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How can motor insurance stay in the green this brutal winter?

3 min read

Just as winters aren’t kind for drivers, they aren’t kind for motor insurance companies as well.

Between November and March, the number of accidents rises by 7.45% nationally*. This leads to higher operating costs and higher payouts as claims, making it quite the busy season. Insurance Times recently covered how repair costs rose by 4% in the first half in 2019 for all car makes and models**. For insurance companies, these numbers aren’t very welcome.

Instead of relegating to traditional methods- hiring more, trying to increase revenue sources- we propose a new solution that is holistic in nature and promotes business sustainability in the long run. Spixii’s claims solutions can help to do that by reducing the overall financial and operational burden.

In this week’s post, we share in detail how, during this busy and crucial season, Spixii solutions can be your wingmen.

 

What are the benefits of implementing automated insurance solutions?

The core benefit of using automated insurance solutions is that you get to hit multiple bullseyes with just one dart. Here’s how:

Say hello to straightforward processing

Human resource is precious and valuable. Hence, why would insurance companies spend it on tasks that can easily be automated? This would free up space for tasks that require greater creativity, energy, and attention to detail. Automated insurance solutions can do just that, hence, making internal claims teams more efficient.

The low value and simple claims can be passed and processed through the solution. In the meantime, the more complex ones can be handled by large and complex claims teams. Through the smart allocation of resources, this would lead to greater efficiency and productivity.

If you do not want to segregate right at the beginning, you can take a more patient approach by using the solution to collect information and data 24*7, then having the team address the claims when they arrive in the office the next morning. This would lead to quicker processing and a smoother and more streamlined process for both the handlers and customers.

Go above and beyond in serving your customers

As an insurance company, you do not have to be relegated to ‘disaster’ management and handling alone. You can help in propagating prevention and safety to benefit your customers so that costs can be minimized on both ends.

Using Spixii solutions, you can set up processes that educate your customers about how to drive mindfully and safely during the treacherous British winters. You can educate them about preventive measures they can take with respect to the current weather conditions. This moves the insurance business model from a reactive one to a more proactive one. Rather than limiting the claims function to the payout, looking at the prevention of the claims will deliver more value than is expected.

These little things help to foster loyalty and long-term relationships with customers.

Reduce operational costs

With Spixii automated insurance solutions, you can easily manage a surge because you have a system in place that is able to take care of requests immediately. You can see how it was done during one of the worst weather phenomena of 2018- Beast from the East- and Anne’s experience with the solution of Zurich UK. Watch it here.

Apart from that, when you view automated insurance solutions through a long-term lens you realize that this is a smart investment that will benefit in the long haul since digital is the future in every industry. Even if the insurance industry is suffering from inertia in changing its ways, shifting consumer demand and behavior will drive new changes.

There is definitely a learning curve involved. So, with regular customer analysis and reports provided by Spixii, you can keep adding features that speak to your segment and provide value to them.

 

In conclusion, automated insurance solutions provide a lot of benefits that not only work short-term but also add value over the long term. You get to hit two birds with one stone since our analysis has also revealed that through NPS and NPS surveys, customer satisfaction is also higher when faster and digitized solutions are implemented.

So, what are you waiting for? Let 2019 be the year that you significantly shift the modus operandi of your business for the better, thereby, delighting your customers and conducting business in a smart manner.

Read more about our solutions here and when you’re ready to take the first step, get in touch with us through the infobot here.

 

*Source, **Source

The SPIXII Marketing Team
ABOUT THE AUTHOR | The SPIXII Marketing Team
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