Research
CCC Intelligent Solutions Study Identifies Key Drivers of Customer Satisfaction and Retention in the Auto Claims and Repair Process | CCC Intelligent Solutions
Moments of Truth Research Shows Strong Link Between Insurer and Repairer Customer Satisfaction and Reveals Carriers’ Customer Retention Is Not Tied to Satisfaction
CCC Intelligent Solutions Inc. (CCC), a leading cloud platform powering the P&C insurance economy, today released the findings from its Moments of Truth study identifying the key drivers of customer satisfaction and retention in the auto claims and repair process. The study defines “moments of truth" as critical points in the customer journey that have a significant impact on satisfaction and loyalty.
The study reveals that consumer satisfaction with insurers and repairers in a claims experience is closely linked, and that their collaboration plays a pivotal role in each other's satisfaction scores. The findings also indicate that satisfaction with the claims process may not impact insurer loyalty.
The study, based on data from 2,400 policyholders who participated in the research, examines nearly 50 moments in the auto claims and repair process. Findings, which were derived using data science methodologies to uncover correlations and patterns in responses rather than reporting direct responses, show that repairers help insurers score satisfaction points by offering high-quality repairs and minimizing the time to schedule and complete repairs, and conversely, insurers bolster repair satisfaction scores with clear communication about the claims process and a satisfying first contact with the consumer.
These insights suggest that many consumers view their interactions with insurers and repairers as a single cohesive experience and do not differentiate between their experiences with insurers and repairers.
“At CCC, we’re on a mission to shape a world where life just works, which means helping our customers turn crucial moments into intelligent experiences,” said Maryling Yu, vice president of marketing at CCC. “An intelligent experience certainly includes a positive customer experience, and our Moments of Truth research sheds light on the moments that determine customer satisfaction and retention. Our findings suggest that while speed has long been prioritized, transparency and clear communication about the claims process and repair needs play an even more significant role in consumer satisfaction. The study found that even when a consumer has indicated high satisfaction with their insurer, it may not tell the insurer much about whether they will ultimately switch. We hope these insights will help the industry in navigating today’s challenges and delivering better outcomes.”
News
Hurricane Milton live updates: Florida braces for 'destructive' storm
Gov. Ron DeSantis told Florida residents in the path of Milton that "time is running out" before landfall, likely as a Category 3 storm.
"There's no guarantee what the weather's going to be like starting Wednesday morning," DeSantis said at a briefing Tuesday. "You may have a window where it may be safe, but you may not. So use today as your day to finalize and execute the plan that is going to protect you and your family."
BMO warns of potential $75bn+ in insured losses if Milton strikes Tampa as a major hurricane -
A new report from BMO Capital Markets discussing Hurricane Milton’s potential impact has noted that a direct hit on Tampa at a Category 3-5 level could result in insured losses exceeding $75 billion.
For those unaware, Milton is currently a powerful category 4 hurricane, with maximum sustained winds near 155 mph.
Despite expected fluctuations, it is forecast to remain extremely dangerous through to landfall in Florida on Wednesday night, as per the most recent update from the National Hurricane Center.
While loss estimates are highly uncertain at this stage, BMO has revealed that the stock market is implying Milton could result in up to ~$70-80 billion of insured losses.
BMS Group’s Andrew Siffert recently stressed that a landfall around Tampa will be a major event for the re/insurance industry.
Heritage Insurance vs. 60 Minutes
Heritage Insurance found itself in the spotlight after a 60 Minutes report aired on September 29, 2024, accused the company of altering damage reports to shortchange Florida homeowners impacted by Hurricane Ian.
Heritage’s Side of the Story
Heritage CEO Ernie Garateix rejected the allegations of fraud, stating, “The accusation by adjusters, via 60 Minutes, that we used ‘altered damaged reports to deceive customers’ is flat wrong.” He emphasized that the company has made several changes since Hurricane Ian, including overhauling their claims software and strengthening their internal processes to comply with Florida’s new insurance reform laws.
He further explained that 42% of claims (out of a sample of 10,000) were revised downward, 26% were revised upward, and the rest remained unchanged, demonstrating that adjustments were not part of a scheme but a regular process. “This is further evidence that we work to pay every eligible claim.”
Climate/Change/Sustainability/ESG
As Earth Gets Hotter, Insurance Gets Smarter | Insurance Thought Leadership
Action is the order of the day. At the country, company, and individual levels, we need to talk less and do more.
Europe is struggling with extreme weather. In Central Europe, floods are causing devastation. Their intensity is almost unheard of for this time of year. Across Poland, Austria, Romania, Hungary, and Czechia, the authorities have been forced to draft in volunteers and even members of the armed forces to help strengthen flood defenses. Already, the floods have taken the lives of 23 people. In Portugal, meanwhile, wildfires rage. Seven are dead, homes have been flattened, and swaths of land have been burned. These events share a cause: the climate crisis.
Pierre du Rostu is the CEO of AXA Digital Commercial Platform – Smart Services
AI in Insurance
Navigating the AI Landscape in Insurance: Opportunities and Risks
The insurance industry is undergoing a significant transformation with the adoption of Artificial Intelligence (AI). As AI continues to revolutionize the way insurers operate, it's essential to understand the opportunities and risks associated with its adoption.
Recently, the legendary actor James Earl Jones passed away, but his iconic voice will live on thanks to AI technology. This development raises important questions about the use of AI in preserving legacies, potential for fraud and abuse, and addressing ethical concerns.
In this article, we'll explore the intersection of #AI and #insurance, highlighting the benefits and risks of AI adoption. We'll also provide actionable insights and examples to help insurers navigate this new terrain.
Kaenan Hertz, Insurtech Visionary & Founder | Strategic Advisor to C-Suite Leaders | Empowering Insurance Innovation & Market Relevance with AI & Blockchain
Events
Reuters Events: Connected Claims USA 2024 |Austin | November 12-13
November 12 - November 13 | Austin Convention Center | USA| The World’s Largest Claims Event
Whilst insurance moves towards profitability, claims teams scramble with policies written without the foresight of disruption’s impact on cost.
Strategic AI | Customer Clarity | Scalable Efficiency
Boosting claims acumen is a must. The capabilities are available, but this means more moving parts than ever before – evolve now or you won’t survive the claims overhaul.
To achieve true claims transformation, from unparalleled efficiency to cost containment, you need to bring together specific AI and GenAI use cases, legal guidance, mature ecosystems, advanced risk prevention tech, enhanced customer capabilities and more.
Get your claims progression strategy at Reuters Events: Connected Claims USA 2024 (Austin, November 12-13) where the industry unites to propel the next era of efficient, sustainable claims, driven by empowered adjusters, focused on ultimate customer satisfaction.
People
Hari Govind is out of GEICO
According to our sources, Hari Govind has left GEICO to pursue other opportunities. Govind joined GEICO as Chief Information and Technology Officer (CITO) in February 2023.
A Reddit thread discussing his departure highlights employee frustration during his tenure, marked by layoffs and increased workloads for remaining staff. Many speculate his exit was abrupt and potentially linked to internal issues. While some believe he was primarily executing decisions made by others, others criticized his leadership style. The thread also reflects dissatisfaction with frequent leadership changes, as each CTO brings new strategies, creating instability.
Vijay Raghavendra has been named as his replacement.
Insurance Digitalization
Unlocking the untapped potential of insurance and the Internet of Things - Insurance-Canada.ca - Where Insurance & Technology Meet
The insurance industry is known for being traditional and cautious, which often means adopting new technology later than other industries.
But with the rise of the Internet of Things (IoT) and other connected world technologies, insurers have the opportunity to tap into new data sources and unlock untapped potential.
Today, more than 25 years since the IoT first emerged, billions of devices seamlessly connect to the internet. These span a diverse range of categories, from vehicles to property to machinery. Some within the insurance sector were quick to recognize the potential these devices held for enhancing risk management strategies.
Even today, however, both personal and commercial carriers lag behind. Many are not taking advantage of the the full potential of the IoT for insurance.
- At ReSource Pro, we define “connected world technologies” as devices, sensors, and computing hardware that connect to other internet, deliver real-time capabilities, and facilitate data-sharing across networks.
[COMPLETE ARTICLE}(https://www.insurance-canada.ca/2024/10/07/resource-pro-unlocking-potential-internet-of-things/?utm_source=iContact&utm_medium=email&utm_campaign=ChronicleOct8a&utm_content=)
Heather Turner, ReSource Pro
Podcast Sponsor
Audio Version: 'Connected: The Podcast' --- Sponsored by Pulse Podcasts
Co-curated by Alan Demers and Stephen Applebaum, The Connected Podcast is a condensed audio version of the day's "Connected' newsletter, a daily scan of all the happenings in the world of Insurance & InsurTech News.
Pulse Podcasts: Introduce a new way for your audience to hear your voice! We are a podcast creation service that helps businesses turn their written content, like blog posts and news articles, into beautiful podcasts. Our platform writes the script, records the voices, and mixes the audio to create engaging content for your audience. It's affordable and has super fast turnaround!
LISTEN AND SUBSCRIBE BELOW