Auto Claims 2023: Fine-Tuning The Moving Parts Of Total Loss
Featuring actionable insights from Nationwide, Germania Insurance, Reuters Insight and LexisNexis Risk Solutions
With continuously changing customer expectations, carriers face increasing pressure to deliver on promises made to policyholders in auto physical damage claims. Technology transition and streamlining process improvement are vital steps to control one of the key challenge areas for ongoing losses.
Insurance Carriers are understandably anxious to handle total loss claims as efficiently and cost-effectively as possible.
We spoke to leading Claims professionals and total loss experts to deliver research findings and provide tangible next steps and actions.
In a business built on trust and promises, making a customer whole after a total loss claim is a serious responsibility. In 2023, however, auto insurance carriers are facing multiple headwinds with severe implications for all stakeholders, and in particular customers involved in more serious accidents.
With this in mind, the ability to answer the following questions are critical in achieving success in total loss claim management.
- How to utilize near to real-time information sources to reduce cycle times and keep your customers happy?
- What steps can be taken to enhance workflow efficiency, integrate data and automation to deliver smooth, accurate and swift claim management?
- What processes can be streamlined to solve common total loss pain points and gain the competitive edge with material difference to the bottom line?
Some of the key points to takeaway are listed here below. Download the full report to get the inside scoop on all 7 total loss pain points, plus exclusive stats and findings.
On keeping humans in the loop, Shannon Terry, SVP Chief Advanced Analytics Officer, Nationwide said “the sooner you get a trained and professional adjustor to contextualize the facts from the information to hand, the faster the settlement solution”
Despite the power of AI and predictive analytics, people are still reviewing decisions on more complex losses, although Lance Ondrej, Senior EVP & COO, Germania Insurance, says “the Holy Grail is to go all the way through the process to issue payment, as is done on lower exposure losses”
Frank Cesario, Director of Claims, US, LexisNexis Risk Solutions highlights that data “shows that the problem is getting larger and emphasizes why total loss is an area that’s even more important for carriers to get right”
This serves as a warning to think fast and act now, to rise above tactical noise and take the essential steps towards simplifying and streamlining the process of every distressing total loss claim.
I hope you enjoy the findings from this research.
Kind regards,
Alex
Alexander Bird
Global Project Director
Insurance
Reuters Events
Telephone: +44 (0)20 7513 8946
Reuters Events is part of Reuters News & Media Ltd, 5 Canada Square, Canary Wharf, London, E14 5AQ. Registered in England and Wales: 2505735.