Vice President, Product Management
What are the biggest incentives for P&C insurers to upgrade their claims system to support a straight-through process? Has this trend accelerated during the past 12 months?
Speed clearly helps provide a positive customer experience. Workflow dynamics help carriers gain speed, and capabilities in advanced systems automate processes. Recently, we’ve seen more requirements for automation using rules and workflow processes. Rules and scorecarding, which can use third party information, help assign complex claims to the best staff member. Straight-through processing for simple claims relies on rules and automation. It’s important to capture best practices, especially with many retiring. Their knowledge can be built into work flows, so less experienced staff still handle claims well. Time spent supporting integration to third party data has grown tremendously, so upgrading to a system that supports easy integration is critical.
Why does integrating your claims, policy admin and billing systems lead to greater efficiencies and better customer service?
An integrated core suite is designed to work with each system ‘understanding’ the others. With point systems, that’s not the case … they may struggle against each other so information is unavailable when needed. Suites allow for centralized customer information, eliminating duplication and selecting the wrong person. Carriers can set up a standard interface for third party systems so they work the same way throughout the suite. Workflow available from an integrated solution is a real advantage for customer service. Multiple point systems result in multiple layers of complexity, resulting in a lack of agility. A suite lifts that efficiency burden from the carrier so they can provide better service.
StoneRiver – a Sapiens company
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