How Group Texting Can Produce Better Outcomes for the Entire Insurance Ecosystem
In the world of P&C insurance claims, blockers exist that make it hard to deliver on service, quality and productivity. Inefficiencies and complexities associated with managing the claims ecosystem result in customer dissatisfaction, adjuster handling stress and sub-optimal claim outcomes.
The Ecosystem Matters to Your Customers
Ecosystem partners can drive customer satisfaction scores with the same weight as employees. While organizational ecosystems have always existed, it wasn’t until the early 1990s that James F. Moore touted the strategic concept of business ecosystem. In a 1993 Harvard Business Review article titled “Predators and Prey, a New Ecology of Competition,” Moore defined business ecosystem as:
“An economic community supported by a foundation of interacting organizations and individuals — the organisms of the business world. The economic community produces goods and services of value to customers, who are themselves members of the ecosystem. The member organisms also include suppliers, lead producers, competitors, and other stakeholders…”
By properly defining, understanding, deploying and managing your ecosystem and efficiently communicating with ecosystem participants, claims organizations can reduce customer frustration, provide more efficient services with better outcomes and create a competitive advantage in delivering on the claims promise. One of the critical success components of effective claims ecosystem management is the ease and efficiency of communication with ecosystem partners.
Ecosystem Communication Is Outdated
For example, if a policyholder suffers a significant homeowner’s loss that requires emergency repairs followed by an inspection, appraisal and estimation of needed repairs, the traditional approach would be e-mails and phone calls with various adjusters and service providers. Wrought with inefficiencies, specifically in a catastrophic loss situation, this approach leads to follow-up emails, phone calls and delays that frustrate the policyholder and create handling stress on the part of the adjuster, who happens to have 70 more claims just like this one. And there is also the potential for a sub-optimal claim outcome if emergency repairs don’t get completed prior to the next storm rolling through.
Group Texting Improves Ecosystem Communication
Digital communication in insurance is changing and thankfully the scenario above is becoming outdated. Using texting, adjusters and policyholders can quickly communicate their needs and expectations and once it becomes apparent that emergency services and inspections are necessary, the adjuster can seamlessly add ecosystem service partners to the text messaging stream. This kind of group texting eliminates three to four additional phone calls and emails prior to any claim activity taking place and emergency tasks can be completed by the homeowner to mitigate additional risk of loss.
Texting Is Better for Employees, Policyholders and Carriers
The result – happier, lower stressed customers whose properties have been protected from further damage and adjusters who have time to focus on the activities critical to best serving their policyholders needs, not to mention better claim outcomes and a strong, competitive advantage.
If you want to learn more about claims ecosystem communication efficiencies and how they can improve your claims process, contact me at [email protected]. I have over 30 years of insurance experience and I love talking about this stuff!