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Auto Insurance…The Need for Speed.

In 2017, Ping An, China’s second largest insurers and the biggest non-state-owned company by revenue, rolled out a “Superfast Onsite Investigation” system — enabling policy holders to submit claims by simply operating a smartphone app and answering a few questions.

Fender Benders, even minor ones, used to mean interminable hassle for Chinese drivers. One could wait hours by the roadside for an insurance inspector — then lose hours more filling out forms. Reimbursement took days, and often weeks. Generally speaking, just about the only time customers are going to contact you is when they need help, so speed counts in getting them where they’d like to be.

In an August 2019 article for Fortune Magazine, Clay Chandler stated that Ping An’s niftiest feature on the app, offers the option to not even wait for an inspector. Instead, customers can snap photos of a damaged vehicle and send them to a Ping An computer, which can respond with a repair estimate in three minutes or less. If the customer accepts the estimate, then wancheng! (“Done”) Ping An can transfer funds immediately.

Last year, Ping An’s customers used this feature to settle 7.3 million claims, or 62% of the total. The service saves the company more than $750 million each year by reducing bogus claims and human error.
Ping An’s insurance arm now reaches 184 million customers and accounted for the bulk of the company’s $164 billion in revenue in 2018.

In today’s economy speed is everything. So, why aren’t more companies paying attention?

Number one, the mindset of most employees is slow. They are not trained or empowered to offer quick and meaningful solutions to customer problems.

Number two, most organizations have policies and systems that increase “slow”. They need to put in place company policies and procedures that dramatically reduce the time needed to complete a task while still placing a high importance on the level of quality.

Number three, the technology we have available to us today can dramatically increase speed. Ping An is a good example.

SQI has a two session program called Speed. If you want to drive a culture of speed take a look our program entitled Speed.

“Today’s consumers want speed and convenience, but they also want a great customer experience.”