It is no surprise that many firms have made substantial investments in claims transformation initiatives. Innovative businesses are adding increased quality of the customer experience to the top of their list of priorities. Market leaders have come to understand that exceptional customer experiences translate to true customer-centricity, facilitating differentiation based on the stability and strength of their brand.
The business drivers for broad-based transformation are clear and well recognised:
- A surge of consumer empowerment has increased the pressure on businesses to provide information upon request and deliver service effectiveness and dependability.
- Outdated technology infrastructures that limit the capability of claims organisations to improve integrated customer opinions and provide customised and responsive service
- Intensifying competitive risks, with competing firms more actively pursuing new customers
- Battling the increasing rates of fraudulent claims to reduce the claims outflow associated with longer claims cycles and surge the accuracy of claims payments.
Customer Claims and Communication
Communication is essential. Business relationships are made or broken by it. In business environments, regular correspondence with customers is critical to build and maintain strong relationships. Due to the increasing competitiveness of markets, relationships with customers are essential in turning customers into loyal brand ambassadors. Regular communication with customers can increase the synergy between parties, consolidate commitment, share knowledge, and make customers feel valued.
There are certain advantages of clear communication with customers. The commercial market is very unpredictable, and only companies that learn to implement change claims management and transformation will survive. Customers tend to stay with businesses that seem robust, tenacious, and confident even in the face of problems – these assets build trust in the mind of customers. Through regular communication with customers, even during times of strife and duress, a company would have the ability to keep customers at ease and prove to be a crucial ‘partner’ even in good times.
A business that ensures regular communication with customers will benefit from insightful feedback to integrate into operations. Every customer is a source of primary information, and organisations should equip their customers with the channels and resources to extract this valuable feedback to implement and maximise success.
Happy customers are more likely to show their views and concepts on the business’s offerings. Feedback from customers is indispensable for companies – it provides competitor advantage as it allows the companies to improve and tailor their offerings and service to best suit their customers. Regular communication with customers can raise awareness of the value of their feedback and can be instrumental in improving their experience.
Customer Claims transformation and Customer Retention
For many organisations, such as banks, the claims transformation process is one of the most important experiences for customers. It’s a time when customers expect the organisation to be a trusted and proficient advisors. Depending on how the experience goes, it can make or break a relationship.
It’s well established that there is a positive correlation between customer experiences and customer satisfaction rates. However, when you look at the claims experience, many variables are barriers, from customer handling to the different process steps and channel interactions.
Sonas understands the importance of happy customers in creating customer loyalty and providing high customer service. Sonas’ reconciliation system ensures quick and easy communication between third parties and internal departments for well-handled claims.
