BOYD FITTES

Vice Pres­i­dent, Prod­uct Man­age­ment

Digital Insurance - - CLAIMS -

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.

Con­tact In­for­ma­tion

StoneRiver – a Sapi­ens com­pany

800.943.2851 | mail to: so­lu­tions@stoneriver.com

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