The Most Overlooked Fact About Insurance Claims
What are the top insurance claims? Insurers have to change the way they do business to stay competitive and meet customers’ expectations. Digital ecosystems have created options for 24/7 customer service, human interaction, and transparency. New Insurtechs and established non-insurance players are creating digital ecosystems as well. Do you want to learn more? Visit Phillips & Associates, Inc.. This means insurers must stop pricing themselves out of the market and instead focus on customer-centric service. Here are five tips to improve your insurer’s claims process.
The rise of the Covid pandemic is one of the top causes of health claims. During the first wave, Covid treatments made up a third of total health claims. But by the end of the December quarter, the number of Covid-related claims dropped to 31%, and the share of private treatment increased. The second wave saw a sharp drop in Covid hospitalisation cases, and an increase in elective procedures. Overall, Covid claims made up 14% of health claims during the quarter.
New technologies and changing customer expectations are forcing insurers to rethink their claims journey. The traditional claims process is opaque and difficult for customers. Customers pay up front for an abstract policy or product, only to discover it has ineffective claims processes. Even if they have a legitimate claim, the claims process can be a complicated process. With new technologies and changing customer expectations, insurers must change their claims management to keep customers satisfied. However, improving customer experience isn’t enough to differentiate insurance companies from one another.
Another example of one of the biggest causes of insurance claims is the floods in Pakistan in 2010. These floods left millions of people without homes and jobs. Over 2,000 people died within the first few months. As a result, insurance companies paid out more than $4 billion to cover flood damage. If you’re considering an insurance claim, remember that the amount you’ll receive is likely to be much higher than the amount you actually have to pay.
Another tip for handling an insurance claim is to keep a detailed file of all correspondence and documentation. Keep good records and track of your expenses, so you can prove that you had a legitimate claim. Even if your insurance carrier denied your claim, it doesn’t mean you shouldn’t try to resolve the situation yourself. You can also contact your state insurance regulator to help you understand the claims process. Once you’ve written your response letter to your insurer, follow up with them.
Contact Info
Phillips & Associates, Inc.
1300 Hwy 15
Madison, MS 39110
Phone No. : 601-956-5650
