Insurance companies approach payout timelines differently — for some, this process can drag on for more than a month. At IC "VUSO", they believe that the main thing is the client, who should be satisfied with the speed and quality of service. The company is transitioning to new standards: now only 7 days pass between the claim and the payout. The Chairman of the Supervisory Board of IC "VUSO", Alexander Shoikhedenko, talks about how this was achieved.
What affects the speed of payouts?
Everything here comes down to the company's strategy. One option is to focus on maximum profit and save on costs by delaying service. Another is to invest in service quality. Also important is the level of risk the company is willing to take on when paying compensation without a full set of documents. The speed of emergency commissioners and claims settlement departments also affects the timelines.
What is the typical payout time for CASCO in Ukraine?
On average, this figure across the market is about 20 working days. Different insurers have limits ranging from 14 to 35 days.
How long did payouts take at "VUSO" before?
Just a year ago, the average time was 20–25 days. At that time, we set a goal to reduce it to seven days. Many doubted that this was possible, but already in September 2015, 82.1% of clients who filed a claim for CASCO compensation received their money within a week.
Why did the management of "VUSO" choose payout speed as a priority?
In any service industry, time matters a lot. Today, a client is not satisfied with just good service — they expect everything to be done quickly. This is especially important for the insurance industry.
How did you manage to speed up the payout process?
The reduction in timelines was the result of business process reengineering:
·electronic document flow was launched;
·a flexible schedule for specialists was introduced, allowing documents to be checked almost without breaks;
·working conditions with assistance companies were revised — clear deadlines were set for them to collect and transfer documents to the insurer;
·rules for interaction with appraisers were changed: market value calculation is provided within 2 hours.
What does the company plan to do next to improve service?
The main step is to change the employee motivation system. We will assess client satisfaction, and this indicator will be included in the evaluation of staff performance. In addition, thanks to new software, settlement will become fully remote. A personal web cabinet for clients will appear, where they can track the status of a reported event, get the necessary information, and submit documents electronically.
