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Transforming the Insurance Claims Process: Real-Life Examples

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Claims is the point of truth in an insurance journey. It’s vital that insurers get it right. Companies including LemonadeYouse, and Nexible have rejected slow and manual quote and claim processes in favor of fast digital applications. This has elevated the expectations of insurance customers across the globe.

The importance of a claims process experience to customers, and its administrative burden make it a popular choice when prioritizing transformation projects. It’s the first place to look to increase operational efficiency and reduce costs while also improving the customer experience.

Here are three examples of how insurance companies have transformed their claims processes and the benefits this has delivered for both customers and employees.

Improving customer service

Customer service is a vital element of insurance, with 69% of insurers rating customer experience as ‘very important’ within the claims department. Having a smooth, efficient customer experience helps to build trust, which is a key factor when it comes to selecting an insurance provider.

BNP Paribas Cardif Japan, part of the eighth-largest bank in the world, began their process automation journey with the claims process in their mortgage insurance. It has a strong social element and sits at the heart of the insurance journey, so was a priority process. The primary focus was to simplify the claims process using Bizagi to automate the validation, assessment, and the approval of a claim.

“For us, claims is the real moment of truth and we want to be a company that is healthy and profitable, but also known as a trusted partner to our customer base. We will be there to service them when they are in the unfortunate position of making a claim,” said the CIO.

The simplification and automation of the process has saved employees up to two hours every day. Automated data entry has also improved the quality of information throughout the process. This has contributed to a significant reduction in the time to deliver claims, improving customer experience, and meeting claims payment regulation deadlines.

Enabling remote working for employees

Organizations have known for a while now that their manual, paper-based processes need to be digitized. This issue became more apparent than ever in 2020 when the COVID-19 pandemic forced offices around the world to close. Employees began working from home and paper could no longer be passed from person-to-person in the office.

Global insurer SCOR’s UK team needed to work remotely due to COVID-19, so needed a new way to execute its manual, paper-based claims assessment process. They needed to quickly digitize the process in order to carry on working efficiently and keep customers satisfied.

The initiative was completed from design through to deployment in just six weeks. This was all completed remotely, so nobody actually met in-person throughout the project. They used Bizagi to enable an agile working environment to support fast deliveries and introduced automation to eliminate manual, non-value-add tasks.

“I’m massively impressed with how quickly this has been turned around, that’s just blown me away,” said Mata Veleta, Head of IT Innovation and RPA. “This project was a very good demonstration of how far and fast we can go when we work the agile way together.”

The process is now fully digitized, with the team seeing 80% increased efficiencies across all administrative tasks within the first three months of use. Following the UK team’s success, SCOR’s claims process is now being digitized globally across nine different macro-markets.

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Watch Mata Veleta’s session from Bizagi Catalyst 20 on-demand now to hear more about SCOR’s transformation of their claims initiative.

Lowering the cost per claim

While delighting customers is a key element of the claims process, insurers also need to ensure that it cost-efficient. It is the key point where they can lose money. Automation can help to lower the cost per claim by reducing administration and ensuring accuracy to help the process to be as efficient as possible.

Seguros Universal, the leading insurer in the Dominican Republic, was looking to improve its vehicle insurance claims process, which had become increasingly complex due to disparate systems, leading to a lack of transparency and inefficient operations.

Using Bizagi, they integrated their disparate systems to bring end-to-end visibility to the claims process, and introduced automation to reduce operating costs and aid employee productivity. The integrated process means that when Universal carries out the inspection process, the information is recorded in the Bizagi platform and the repair shop can order directly from there. This has led to a 30% reduction in parts returns, saving both time and money.

“Bizagi has allowed us to increase the amount of cases within the growth of the portfolio without having to increase the staff at the service points. Definitely, we have been more productive and efficient with Bizagi,” said Alejandro Pimentel, VP Claims.

 

Ultimately, Universal has doubled the number of claims processed, but only had to hire one additional FTE, contributing to a 45% increase in revenue for the insurer.


It’s more important than ever for insurers to digitize operations to keep up with insurtech disruptors. Download our ebook, Transforming Insurance, to find out more about how to tackle the changing insurance landscape and future-proof your insurance offering.

 

 

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