Recent surveys by Sollers Consulting and Ipsos have highlighted a critical expectation among insurance customers: the need for swift claims processing.
These studies, conducted across four countries, reveal that between 52% and 63% of insurance customers rank fast claims settlement as a top priority after filing a claim. This sentiment is most pronounced in the UK, where 63% of customers prioritise speed, followed closely by Germany (60%), Poland (57%), and France (52%).
The demand for expedited claims handling is revealed to be shaping customer satisfaction significantly, overshadowing even the amount of compensation received, particularly in the UK, Germany, and France. In Poland, however, compensation slightly edges out speed in importance to customers.
The industry, however, faces challenges in meeting these expectations, especially following major natural catastrophe events. Feedback from customers, consumer organizations, and regulators has highlighted deficiencies in claims handling processes in several countries, including the UK and Germany.
“The industry's ability to process claims swiftly has been lacking, especially in the aftermath of significant NatCat events,” industry observers said.
In terms of preferred methods for submitting claims, there are notable national differences. In the UK, half of the customers prefer using a call centre, while in France, 36% opt for agents and 37% for call centres.
Lennart Imorde, head of process automation at Sollers, emphasised the benefits of technological investment.
“It is highly beneficial for insurance companies to invest in technology to speed up claims processing,” he said.
Aleksander Czarnołęski, senior consultant at Sollers, further explained the customer perspective which drove the survey results.
“Our survey shows that the most important thing for customers is not the money, but the solution to the problem,” he said. “To improve customer experience, streamlining claims handling is crucial. We are seeing more and more insurers investing in claims technology as they recognize that it also helps to reduce claims handling costs.”
Technological advancements are also noted to becoming increasingly common in the sector. In the UK and Poland, artificial intelligence is frequently used in claims management, while digital claims management trends are growing in Germany. French insurers are enhancing their connectivity to expedite claims processing through brokers, agents, and call centres.
Gijsbert Cox, insurance industry leader at Appian, discussed the broader industry implications of this technological trend.
“The insurance landscape continues to evolve rapidly. It remains imperative for insurers to embrace automation, cut operational expenses, and elevate customer experiences to remain competitive and viable as a business,” he explained.
“Insurance process automation solutions with artificial intelligence and connected data have proven transformative for industry frontrunners to accelerate claims handling, underwriting, and processing time. We anticipate widespread adoption among insurers seeking to optimize operations and exceed customer expectations in this fast-paced environment,” Cox said.
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