Many insurance organizations grapple with age-old claims systems that are highly inflexible. Such systems hinder quick, transparent, and easy access to data that enables contextual claims services offers through different channels and helps settle claims faster. Straight-through processing is becoming more common in insurance underwriting and claims, especially in personal lines, individual life, and small commercial. Mobile apps, virtual appraisals, and artificial intelligence-driven straight-through processing are among the innovations reinventing the claims value chain and helping insurers meet the rising service expectations of tech-savvy customers.
Goals and Objectives
Invest in a fully automated, intuitive claim system for reporting, tracking, and settlement functions that can be delivered through multiple channels. Enable the management of and easier access to core system data for claims processing. Integrate claims processes with functions of other departments and wider ecosystem partners for faster adjudication and settlement. Invest in modern AI technologies by upgrading the capabilities and roles of claims professionals to exponential levels from both technical and business perspectives.
Modern cloudenabled claims system _ Channel and systems integration framework _ Open architecture/ standards _ Modern APIs and app development frameworks, Distributed ledgers, IoT
Use Case Summary
Modernize or replace legacy claims systems for greater efficiencies and improved agility to meet the customer expectations to handle low-touch claims by themselves. Enhance claims processes through process orchestration and integration with cross-departmental functions. Insurers will be required to balance the integration of efficiency-enhancing automation with differentiating personal service by upgrading the roles and capabilities of claims professionals.