How Insurance Companies Can Process Claims EfficientlyScimitar Global Services Limited
With reports of widespread destruction, looting, injuries and even death after the #ENDSARS protest in Nigeria, where Youths for the first time took the bull by the horns by mobilizing against #PoliceBrutality by the Special Anti-Robbery Squad; Insurance companies must be gearing up for what we project to be the mother of claims in view of the aftermath of the wanton destruction recorded.
The rampage by the so-called hoodlums who were said to have hijacked the protest, left in its trail a lot of burnt and destroyed buildings from police stations, to Government and private offices as well as banks, shopping malls, media houses and the toll plaza where it all began as a peaceful protest. The unarmed protesters were alleged to have been shot at by some armed men in military uniforms in their bid to disperse them, having occupied the toll gate for days costing the government uncollected funds in millions and this snowballed into a violent mob actions with several vehicles, buildings, and properties across the country vandalized, looted and burnt. The number of lives lost is still being compiled from various areas with the military denying that they shot at the unarmed and peaceful protesting youths.
As a Business Owner, my heart bled watching the carnage and destruction to private businesses who also were in the same quagmire that birthed the protest and the honest questions on my mind are “How will small and medium businesses come out of this in our kind of country” , “Who will help you bear the cost of these huge losses?” “Do those who have these damaged properties even have insurance on their properties?” My fear is that most of them may fall into the negative category.
On the other Hand, Are our Insurance companies ready and buoyant enough to stand in the gap for all the businesses cut in this carnage or crossfire as it were? that’s considering the vast area of coverage, that claims assessors must visit in order to process claims. That will definitely require a robust technology by the insurance company to gather the claims from all points of incidence and process them to evaluate and separate the coverable claims from the ones which will not be considered, more like a Force majeure. Why? Because most insurance contracts exclude losses and damages due to a riot, mob action and war.
In all, there will be lots of data collation, site visitation, claims verification and evaluation process and it its expedient that Insurance companies have the right technology to do this effectively and efficiently.
Customer relationship management in the insurance industry is sensitive as they always deal with a very emotional situations and transactions which requires a sense of duty and commitment because most customers reach out to them during or after a time of distress. It is expedient that a human face backed by a sophisticated customer interaction technology which stores, processes and analyzes the data to enable personalized customer support.
Here are some InsurTech Business Use cases for Insurance Companies and how they can improve the claims process even in a pandemic or crisis.
|SN||TECHNOLOGY||BUSINESSS USE CASES|
|1||An Omnichannel Contact Center Solution
|2||Video Insurance Solution||
|3||A Core Insurance application||Premium Reminders & Collections – Managing premium reminders and collections|
|4||Sales Force Automation||
|5||Customer Relationship management Software for Complaints and Support||
Risks are inherent for any Business, from a suit to a mob action like #ENDSARS or even natural disaster and acts of God can ruin happen bring huge losses and also someone can get injured within your environment. So, it is very important that as an insurance company you should consider leveraging Technology for improve your claims processes and reducing fraud in serving your customers.
Scimitar Global Services Limited (SGSL) is an information, communications and Technology Company in Nigeria that provides you with Modern Business and Fintech solutions like Call Centers, Video Banking, Video Insurance, Sales Automation, Complaints and Queue Management Solutions for your Businesses.
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