How Do You Spell Commodity

There are two ways to look at the term, commodity:

  1. As a consumer, you could look at a readily available thing as a commodity — a refrigerator, a lawn mower, a bar of soap. You get the idea.
  2. As a businessperson, you could look at your customers as commodities — taking them for granted, responding to them slowly, treating them impersonally. You get that idea, too. And it’s a really bad one.

Because we’re in the claims-management business, let’s look at claims. Whether you’re an insurance company, a self-insured group, or a TPA, your customers are those for whom you indemnify losses. They’re also people for whom you’re fulfilling a promise to make them whole again following a loss. People deserve to be served promptly, to be treated with respect, and to feel valued and important. Especially after a loss, they appreciate responsiveness and efficiency. And they definitely don’t deserve anything like this (AV is accident victim; CP is claims person):

AV: I was in an accident two months ago.
CP: I’m sorry.
AV: I haven’t been reimbursed for the damages yet.
CP: I’m sorry.
AV: Thank you. Can you tell me when I’ll be reimbursed?
CP: I’m sorry.
AV: Why do you keep saying you’re sorry?
CP: We lost your paperwork.
AV: Paperwork? This is 2021.
CP: I’m sorry.
AV: [insert infuriated rant here]

Okay. That’s a little over the top. But you get that idea, too, we hope.

Right Tool, Right Time

The fact of the matter is, claims processes are broken. The degree to which they’re broken is open for debate. But in October of last year, Insurance Support World published an article that said this:

Carriers are now evaluating new players in the insurtech landscape … to lower claim processing complications and streamline workflows … This enables insurers to enhance customer engagement and operational efficiencies dramatically … the real challenge is not utilizing technology but determining what tech-solutions would bring the desired results and the appropriate implementation of the same in their current claims process.

Since we’ve been around since 2003, we don’t know if we’re part of the insurtech landscape. But we do know we recognized the need for a cloud-based repository for all of the information related to every one of your claims and made all of accessible with a few keystrokes and a Global Search feature. Then we built it.

Couldn’t you use a tool like that? Wouldn’t your claimants be happier if you did? We thought so, too. That’s why we built Cloud Claims.

After all your customers aren’t commodities.