Integrations That Matter for Insurers – And How ServiceNow FSO Enables Those?

Insurers today need to deal with a plethora of delicate and interconnected workflows that are critical to their operations. For instance, their responsibilities encompass the meticulous management of an expanding corpus of documents, establishing a fraud detection framework to ensure financial integrity, vital interactions with a diverse customer base, and adherence to complex compliance regulations.

Amid this, ServiceNow Financial Services Operations (FSO) brings a dynamic and adaptable platform to the table known for its capacity to completely restructure financial services and insurance operations. With a focus on the particular requirements and needs of the insurance sector, ServiceNow FSO offers features and capabilities that are super relevant to the insurance sector.

However, given the diverse needs of insurers, the platform must integrate with other ServiceNow applications and third-party solutions. It’s here that the importance of integrations with FSO grows in prominence.

For the purpose of this article, we will shed light on a few of the most pertinent integrations that insurers would need and how they could simplify operations and boost overall productivity. 

FSO Integrations Relevant to Insurers

ServiceNow FSO is an all-encompassing platform that facilitates the automation and management of insurance operations. To better elucidate how it helps facilitate integrations, we’ll examine them across two categories — those with ServiceNow apps and those with third-party applications.

Integrations with ServiceNow Applications

Financial Services Document Management

The ServiceNow Financial Services Document Management application is a vital component for insurers. It enables the management and tracking of all documents used in workflows across various FSO applications, such as Financial Services Card Operations, Financial Services Loan Operations, and Financial Services Customer Lifecycle Operations. Its key features include:

  • Display of required documents within the service’s workflow via document service tasks.
  • Reusability of documents used in the past and that are still valid.
  • Configuration of document collection and distribution based on service and customer types.
  • Customization of document categories, types, inbound and outbound document rules, and approval rules for document deferments and exceptions.
  • Triggering sub-flows for individual documents by document service agents.

This integration streamlines document handling — ensuring documents are readily available, thus reducing redundancy and enhancing the overall efficiency of workflows.

Financial Services Document Processor

The ServiceNow Financial Services Document Processor complements the document management application, allowing insurers to collect and verify documents used in various workflows. It offers features like document template creation for standard letters and integration with third-party e-signature providers like DocuSign and Adobe Sign. 

Among its features is the integration of FSO with Document Intelligence. The latter is viable in driving automated document processing via the use of machine learning (ML). Simply put, Document Intelligence helps extract information specific to different fields within the document. It then notifies the concerned personnel of the completed task.

Altogether, this integration helps insurers automate document processes — making it much easier to manage, verify, and process documents efficiently.

Integrations with Third-Party Applications

Integration with FRISS

The Financial Services Operations Integration with FRISS application empowers property and casualty (P&C) insurers to weave trust into their solutions. FRISS is a powerful tool for fraud detection, risk assessment, and compliance management — aiding in improving profitability and customer satisfaction. Its key functionalities include:

  • Integration with FRISS API for claims to save scores into relevant claim data.
  • Real-time detection of fraud during claims management.
  • Real-time scoring of claims data at different stages.
  • User interface for portfolio monitoring to combat fraudulent activities effectively.

Manual inquiries into fraudulent activity can cause claims procedures to lag and raise the possibility of human errors. By automating fraud detection, decreasing false positives, and accelerating the processing of valid claims, the integration with FRISS significantly improves efficiency and policyholder satisfaction.

Integration with Guidewire

This integration connects ServiceNow with your Guidewire account, enabling analysis of the insurance customer and policy information. It further helps streamline claims management. Key features include the ability to:

  • Create, cancel, submit, validate, update, and close claims.
  • Manage customer contact details.
  • Retrieve policies associated with customers.
  • Modify claim details.
  • Add notes to claims.

All in all, the integration with Guidewire simplifies the process of accessing and managing customer and policy information, thus making claims processing more efficient.

Why Do These Integrations Matter for Insurers?

The integrations outlined above are significant for insurers because of numerous fundamental benefits:

Streamlined Workflows

Having a robust document management and processing system in place can improve efficiency by toning down the frequency of manual data entry. This way, insurers can process claims or renewals faster with minimal errors creeping into processes.

Lower Administrative Costs

Automation across workflows, especially in the context of extracting pertinent information from documents, can lead to significant cost savings. Insurers can minimize the need for manual document handling and processing.

Improved Data Quality

Integrations-enabled automated processes and real-time data scoring contribute to better data quality — reducing errors and improving decision-making.

Speedier Claims Processing

Integrations with Guidewire and FRISS expedite claims processing, resulting in quicker settlements and increased customer satisfaction.

Enhanced Compliance

Document management and processor applications help insurers stay compliant with industry regulations. This is essential for avoiding large fines or reputational damage.

Wrapping Up

The ServiceNow FSO integrations are a huge step forward for insurers looking to improve customer experiences, cut expenses, and streamline operations. Insurers are well-equipped to increase competitiveness, minimize manual interventions, and successfully leverage end-to-end automation with added capabilities from ServiceNow and third-party applications.

At Xceltrait, we help insurers to tap into the potential of ServiceNow’s suite of applications. Book a strategy call with us today to learn more.

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