Search
 

Leverage Best Practices for Claim Operation Transformation

While each insurer is unique, a set of core "best" practices can transform claim operations and lead to a more profitable business paradigm in nearly any organization.

By Randy Oaklief, Tom King | Updated on April 18, 2010

Insurers stake their reputations and financial stability on the quality and efficiency of their claim operations. An outstanding claim experience can yield a lifelong customer and a cheerleader, while a process gone awry can lead to a policy termination and the ill will that goes with it.

The 2009 J.D. Power and Associates Auto Claims Satisfaction Study helps to quantify this impact. The study reported that, among customers whose insurers achieve high levels of satisfaction, 65 percent say they “definitely will” renew with their insurer, while only 43 percent of customers whose insurers have low satisfaction levels say the same. In addition, 57 percent of customers whose insurers achieve high levels of satisfaction say they “definitely will” recommend their insurer to others (the most powerful and cost-effective form of advertising), compared with only 35 percent of customers whose insurers have low satisfaction levels.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.