Sponsored: How the claims sector needs to respond to Covid-19

During 2020, digital automation has transformed from a dream scenario to a very real need within many business sectors – none more so than the financial services industry. 

Forward-thinking insurance professionals have evolved and adapted to the unique challenge that Covid-19 has presented. But with the continuing health and economic crisis, and the world around us changing at speed – how can you ensure your business also keeps up to date?

Enter solution mode

The traditional paper-based claims process is not sustainable in the long term. Customers demand speed and efficiency, and those less agile within the claims sector are haemorrhaging revenue on the cost of back office administration. 

The simple solution is a fully digitised claims process to:

• Save the cost and administration time caused lengthy and dated paper-based processes.
• Reduce common errors arising from manual administration – between both customer and client.
• Support remote working and reduction in face to face transactions during the Covid-19 pandemic.
• Improve the customer journey with an engaging, efficient, and easy claims process – retaining business and ensuring business growth.

Which solution to choose

In a recent survey on the future of claims, 60% of respondents said that their claims department are planning on investing in new technology in the next 12 months.

But what product will you choose?

AlphaTrust – an iPipeline product, has been relied upon within the insurance industry – before and during the Covid-19 pandemic. It is an electronic signature and digital automation solution which is used to harness the power of automation in the claims sector.

“Prior to using AlphaTrust, our customers would receive their claim forms via post. They would complete them by hand and return them to us. Our claims team would then have to manually transfer all the information on the form into our database.

If a member missed part of the form, or completed it incorrectly, we would still look to obtain that information, which then further extended the process. Members submit a claim to us when they are unwell and unable to work, so any delay in the process can cause unnecessary worry for them.”

“Thanks to AlphaTrust, 50% of our claims are now completed within 48 hours of being received. With AlphaTrust, we have seen a 24% reduction in the start to finish processing time for our claims.”

Chris Pollard is chief operating officer of The Exeter

Read the full story from The Exeter here. 

Image credit | iStock