Did you know that the typical claim workflow includes 26 touchpoints?
From FNOL to settlement, each touchpoint in the claims management process costs time and money. Inefficient workflows have numerous, often redundant touchpoints. An automated and optimized workflow has fewer touchpoints. Although the cost savings on each individual claim might seem negligible, the savings really add up over time, particularly as you grow and your volume of claims increases.
After an accident, 30% of policyholders switch insurers due to lack of communication and information from their adjuster.
Automated workflows can send alerts and updates to the policyholder through the entire process, can reduce claims processing time, and increase customer satisfaction.
Discover A Frictionless Claims Workflow
While every company’s claims workflow is a little different, it’s safe to say VCA can help most claims teams operate more efficiently. In fact, many teams can manage claims with just 9 touchpoints compared to the industry average of 26. Yes, you heard right. You can potentially eliminate 17 steps of the typical process using VCA’s smart automation and integration. This is what it means to reduce friction.
The chart below illustrates how VCA can help streamline your workflow. Additionally, most claims systems do not include analytics – a feature that can be added to your VCA platform, equipping you with invaluable insights to grow and improve your business.
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