Insurance claims are not known for their quick and easy processes. People are relieved to have insurance, but are concerned about getting through the process quickly and smoothly so that they can move on. But they’re often faced with a long, back-and-forth process requiring reams of paperwork that need to be signed, notarized, and mailed to numerous parties.
While allowing customers to submit a claim on a mobile device can start the process off easily, there are many additional steps that insurers haven’t taken online. For example, insurers may still require people to collect physical paperwork, fill it out, get it notarized, and send it in the mail. This speedbump caused by partial digitization not only dramatically slows down the claims process, but it also provides a disjointed customer experience.
Embracing digital technologies to enable fully-digital offerings can improve the claim journey and customer retention. How? Let’s take a look.
Total digitization of insurance processes benefits insurers and customers
From purchasing insurance to submitting a claim, full digitization benefits both insurers and their customers. A recent McKinsey study supports this, highlighting that 25% of people in the market for auto insurance in the U.S. buy it directly online, especially millennials. The study also found that digitization can reduce the cost of a claims journey by up to 30% and can raise customer satisfaction by 10-15 points.
Insurance companies who prioritize total digitization, especially when it comes to claims, will have a huge competitive advantage and garner customer loyalty.
What does full digitization look like for the claims process?
Consumers should be able to handle all insurance matters completely online. From receiving claim documents to being able to sign them electronically. And an often-required process: notarizations. Insurance companies who have digital capabilities to support the journey up until the customer needs to notarize a document in person are breaking the seamless and easy process that consumers are looking for. The easy fix? Online notarization.
Online notarization is the process of notarizing documents digitally through an online notarization platform. Documents are uploaded electronically, and customers are connected with a live notary via video conferencing technology. Customers can get documents notarized 24/7 from anywhere, and within minutes. Using an online notarization platform like NotarizeSM makes the process easy, secure, and 100% digital.
By providing the option for online notarizations, insurance companies enable customers to complete all documents and tasks digitally. And not only does it give customers more convenience and flexibility, but online notarizations also cut down on both costs and time in the claims process — benefitting insurers as well.
The future of insurance is here
Insurance companies have dramatically improved their digital offerings in recent years to make the customer experience easier and faster. Now there is technology available to bring the paper-based part of the process online, too. With online notarization, it’s possible for insurance companies to create a 100% digital experience, which is a major competitive advantage and a selling point for customers.
Want to find out more about online notarization, its benefits, and where it’s legal? Check out our eBook: The Guide to Online Notarization.
This article was originally featured on Digital Insurance.