ClaimAble Blog

There are many aspects of an insurance company that impact on the success or otherwise of the firm. Everything from sales and marketing, through I.T, to prices and policies, just to name a few.

As a mature industry, insurance businesses tend to have similar practices and structure across firms of similar size. However, that said, it is the area of information systems that helps winners distinguish themselves from the crowd, and mobile computing in insurance is the new cutting edge of the elite. Some might say, it’s where the battle for market share is being fought.

Mobile Computing – It’s a Game Changer

Huge companies, with their tens of millions of customers, are rarely quick off the mark when it comes to innovation, and it is here that small and medium sized firms have the opportunity to rapidly seize market share and to head-hunt key personnel.

By empowering their field personnel with smart phones, such as Blackberrys and iPhones, and notebook computers, information can be captured at the source, in a highly efficient way. The proliferation of ubiquitous connectivity could trigger a mushrooming growth in mobile computing in insurance, if it hasn’t already!

Not only has remote access to product, policy and claims information been widely embraced by field personnel, mobile computing is also being found to be a strong recruitment tool. Best of breed people demand best of breed tools to be at their disposal – it’s not all about money when fighting the recruitment battle.

When it comes to increased productivity, mobile devices really come into their own. Not only can data be captured, but information can be pushed out to staff in real-time. By means of a web portal and their preferred smart-device, it has been found that agents willingly sign up for notifications and alerts, actively keeping them informed at all times of things that may require some timely action on their part.

In the past, field agents had to contact the company’s call centre which has a human bottleneck at both ends. Now, direct access via the web helps to streamline things. It enables more work to get done by having all the information at the fingertips of the agent, wherever they might be.

Issues to consider with Mobile Computing in Insurance

Of course, there are issues to be considered. For example, which mobile hardware platform to invest in, the added expense and the steeper learning curve for staff.

But these concerns can be alleviated by gradually transitioning to a new software platform. For example, at ClaimAble, our web app is platform-independent: it works on most portable devices with an internet connection.

We’re investing in platform-specific software such as for iPhone and Android, but for our customers the transition is smooth. They can start using our software on existing hardware and gently roll-out across their workforce at their own pace.

When it comes to choosing hardware, it’s getting to the point where modern smart phones can help the user to be extremely productive. With high resolution displays and cameras, powerful processors and fast 3G connections, field agents can accomplish any impressive amount from a device that fits in their pocket. Whilst laptops still have the edge on raw power, mobile phones and tablets are easy to transport and simple to use.

The decision to invest in mobile is becoming easier and easier to make.

The Human Element

There is a human element that could constrain the adoption of mobile computing in insurance. That is, some experienced people might be reluctant to give up the personal connection they currently enjoy via phone calls to the call centre. However, it is best to let the migration happen at its own speed and for the transition to occur naturally.

That said, training is paramount to increase the rate of adoption of mobile computing. Many people own the right device, but are not using its full potential. Relying on manuals and handbooks for their smart-devices and software is unrealistic – few people will bother. Online media is far more effective and engaging.

For example, teleconferencing can be a useful training tool for mobile computing in insurance. Much of this training is about explaining the benefits and making comparisons with users’ experience of other mobile applications. By using established paradigms the barrier to entry is far lower and staff are quick to learn.

Indeed, it is likely that the vendor of the mobile computing software application will have an abundance of training videos. At ClaimAble we’re working on our own. And in any event, the software should be intuitive and easy to use.

It is important to note that great strides forward can be made with a relatively small investment of time. Online training videos often push users “over the hump” of the learning curve, and they will embrace it all the more willingly as a result. It’s easy when it becomes fun!

Of course, over time the bottleneck of the call-centre can be greatly eased as information is captured at the source and delegated more effectively. Workflows become streamlined and productivity will soar.

All in all, mobile computing in insurance is now becoming a game-changer as firms head-hunt the best talent by having the best tools available, and strive for their field staff to be the most responsive and competent in the field.

Insurers will always have a duty of care to reduce their operational costs in order to stay as competitive as possible in the ever-changing market place. Claims processing is certainly a large component of the total operations budget, and so any initiative that reduces the claims processing cost can only make the insurer more competitive in the market overall.

As a general rule, where a cost is saved, the service level is most likely similarly improved too. That is, most costs are also service blockages and by removing the cost item, the service blockage is removed too.

Mobile computing in insurance is the big category winner for cost savings for sure, and in many respects. Indeed, every cost saving measure discussed here has a technology aspect to it.

Here is our list of top ten ways insurers can reduce claim costs:

1. Field personnel having quick and ready access to policy information online takes a huge burden off of the company’s call centre costs.
   
   
2. The client benefits directly from this higher level of service as a result of field agents being online. There is less churn, greater customer retention and a higher closure rate on deals. Client acquisition costs are therefore greatly reduced.
   
   
3. Often deals are closed on the first and only meeting, freeing up the field agent to prospect for and attend to larger numbers of potential clients more quickly and efficiently with double or triple handling of each potential client.
   
   
4. Further related to the issue of mobile computing, there is a much lower sales-staff attrition rate, and as all business owners know, staff recruitment is a very large and real cost to the bottom-line of the business.
   
   
5. With mobile computing in the hands of loss adjusters, more efficient claims processing leads to a lower processing cost where the file-copying, courier fees and time delays were all real costs that no longer need to be funded.
   
   
6. And while it is not mobile computing for the field agent or loss adjuster, iPhone and ubiquitous connectivity is freely available to the insurance consumer. This makes the process of documenting and photographing (their household contents, for example) together with supporting purchase proof is a very efficient exercise. In fact the list of these cost saving apps is very long indeed. Without doubt, this software in the hands of consumers greatly reduces the insurers concerns about fraudulent claims and those issues pertaining to under-insurance and having to invoke the averaging clause in most insurance policies.
   
   
7. By using the power of web-enabled technologies to keep customers in the loop, with automated text messaging systems built in at every stage of the claims process, and with customers being able to track their claims online, there is a continuing reduction of stress and use of call centre resources, resulting in happier clients.
   
   
8. With the ability for claims data to enter the claims management system at the earliest possible stages in the claims processes, management have increasingly better visibility and the information they need to better allocate the business’s human and financial resources: much like an admiral manning the bridge of an air-craft carrier.
   
   
9. By abandoning legacy computing systems, insurers are able to embrace new technology and stay at the cutting edge of new innovation. So much so, that major events and legislative changes, that may have previously been a resource drain, are easily taken into stride. The constant process of change is efficiently managed and lesser operations soon fall by the wayside.
   
   
10. With operations running efficiently and effectively by the full suite of available technologies, the executive team is able to attend to their most vital role of studying the market place dynamics, and by using analytics and reporting capabilities of their claims management system to correctly plot the sweet-spot for insurance premiums that will sustain the business at its optimal profitability.
    
    

Without doubt, the most astute insurers keep technology developments at the forefront of cost containment, and where appropriate they are wise to outsource the delivery of solutions to the most innovative third party suppliers who specialize in the field.

We’re eagerly anticipating the release of Apple’s upcoming iPad on 3rd April! Not only because we like shiny new gadgets, but because this device in particular has huge potential to streamline certain aspects of claims processing. In fact, we’ve invested heavily in getting a portable version of ClaimAble onto both the iPad and iPhone! These exciting additions to our product will be released with version 2.0 in the Summer.

When you look at the power and ubiquity of such mobile devices, in not hard to think of potential use cases when it comes to claims adjusting and management. As the world embraces mobile computing, there are significant productivity benefits for claims processing, simply from the ability to access data on the go. Staff can keep track of claims progress remotely, monitor performance, edit files, among many other things, that would previously require an on-site presence. More generally, communications with agents, contractors, lawyers and third parties will become seamlessly integrated into the workflow, and they will be able to maintain remote contact with their respective offices, submitting information that can be captured at the source, in real-time.

ClaimAble is a web based claims management application, designed to centralise the storage, processing and delegation of the claims workload. A large component of our clients’ operations involves on-site (or remote) workers – such as adjusters, contractors and lawyers – recording information outside of the office while moving from place to place. We think mobile applications, that can run on devices like the iPad and iPhone, will be key to the ongoing success of forward-thinking companies who embrace the technology.

Below are some specific potential use cases that highlight scenarios where we feel mobile computing will radically improve the efficiency and flow of data around the claims ecosystem.

The Claims Adjuster Working On-Site

A claims adjuster starts his day by checking online for today’s jobs. Before leaving home he grabs his iPad and get’s into the car. While on site, the software running on the device allows him to submit information back to HQ. He finishes the report, takes a few photos and updates the status to reflect his findings, all from on location! By the time he returns to the car, his colleagues at head office have already received the information he submitted and are busy contacting the client! The adjuster, meanwhile, is well on his way to the next job…

The Claims Handler

A new member of staff is keen to impress and has recently been working late at the office where she has access to claims files. However, with her new company-issued iPhone, she can get all the information she requires even when out of the office! In fact, the mobile application is so powerful, she can work from pretty much anywhere, and maintain control despite being at home or traveling. As a result, she can work more efficiently, with fewer time constraints and work to a higher standard. She quickly finds that this way of working is modern, flexible and highly productive.

Call Center Control Panel

A call center manager walks around the office holding an iPad running the latest claims software. He can glance down and see real-time performance reports and monitor staff productivity at the tap of a finger. A member of staff then requires authorisation for a particular claim. He opens the file, finds the relevant information and authorises the claim without having to go back to his desk!

We think the mobile computing revolution will positively disrupt how claims data is managed, providing companies with a powerful way to communicate with staff, partners, clients and contractors.

ClaimAble is coming to a pocket near you… very soon!