Insurers are learning that they can streamline claims, and cut costs, by embracing the on-demand workforce.
The on-demand labor force is
growing substantially and has every reason to continue to do so. Just look at these results from a survey completed in June 2016 by
Burson-Marsteller, The Aspen Institute and TIME, which measured responses from 3,000 on-demand workers:
- More than 45 million Americans have worked in the on-demand economy – accounting for 22% of the total workforce.
- 42% of adult Americans, or 86.5 million people, have used at least one service offered by the on-demand workforce.
- Of the workers surveyed, 64% expect their financial future to improve, compared with only 47% of the general population.
- More than 51% on-demand workers responded that their finances have improved over the past year, compared with 34% of the general population.
- 61% of the workers surveyed believe that on-demand economy companies care about their workers.
The ability to decide when to work, what kind of work you prefer and where you work from, represents a giant carrot for many American workers.
Insurance: It Affects All Consumers
The changing workforce will affect insurance, especially property/casualty, where the claims process is most important to the consuming public. This process should be as uneventful as possible because an insurance claim can either make or break the relationship between the parties of an insurance contract. But ask any vehicle owner who’s had an accident to describe the claims experience in a word; too often, the word is “stressful.”
Traditional insurers do not understand that time is measured differently in the 21st century because of technology. Even when this difference becomes apparent to senior staff members, most dig in their heels as they consider the additional cost of streamlining their claims process. They need to know that by inserting on-demand workers in the claims process, they can gain efficiencies and save money.
Modern
customers demand efficiency, choice and ease of access. This is no longer a nice-to-have in today's digital economy. You must provide this to your customers, or be at the wrong end of disruptive industries like
fintech and
insurtech.
External Claims Resources and Modern Insurance
The claims process that some insurers employ poses serious challenges because of time constraints and having to depend on a claimant to provide a significant portion of the information required. Policyholders can drag their feet on providing needed claim documentation and then rate the claim adjuster poorly because their perception is that the settlement took far too long.
Insurers are learning that they can overcome these challenges by embracing the on-demand workforce that external claims resource companies like
WeGoLook provide and significantly reducing the time required to adjust claims.
Why hire an entire staff of highly paid claims adjusters to complete mundane tasks that can be associated with standard insurance claims. Why be subject to W2 employees having very little to do when claims are slow and then becoming overwhelmed when a catastrophe arrives?
Or, why not supplement traditional workforces with external claims resource workers who are flexible, available and spread across the country.
On-demand workers and external claims resources are available where and when you need them. They enable insurance carriers to reduce payroll costs, improve their bottom line and remain flexible in the new digital economy reality.
And, just as importantly, leveraging external claims resources speeds up the claims process, thereby increasing customer satisfaction.
In an age of immediate gratification, this is necessary for any business model to thrive.
