Surge in Digital Home Insurance Claims During COVID-19 Drives Faster Cycle Times and Improved Customer Satisfaction, J.D. Power Finds
Summary
TROY, Mich.--(BUSINESS WIRE)--Digital transformation became more than a buzzword for home insurers at the onset of the COVID-19 pandemic—it also became the key to faster claims settlement, payment and record high levels of customer satisfaction. Submission of fully digital claims reduced the average time to payment by up to 5.5 days and helped drive the highest overall satisfaction scores ever measured in the study’s 14-year history. On average, when homeowners engaged in fully digital claims processing, including estimation and first notice of loss (FNOL), the time to payment was reduced up to 5.5 days. The process breaks when digital reverts to an offline experience and customers spend more time and energy to achieve the same outcome. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D.