How to Optimize P&C Insurance Companies for Growth & Success

Software for insurance companies is rapidly changing the way client needs are addressed. Insurtech innovations can be found in every nook and cranny of the industry. The term gets thrown around a lot but at its core, insurtech describes the blending of insurance with technology aimed at improving efficiency and realizing savings within the structure of the existing insurance industry model.

For Property and Casualty (P&C) insurers, insurtech is being deployed on the front lines to empower field adjusters and improve customer experiences. Emerging insurtech trends reveal near-term challenges that will continue to stretch field adjusters thin. Insurtech solutions will help field adjusters become better equipped to service the needs of more clients — responding faster after notice of first loss, reducing turnaround times associated with appointment scheduling, and increasing the amount of vital data available to adjusters in the field. When customers can self-select appointment times, upload their own pictures and descriptions, and get real-time status updates, insurance companies experienced a 27 percent increase in Net Promoter Score and a 30 percent increase in customer satisfaction ratings.

What is Insurtech for Property and Casualty Insurers?

Considered a subset of fintech, insurtech is often described as the innovative use of technology in insurance. Insurers began to embrace the concept of insurtech in the 2010s as customer frustration with antiquated industry processes paved the way for innovation and disruption. This was especially true for P&C insurers whose customers had grown impatient when it took weeks or even months to be made whole after a loss.

Insurtech solutions for P&C insurers address four key needs: 

1. Providing robust mobile capabilities to field adjusters — giving them access to vital information and helping reach resolution faster.
2. Streamlining scheduling to improve response time after notice of first loss.
3. Optimizing adjuster routes to ensure timeliness and increase daily appointment volume.
4. Offering customers an online portal to accelerate the exchange of important data and make it easier for them to stay abreast of new developments.

Insurtech Improves Field Service Management

The right field service management software can transform the entire adjustment process — making field adjusters more efficient and effective, improving the overall customer experience, and reducing costs for insurers. It will help empower all field adjusters—regardless of whether they are employees or independent contractors—by giving them up-to-date information and the tools to act on that info faster.

Insurtech Creates Transparency and Improves Data Flow

Robust field service management software breaks the cycle that’s created by centralized decision-making and gives adjusters the information they need to better serve customers. Everything from optimized routes, task lists, and key customer information is at their fingertips—giving adjusters more confidence about their ability to stay on schedule and provide the most up-to-date information to customers. 

Data should flow two ways. Sending and receiving domain knowledge in the field accelerates the adjustment process. Many field service management platforms have integrated mapping, so adjusters can alter their routes based on traffic patterns. Headquarters can stay on top of it all; if one field adjuster hits gridlock, the office finds out in real-time and makes scheduling or personnel adjustments as needed. Customers stay in the loop and appointments happen on time.

Insurtech Optimizes Scheduling

Field service management software with AI-based scheduling optimization creates increased field adjuster productivity and reduces missed appointments or late arrivals. Smart automation like this proactively and intelligently helps staff match the right adjusters to the right jobs. Staff see adjuster skills and certifications for each field adjuster, as well as real-time geolocations and even if a specific road is blocked by a sudden accident. The schedule that is created is truly the best option possible.

Insurtech Helps Adjusters to Make the Right Choice in the Field

Field adjusters must be connected with both the customers and the operation. In-house staff relies on them communicating well with both customers and headquarters while managing the job at hand. Field adjusters are in many ways the face of the insurer. Field management software should provide adjusters with the tools they need to engage the customers in a positive manner and deliver the best service possible.

Real-time data exchange between the office and field creates greater flexibility and improves the ability to respond to customer needs faster. Scheduling can be proactively managed, ensuring faster response after the first notice of loss, improving schedule compliance, and expanding the information provided to customers in the field. All that reduces operational costs and improves the customer experience.

As costs go down, the value for each customer increases. They walk away from the initial appointment confident of a speedy resolution and more satisfied with the overall experience. This increases loyalty and retention.

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Insurtech Empowers Customers, Too

Customers like being in the know, both before adjusters arrive and after they leave. Field service management software for P&C insurers that offers visibility creates a shared experience for all parties. It allows customers to move through the system on their own and increases visibility into the adjustment process. With 24/7 access, customers can set and confirm appointments, track status, and communicate through messages with document and photo sharing. 

For the insurer, this same type of 360-degree view is not just useful for the day-to-day stuff. It allows them to gather data, monitor, and report on business performance and KPIs.

ServicePower offers P&C insurers the industry’s premier field management software tools. Experience ServicePower’s ServiceP&C solution for yourself with a custom demo.