, supportive and transparent, you will see customer satisfaction flourish—along with your retention rates and profit margins.