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An insurance flowchart outlines the purchase process of an insurance policy and the insured has a claim for the action to be taken. Two potential scenarios are indicated by it. First, the insurance company refuses to compensate if the insurance doesn't cover the claim. Second, the insurance company makes the compensation payment, and insurance is renewed.
Flowcharts of insurance processes set out each work phase in a particular process to define employee efficiency, customer service, and/or risk management changes. Some insurance procedures can be complicated and the steps for the same process (e.g., processing of claims) differ depending on the insurance product. Making a life insurance policy, for instance, is somewhat different from processing an auto insurance claim. Other nuances should also be considered, such as the distribution channel (i.e., agent, broker, direct) and the group of consumers (i.e., store, group). The market for insurance is highly competitive. Customers have many alternatives to choose from, and there are minimal or non-existent switching costs. While the price is usually the top consideration for new or current clients, customer experience is a key factor in policyholder retention and new business generation in other areas, such as agency service and claims processing. Developing comprehensive flow charts to understand the consumer experience will help insurers define particular areas where new business, retention, and cross-selling could be driven by changes.
Create basic, simple flow charts to help organize projects, communicate processes, and show progression. Browse through our collection of insurance flowchart templates and download the one perfect for your needs.