Everyone is familiar with fast-food, but not everyone is aware of how well it goes hand-in-hand with the life of a claims adjuster. During the Claims Innovation USA 2021 event, moderator, Chris Frankland, Founder of InsurTech360, interviewed Clay Rising, VP Claims at Kin Insurance; Andrew Vogeney, General Manager of North America at FRISS; Kelly Yates, VP Claims at Topa Insurance Company; and Steven Gregory, VP Claims at Tower Hill Insurance. This panel fueled some great discussion topics, one of which being how well Chick-fil-A employees’ disposition would translate to claims handling. And it got me thinking, how much do other aspects of the fast-food industry correlate with our day-to-day lives as part of the insurance world? And could these restaurants change the way we look at claims?
Sonic: seeing the need for innovation
First, let’s begin with Sonic, who created a product for everyone.
Most people know Sonic for its iconic drive-ins. Park at a spot, speak into the menu, and next thing you know, a magic rollerblading waiter or waitress comes out with your order. But did you know that Sonic also has a drive-thru? For those of us in even more of a rush, they adapted. If a customer doesn’t have time to park and eat, the drive-thru is a great option so they can still experience the infamous sonic flavors, without waiting for a server to arrive.
Although the drive-thru isn’t as popular, it exists because Sonic recognized the need for it. And claims works the same way. Maybe a mobile app isn’t in the cards for every policyholder but by innovating processes and giving people that option, carriers prove that they are willing to meet the needs of their customers, just like Sonic. In the insurance industry, many of us feel coerced into upgrading our technology and workflows, yet some are also very enthusiastic about this change; and the same goes for our customers. So, to offer them the best experience possible, we have to adapt to their learning curve, whether that pace be supercar or horse and buggy.
Another great aspect of Sonic is their menu offerings for each course of your meal. Like FRISS, Sonic constructed a full end-to-end service. Where FRISS focuses on fraud prevention throughout a policy lifecycle and creating a product to suit everyone, Sonic does something similar but with food instead. They offer everything from corndogs to diet soda to Sonic Blasts, to help you find the right product for your appetite. But thankfully for us as consumers, they specialize in designing menu items, not explainable AI.
Chick-fil-A: great customer service
Next, we have Chick-fil-A, a company that hires people based on their demeanor.
When you go to Chick-fil-A you know what to expect. You’re getting a great product and even better customer service. Their model consists of eye contact, smiles, and personal engagement with every customer. For these reasons and because they openly cater to families as well, Chick-fil-A has developed a strong brand loyalty nationwide.
And once again, when it comes to claims, the same idea exists. Not every policy holder is going to be ready to face new technology at the same time but with friendly people on the other side of the phone when they do have questions, it makes a world of difference for them. This is something essential for policyholders during this new age of digital transformation. We sometimes forget how far that personal touch can go.
McDonalds: try new things to see what works
Finally, we have McDonald’s, and what we can learn here is that if things don’t work, get rid of them.
During the early 80s the McRib was one of McDonalds’ most controversial products. On the menu for a few years, off for the next couple. On the menu for few months the next time, then it disappeared again. McDonalds tried and tried again with the McRib, trying to find the perfect balance for its customers. But finally, they came to a conclusion.
McDonalds created the first temporary fast-food menu item. They made the McRib a seasonal product so people would know when they could find it, but McDonalds wouldn’t be stuck footing the bill for the months it was less popular or when pork prices increased. They also had a similar approach to the McLobster. They tried something new, realized it was not going to be a success, and removed it accordingly. I’m going to guess you haven’t seen that on a menu recently.
And this is actually a great metaphor for claims innovation. If your company purchases a new technology, that doesn’t mean you’re stuck with it for life. Test it out for a little bit, if you hate it, get rid of it. If you only somewhat like it, modify it to meet the extent that it’s useful to you.
What About FRISS
As you can see from these fast-food giants, there is much to learn about the way we approach claims and how to plan for innovation of the future. Like these major food corporations, insurance carriers have to adapt to meet the needs of their customers. And like a consumer of fast-food, instead of doing a proof of concept, insurers have to carry out their due diligence to find the best fit for their appetite.
When we think about this in terms of FRISS, there are great comparisons between our products and each of these companies, as well. Like Sonic, we make products for everyone; we specifically designed a solution for SIU using the vast industry knowledge of our employees. Like Chick-fil-A, we hire the right people; the reason FRISS has the knowledge that it does is because we pride ourselves on finding the right fit for our own appetite and approach the hiring process with this in mind. And like McDonalds, we don’t just put out a product and leave it because it might be successful at some point; we use our expertise from the 15 years we’ve been around to create products that suit our consumers, and consistently evaluate their relevance along with that.
If you’d like to learn more about our niche presence in the fraud detection and risk prevention space, click here to read about 3 ways to solve inefficiencies in your claims process now.
