Jump to the winners | Jump to methodology
Differentiator
When it comes to claims, there is no hiding place for insurers as all parts of the process are subject to close scrutiny. That’s why IBA’s 2024 5-Star Claim winners can be particularly proud of their recognition, bestowed by the votes of agents across the country.
The brokers rated the insurers based on:
-
Demonstration of expertise
-
Transparency and customer service
-
Easily upload documents and navigate websites
-
Carrying out the adaptation process
-
Timeliness of responses and payments
Below, the IBA presents the leading company of 2024, with an average score for all criteria 4.34/5.0.
The driver of the company’s competitive advantage is the work environment and attitudes that have been created.
“Some people would call it a collaborative culture, but I think it’s much more than that. If there’s a problem, Arch employees, regardless of title or role, simply work together to solve the problem,” explains Patrick Nails, Executive Vice President and Chief Claims Officer. “It is a culture where every employee’s contributions and ideas are valued and considered. We may not always initially agree on the right path forward, but we almost always reach consensus after considering everyone’s input.”
Stephen Jalkut, senior vice president and chief marketing officer at Arch, shares this sentiment.
He says: “We have a high-performing organization and therefore we expect to have great technical knowledge, strong business acumen and the mindfulness to deliver an exceptional experience.”
Talent development at the highest level
Industry-leading service is one of the cornerstones of Arch’s business, as the company places a strong focus on recruiting and developing world-class talent, a practice that is essential to maintaining the excellence of its claims department.
Christine Schneider, senior vice president of liability claims, says: “We have the ability to adapt to changing conditions and be flexible and offer solutions based on customer feedback so that our customers have a superior customer service experience with this goal.” continuous improvement.”
Arch doesn’t just offer in-house training; It incorporates a diverse range of speakers and subject matter experts to enrich the onboarding experience for adjusters.
As the role of the expert continues to evolve, the company also places emphasis on data analysis.
“Our adjusters are not just claims adjusters; They are business partners. “They are now expected to interact with our businesses on a regular basis and a lot of data is passed on to them,” says Nails. “We spend time training our clerks on how to look at data, how to determine what is relevant, and how to work with our data analysis unit.”
Arch continues to demonstrate its commitment to innovation with the launch of a new claims system in the first quarter of 2025.
Nails describes the platform as the final element of a comprehensive three-stage strategy focused on:
-
People
-
Proceedings
-
technology
Ahead of the system launch, the claims team reiterated the importance of training to ensure adjusters and staff are well prepared for the transition.
“We invest a lot of time in change management, training our employees and showing them how this will help them in their everyday lives,” shares Nails.
Arch’s new claims system offers the following:
-
improved customer experience
-
improved information provision
-
accelerated claims processing
-
Seamless integration with Arch systems
“My focus is always on the claims adjuster. What can we do to empower our experts to add the most value every day?”
Patrick NailsArch Insurance
Although the company relies on technological advancements, it firmly believes in uniting its talented employees who remain indispensable in the claims processing process.
Arch leadership recognizes that brokers prioritize their interactions with adjusters over the speed or status of claim submission.
“They are more interested in interacting with our adjusters than in quick response times to a claim or always knowing the status of a claim,” says Nails. “Technology will change the way claims are handled, whether through artificial intelligence or other things, but it still comes down to the individual adjuster; it still comes down to the interaction with the plaintiff and the broker.”
And Arch’s development has no end point; Refining the offering and building a synergy between technology and people is underway.
Brian Kristiansen, senior vice president of Executive Assurance Claims, says, “We want to continue to have industry-leading claims teams and continue to increase their impact by providing them with cutting-edge technology and processes so they can do their jobs more effectively and efficiently.”
In keeping with its 5-star claims status, Arch skillfully strikes the delicate balance between managing claims internally and using third-party service providers (TPAs).
Certain areas of damage are handled entirely in-house, such as the robust auto ability. However, for cases involving complicated legal areas such as New York labor laws or construction defects, the firm organizes these claims in specialized centers of excellence.
Arch then strategically decides whether to manage these cases in-house or through trusted TPAs to ensure each claim receives the exact attention and expertise it requires.
“By putting these centers of excellence together, we look at those claims and may decide to handle them internally or through a TPA if they require specific expertise,” Nails says.
“Every day someone reports a loss is an opportunity for us to fulfill our promise by issuing them a policy and providing coverage,” Jalkut added.
While Arch has a good internal understanding of what drives the cause, it values connection with the brokerage community. The company is actively committed to identifying what could be improved, ensuring its claims process becomes even more efficient.
“We’re constantly looking for feedback from our broker community to learn what’s working, but also areas for potential improvement,” explains Schneider. “Arch Claims has made significant efforts over the last year, particularly around communications with our brokers, including a comprehensive broker survey to gather feedback on the claims experience. Through their comments, we strive to build even more trusting, respectful and responsive relationships with all our partners.”
However, the connection is not intended for a track-guided connection. Brokers are valued for their extensive knowledge, which could enable Arch to improve across the company.
Francine Minervini, senior vice president and chief technical claims officer, says, “We develop relationships with our brokers not only on claims with problems, but also with the broker to promote communication and information sharing.”
And the company also emphasizes that brokers can trust the team to handle all claims and other inquiries with the utmost care.
“Responsiveness is key, in my opinion. We may not always have the answer right away, but my goal would be for the broker to know, with full transparency, that we are working on it and that they are Arch’s top priority,” says Shiva Altadonna, senior vice president of claims management.
Demonstration of expertise
- Allstate
- car owner
- Chubb
- Liberty Mutual
- Nationwide
- Progressive
- Safeco
- The Hartford
- traveler
Easily upload documents and navigate websites
- Allstate
- car owner
- Chubb
- Liberty Mutual
- Nationwide
- Progressive
- Safeco
- The Hartford
- traveler
Carrying out the adaptation process
- Allstate
- car owner
- Chubb
- Liberty Mutual
- Nationwide
- Progressive
- Safeco
- The Hartford
- traveler
Timeliness of responses and payments
- Allstate
- car owner
- Chubb
- Liberty Mutual
- Nationwide
- Progressive
- Safeco
- The Hartford
- traveler
Transparency and customer service
- Allstate
- car owner
- Chubb
- Liberty Mutual
- Nationwide
- Progressive
- Safeco
- The Hartford
- traveler
Source link
2024-06-20 04:00:00
www.insurancebusinessmag.com
