Insurance companies leverage modern technology to build or configure a customer self-service portal to decrease the overhead and offer competitive rates. Rolling out these portals can include a big upfront cost, but there are many ways insurance providers can save money. A successful self-service approach can create business efficiencies and build customer loyalty. Keep reading to know how portal as a service can help insurers save money:
Reducing Manual Work with Automation
Allowing customers to enter claims information themselves in a self-service portal will eliminate manual labor involved in logging claims. Customers can access the portal from their smartphone where they can add photos of their claim, geographical location, and other relevant data without requiring the direct assistance of a company representative. Automating the claims submissions will increase claims accuracy, decrease costs and training time for manual claim entry tasks, speed up claims submissions, and free up insurance staff to concentrate on core tasks.
Ensuring Faster Processing and Turnaround Time
By giving customers access to insurance dashboards, self-service portals reduce the leg work of the insurance experts to collect all important data and input it into the system. As a result, insurers can get claims processed and money back to their customers faster than ever. The portals will minimize the need for manual interactions throughout the process. They reduce call volumes to the call center to check on claim stats, decreasing cost and improving the customer experience.
Lowering Customer Acquisition Costs
Implementing a self-service portal and leverage the customer satisfaction that comes from improved experience, insurance providers can lower their customer acquisition costs. The platform can prompt customers who have received their payout to share a review about their experience. Also, the fast turnaround on claims helps insurance companies stand out from the competition.
Reducing Support Costs
Typically, customer self-service portals come with an FAQ section along with other features. This feature saves an insurance company’s support team a substantial amount of time from answering the same questions again and again. Also, the portal can launch a support ticket to connect customers with a support representative if they cannot find what they are looking for within the platform.
The data that customers enter digitally is stored under their account information. Thus, when they submit a ticket, all potential details are pre-populated for the support team and this reduces the amount of work needed for building a picture of what must be one to solve the issue.
Do you want to take advantage of the cost savings of a portal as a service? Pyramid Solutions has the right solution for you.