Technology is changing how small business owners interact with their insurance carriers, according to a new study from EMPLOYERS, a national small business insurance specialist. Nearly one in four (23 percent) small business owners believe more online or self-service tools would enable their carrier to provide a better policyholder experience. Better communication and faster claims resolution also topped the list of desired improvements business owners want.
What factors, if any, would improve your experience with your workers’ compensation insurance provider?
- More online or self-service tools 23%
- More communication about my policy 20%
- Faster claims processing and payments 15%
- More resources to make my workplace safer 14%
- A mobile app to submit and track claims 12%
- More communication about the status of submitted claims 10%
The study found that 67 percent of small business owners are extremely likely or somewhat likely to use a self-service online portal from their workers’ compensation carrier to review policy information, make policy changes, or make payments.
Small business owners also expressed an interest in using a mobile app for managing their policies. The most important features were the ability to view payment history (34 percent), submit claims (32 percent), make premium payments (31 percent) and track previously submitted claims (31 percent). Almost 60 percent of small business owners indicated that they were extremely or somewhat likely to use a mobile app for submitting claims, tracking claims, making payments, or viewing payment history.
Most small business owners (76 percent) said that an identical experience across desktop and laptop computers, smart phones, and tablets was very or somewhat important.
“Mobile and self-service technologies have penetrated all aspects of our lives, so it’s not surprising that small business owners would want their workers’ compensation insurance carriers to use those tools to improve responsiveness and convenience,” said Ty Vukelich, vice president of Corporate Marketing. “For a long time, the customer experience has been an afterthought in this industry. The new generation of small business owners is digitally savvy, so now is the time for the industry to get focused on the customer and deliver the kinds of experiences they want.”