Improving customer experience is the focal competitive point for many insurance carriers today. Since the insurance relationship with the customer is generally low-touch, claims handling may present the ONLY customer touchpoint with the carrier, and therefore, the most meaningful one.
This paper explores ways to positively affect perceptions of claims fairness in the Commercial Auto LOBs as an objective for:
- building customer trust
- improving customer retention
- becoming a competitive point of difference for the carrier’s value proposition
Claims are the insurance “moment of truth.” Therefore, improving claims UX bears the most weight on forming customer value perceptions and improving customer retention. Traditionally, insurer’s reputation has been driven by trust – a powerful tool in building customer loyalty and retention. The trust of the carrier’s current customers becomes a reference point for the new prospective customers who may switch carriers when influenced by the word of mouth or through available published reviews.