Outrageous goals force people to consider alternative processes and technologies, which lead to breakthrough innovations. Progressive Insurance invested more than $30 million in an automated claims management system cutting its claims cycle time from an industry average of 42 days to six.
This led to big improvements in customer satisfaction, while reducing customer defection by two-thirds. As cycle times shrank, so did the total cost of claims settlement. Because faster settlement was better for the customer and cheaper for the company, Progressive’s current goal is to settle claims instantly. Are you using technology to benefit your customers and improve your business?
