How ServiceNow Financial Service Operations (FSO) Helps Insurance Carriers Expedite Claims and Deliver Frictionless Service

From ridesharing mobile apps to Amazon Prime orders, today’s customers expect instant service delivery, a delightful experience, and the utmost convenience. This also rings true for insurance services and claims, which otherwise can be very labor-intensive and time-consuming processes. While every customer and claim is different, there are standard ways to match customer expectations, survive, and thrive in this competitive industry. 

This is precisely where ServiceNow Financial Service Operations (FSO) comes into the picture to help insurance carriers expedite claims and facilitate seamless service.

ServiceNow Financial Services Insurance (FSO) Policy Operations Features

Group and Individual Life Service Application

It allows insurance carriers to service, manage, and update insurance accounts and policies by automating manual processes and unifying disparate systems. The policyholders can initiate service requests on any channel, thus enabling omnichannel and personalized experiences. The service representatives can also get contextual information to deliver personalized customer service.

Commercial Lines Claim Application

This application offers end-to-end automation, embedded controls, and intelligent assignment capabilities. These features allow insurance carriers to provide real-time visibility of claim status to the customers. It is specific to commercial property and casualty accounts, including automobile, Business Owner Policy (BOP), and compensation of workers. It helps manage all the tasks and coordinate the efforts with multiple departments related to commercial insurance coverage and claims. As such, it helps expedite the claim process and deliver the best-in-class service experience.

Personal Lines Claim Application

The claims journey involves multiple people, departments, and systems that often lead to a lack of transparency and delayed processing of claims. This application provides a transparent, digital, and intuitive journey of claims. Whether the insurance carriers are processing claims for renters, homeowners, or any other type of personal claims, this application has various benefits, including the:

  • Compilation of claim information in a centralized location
  • Straight-through process of claims
  • Minimal manual work and paper files
  • Adherence to Service Level Agreement (SLA) compliance
  • Expedition of adjudication

Customized Playbook Experience

It enables the completion of the insurance workflows by using dedicated playbooks designed for specific roles. The playbook also provides step-by-step guidance to complete every task to ensure that every step is completed at the right stage of the process.

Performance Analytics Dashboard

It can be leveraged to gain insights into the performance of the team. The customizable views of a dashboard for personal and commercial operations are available to gain real-time insights into service operations and claims processes.

How ServiceNow FSO Helps Insurance Carriers?

Automation and Optimization of Processes 

FSO helps insurance carriers deliver seamless experiences and reduce operational costs by optimizing and automating processes across the value chain. Some of the ways that Financial Service Operations make this possible include:

  • Low-code application development
  • Unification of legacy architecture without replacing core systems
  • Automation of manual tasks
  • Integration of information into existing processes
  • Unification of disparate back-office processes with a single system of action

Provide State-of-the-Art Insurance Applications

As elucidated above, applications offered by ServiceNow FSO pertain to personal and commercial claims, group and individual life servicing, and personal and commerce lines servicing. Along with streamlining and automating the claims process, these applications also enable insurance carriers to resolve customer issues faster and coordinate effectively with distribution, underwriting, and servicing teams.

Leverage Core Capabilities 

ServiceNow FSO also leverages its core capabilities to expedite claims and provide better customer service. Some of the core capabilities include:

  • Performance Analytics to monitor the key performance indicators across claims, policy servicing, distribution, and underwriting in a single platform.
  • Proactive policy servicing with the help of chatbots.
  • Automation of policy servicing processes through playbooks.
  • Utilization of machine learning to provide guided decisions recommend solutions, and route issues intelligently.
  • Agent workspace to enhance productivity with the help of optimized layout and guided resolution.
  • Effective assignment of tasks by routing the tasks automatically to the best underwriter or processor based on business rules.
  • Omni-channel experience to manage policy changes seamlessly through social media, text messages, and more.
  • Document templates create tasks for a specific participant in the document – leading to a simplified process of review and signatures and minimizing human errors.
  • Complaint management to prioritize the high-risk complaints, generate audit trails, and improve the speed and quality of resolution.
  • Surveys and dashboards to get real-time information, generate on-demand reports, and more.

What’s New in The November Release?

The latest release of ServiceNow includes many exciting features, including an innovative application to address the critical business needs of insurance carriers. Most insurers rely on conventional technology, outdated processes, and disparate systems that lead to a negative experience for policyholders. The new release closes these gaps by unifying disparate systems and processes while delivering a transparent and empathetic policyholder experience.

Get Started with ServiceNow FSO for Your Insurance Business Today

ServiceNow FSO has transformed every part of the insurance process, including service experience, claims management, and policy operations. 

Looking to leverage the power of ServiceNow FSO to ensure greater efficiency in managing claims and delivering frictionless customer service? Talk to our specialist to understand how ServiceNow FSO can help your insurance business succeed.

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