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Oliver Wyman

Oliver Wyman is our official partner for the APAC Insurer Innovation Awards.

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com.

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology intensive and converging industries. We navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations. Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Library: Appian – Three tips to streamline claims operations for a connected insurance experience

Executive summary :

1. Get the most out of your data.

 The Digital Insurer reviews Appian’s Report on Three tips to streamline claims operations for a connected insurance experience

Claims must be streamlined to achieve a connected experience 

Insurers have data living across many disparate systems, like CRMs, document management systems, accounting systems, core administration systems, and more. This results in time wasted toggling between screens, searching for information, and reentering data, increasing the likelihood of human error. This all results in a prolonged, disjointed customer experience.

Relying on outdated systems takes a heavy toll on insurers’ bottom lines—Forrester Research estimates that maintaining older applications and technology typically costs 70% or more of an organisation’s technology budget, severely limiting what can be spent on innovation or new development for value-added services that would enhance the customer experience. Instead of relying solely on these disparate systems, insurers should look to unify and extend their data across systems with low-code.

With low-code, insurers can bring together their existing systems without data migration, creating a single engagement layer across the entire claims process. By using integrations and open APIs to unite data, systems, and processes in a single workflow, insurers can achieve the following benefits:

  • Access a single 360-degree view of each claim and customer.
  • Stay agile by having a tech stack that can easily integrate with the industry’s ever-expanding digital ecosystem of IoT networks, telematic devices, and insurtechs.
  • Increase productivity by minimising the “swivel chair effect” and empowering staff to concentrate on more high-impact work
  • Improve customer satisfaction by reducing the need for customers to provide duplicative information.

Utilising low-code enables insurers to reap immediate benefits without the risk and expense of ripping and replacing core systems.

2. Optimise claims intake.

Disparate systems and data make it more difficult to manage claims from first notice of loss (FNOL) to close. The pre-defined data models of legacy systems limit the ability to capture quality data, resulting in manual intervention at multiple points over the lifetime of the claim and cycle time delays, particularly during high-intake periods like natural disasters

Automation gives insurers the power to tap into technologies like intelligent document processing (IDP), artificial intelligence (AI), and machine learning to optimise claims intakes and achieve these benefits:

  • Replace paper-heavy or phone-centric FNOL processes with digital intakes.
  • Leverage IDP and AI to automatically extract information from claims documents.
  • Capture relevant claims data outside the legacy system’s proprietary data model.
  • Better orchestrate claims flow by creating workflows to ensure claims are routed to the best resource quickly, accelerating time to close.

By breaking down silos and unifying legacy applications and new data sources, insurers can more easily capture and manage each claim from the moment it’s reported.

3. Digitise the claims experience.

Demand for a digital experience from insurance consumers continues to grow. Throughout the industry, fully automated insurance products are bringing unprecedented speed and ease to the claims experience. And when we say unprecedented, we mean it: Lemonade, an emerging insurtech, set a new world record for settling a claim in just three seconds. To compete in such a high-speed market, insurers must streamline processes to accelerate time to close.

Here are just a few ways insurers can optimise their claims experience:

  • Fine-tune the claims process with workflow, business rules, and data to better segment claims processing.
  • Integrate with advanced data sources like IoT, telematics, and insurtechs to accelerate claims processing.
  • Create custom workflows for different user personas.
  • Leverage AI and IDP to ensure complex claims are routed to more experienced claims handlers.

Claims are crucial in delivering a connected insurance experience.

For more detail, and to access the ebook Seven ways to modernise the claims experience – using what you already have

See the full report for more…

Link to Full Article:: click here

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