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Property Damage Appraisers Executive Vice President Tom Slimak discusses how insurance carriers are leveraging technology as one strategy to lower overhead costs.
With COVID-19 forcing insurance carriers to reduce operating expenses, technology has taken on a great role in the claims process to reduce financial risk and increase efficiency.
Tom Slimak, Executive Vice President of Property Damage Appraisers, the nationwide leading independent damage appraisal firm, wrote in an article in Property Casualty 360 about the importance of striking the right balance between technology and customer satisfaction.
“Pre-COVID, many insurance carriers were exploring how to utilize technology to resolve claims more efficiently, but it came with some reservations because the insurance industry is built on the relationship between the carrier and the policyholder,” shared Slimak. “The interaction between policyholders and their insurance carrier is mostly limited to the claims process, making those interactions particularly important. The policyholder is trying to resolve an incident, and the carrier needs to provide support through that process. If the carrier isn’t delivering empathy or meeting the needs of the policyholder to their level of expectation, satisfaction and retention can take a hit.”
To read more about the balance between the efficiency of technology and the importance of human interaction in the insurance claims process, click here.
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