After a loss, policyholders are looking for clearer and more immediate communication from their insurers, broader visibility into the recovery process, and a faster, easier way to settle their claims. Insurers are in a unique position to make their policyholders' lives easier during trying times, and automating payments (and the processes around them) helps close the loop on claims faster.Automated Payments Improve Customer RetentionCCC is digitizing the P&C insurance economy, offering multiple embedded payment methods into our automated claims workflows that instantly connect more than 3 million payees with payers. The result is reduced cycle times from days to minutes¹ and faster payment receipt. This isn’t just saving time, money, and resources for insurers, it’s drastically improving the policyholder experience.According to The Future of Insurance Forrester report, one in three policyholders switches carriers within a year due to a bad claims experience. Customers thrive on delightful experiences and are more likely to take their business elsewhere after a negative one, especially when it involves their finances.While providing good customer service is important, insurers are equally focused on modernizing the claims process to meet their policyholders’ demands for richer, more digital experiences. In fact, a new study from PYMNTS found that 46% of disbursement recipients “would be inclined to choose instant payments” if available, and 66% would stay loyal to businesses offering free, instant options.The ACORD Insurance Digital Maturity Study revealed that digital transformation for carriers is no longer optional, but a requirement. Without automated payment workflows and digital payment choices and channels, a digitized claims process will continue to be a patchwork of systems and processes, creating a less-than-desirable customer experience for policyholders.CCC's Embedded "Direction to Pay" Improves Claims ProcessesTypical claims resolution requires seamless collaboration between dozens of providers and third-party vendors, with multiple transactions sprinkled throughout the process, including payments to towing providers, rental car companies, glass providers, and more. Further, insurers must go through the particularly painful process of issuing multi-line claims disbursements. CCC Payments’ embedded workflow creates efficiencies and, in the case of shop payment, eliminates the need for multi-party payments.
By embedding "Direction to Pay" into automated workflows, CCC is allowing vehicle owners to authorize payments directly to a shop and allowing carriers to authorize payments directly to a vendor within the platform, reducing cycle times and lessening the administrative burden of back-and-forth payment communications that has plagued traditional claims processes for decades. This creates a more intuitive policyholder experience, closes the claim faster, and is one step closer to industry vision of straight-through processing.Simplified Payment AdministrationIt behooves insurers to leverage a technology partner like CCC with its 40 years of experience delivering technological solutions to the industry and its deep network of more than 30,000 connections across the P&C insurance ecosystem.CCC is improving the customer experience by enabling insurers to put policyholders in the drivers’ seat. Our payments solution is helping to simplify payment administration, making it easier for insurers to focus on their strengths – providing the best P&C coverage and customer experiences to their policyholders.For More InformationFor more information about CCC Payments or to schedule a demo, contact Kelli Svymbersky, Vice President, Payments, CCC Intelligent Solutions.Watch our webinar: The Check-less Future of Insurance Claims and learn more about why and how claims payment processes are changing, and what this means for insurers, claimants, and the P&C insurance ecosystem.¹In a test environment, CCC Payments completed an automated payment in minutes utilizing configurable workflow rules and an instant payment method. Cycle and labor time estimates based on internal research with carrier customers.
