Are legacy architectures, intricate integrations of insurance technology, and multiple claims and policy admin systems holding back your delivery of frictionless experiences for your employees and customers?
ServiceNow can help.
In the era of digital advancements, substantial transformations impact the insurance sector, with technology central to operational improvements and enhanced customer interactions. Standing out among innovations, ServiceNow’s Digital Claims Platform emerges as a game changer for Property and Casualty (P&C) claims, particularly for insurers. With complexity escalating due to evolving consumer demands and heightened regulatory pressures, a solid, adaptable, and data-focused solution is now more essential than ever.
This article explores how ServiceNow’s Digital Claims Platform equips insurers for the digital revolution in P&C claims by streamlining procedures, boosting efficiency, and ultimately delivering excellent service to policyholders. The platform, using automation, real-time analytics, and user-friendly design, facilitates insurers in managing claims more simply, thereby reducing risks associated with conventional methods.
What Are the Friction Points Holding Providers Back in P&C Claims?
- Difficulty in Gaining Visibility Into Claims Status
P&C claims include a range of different workflows and lots of input need to be taken from various teams and systems. Lack of central visibility leads to inefficiency, increased manual efforts, and repeat inquiry handling from customers. This, other than delaying claims processing, directly impacts customer satisfaction.
- Complexity in Assigning Claims to the Right Adjuster
Claims assignment, considering the variables of claim type, location, severity, and proficiency of the adjusters, is a complex task. Without streamlined processes supported by intelligent systems, this process can delay the resolution of claims and put additional burdens on internal resources.
- Siloed Workflows Slow Down the Claims Journey
Fragmented operations within and across claims teams, business units, and external partners create barriers to effective claims processing. The absence of integrated and collaborative activities creates barriers to efficiency, leading to slower resolution and not-so-satisfactory customer service levels. Breaking these silos is where timely and effective service delivery becomes critical.
What is ServiceNow’s Digital Claims Platform?
ServiceNow’s Digital Claims Platform digitizes and automates insurance operations from policy servicing to underwriting. It leverages automation and harnesses the most complex claims to reduce leakage and ensure fast, accurate resolutions. The construction of a resilient business protects both policyholders and stakeholders while fostering collaboration among fraud, risk, and compliance teams—all on one platform.
How Does ServiceNow Elevate Your Insurance Operations?
- Enhancing Claims Triage and Assignment with Decision Builders and System Connectivity
ServiceNow makes claims triage faster by developing complex decision builders and seamless system integrations that factor in everything from claim type and location to adjuster expertise. It routes claims quickly and effectively to the most proper adjuster, minimizing cost per claim while also reducing overall resolution time. Insurers can optimize their resource utilization and also smoothen their workflow process through the optimization of this key process.
- Automating Simple Claims Through Straight-Through Processing and Virtual Adjustment
With ServiceNow, insurers can process simple claims with straight-through processing and/or virtual adjustment capabilities. Automation minimizes manual interventions to drive faster and more accurate resolutions. In other words, this would free up insurer resources with higher straight-through processing (STP) rates and lower costs per claim, freeing them to pay attention to more complex cases while serving policyholders more quickly.
- Streamlining Complex Claims Handling with Critical Tracking and Task Assignment
ServiceNow also provides efficient tracking and task assignment of complex claims. This way, insurers can provide transparency to all the stakeholders of a claim on updates of key importance. In this regard, the workflow of the adjusters is smoothed out by simplifying the distribution of tasks and collaboration, hence yielding better results and improving customer satisfaction.
What Are the Benefits of Utilizing ServiceNow for Your Insurance Operations?
- Simplified Insurance Experiences
ServiceNow provides a single interface for employees, policyholders, and partners by seamlessly connecting data from every system across your organization. A central approach to complex insurance workflows means a more cohesive and more efficient experience for all constituents involved.
- Agile Risk Management
With ServiceNow, fraud detection, risk management, and compliance can be put on one platform. This connectivity now enables faster reactions to people and asset protection, whereby your organization can adapt quickly to evolving regulatory requirements.
- Purposeful Automation
ServiceNow provides an intelligent, automated system of action, reducing digital sprawl which is extremely common in insurance companies. Less manual work simply means less employee workload, freeing your team to apply themselves to higher-value activities.
- Organizational Agility
With advanced technologies such as robotic process automation (RPA), Natural Language Understanding (NLU), and low-code development, ServiceNow provides faster and more accurate processes. These innovations free much-needed employee time, accelerate operations, and enhance customer satisfaction, therefore keeping your organization agile in the competitive market.
Conclusion
In an era where customer demands are escalating, operational intricacies are growing, and regulatory standards are changing, transforming P&C claims management is not just a choice but a necessity for modern insurance companies. The ServiceNow Digital Claims Platform furnishes insurance entities with the ability to simplify procedures, improve efficiency, and ensure outstanding experiences for policyholders. With the use of automation, real-time data comprehension, and unified workflows, insurers can tackle legacy hurdles and set foundations for enduring prosperity.
Xceltrait excels in applying ServiceNow’s Digital Claims Platform to assist insurers in updating their operations, focusing on simplifying essential tasks, automating claims procedures, and integrating fraud, risk, and compliance management processes. Our goal is to boost flexibility, raise customer satisfaction, and promote operational excellence. Let’s work together to refine underwriting, claims, and policy service offerings, ensuring enduring value for clients and investors alike. Reach out to our ServiceNow specialists to begin your journey toward a forward-thinking insurance operation.
