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Claims Technology Steps Out of the Shadows

Not only can modern claims technology boost the bottom line through operational efficiency, but it can also have a positive impact on the top line through improved service and increased customer satisfaction that drives retention and sales.

By Michael P. Voelker | Updated on June 04, 2012
The 2012 U.S. Property Claims Satisfaction Study done by J.D. Power and Associates confirmed what most insurers already know: Claims satisfaction is directly linked to customer retention.

Among highly-satisfied claimants who scored their insurers 901 or higher on a 1,000-point scale, 84 percent said they “definitely will” recommend their carrier, and 81 percent said they “definitely will” renew. Among claimants with scores of 550 or lower, only 12 percent said they “definitely will” renew with the carrier that handled the claim, and 18 percent indicated that they had already switched carriers.

“Our retention numbers are higher for people who have had a claim versus those who have not,” says Jamie Loiacono, vice president of claims at ACUITY, which maintains a 95 percent rating of “very good” or “excellent” from claimants in random surveys the insurer conducts.

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