ServiceNow FSO for Insurance: A Platform for Digital Transformation

In the era of millennials and Gen Z, where instant gratification is the key to a content consumer, insurance companies constantly feel the massive urge to step up their tech game.

Whereas previously, end-to-end digital transformation was considered an ‘optional but profiting nonetheless’ investment, it has become a non-negotiable now. Technical inefficiency where stakeholders are on the receiving end is no longer excusable. Global interconnectedness has led consumers to become more in tune with technological advancements, and they expect the same from insurance providers — particularly with respect to security, rapidity, efficiency, and quality of service. 

This is where ServiceNow FSO comes in as an aid to enhance customer experience and fill up the cracks in insurance companies’ core operations. Let us focus on some ways in which FSO has transformed the way insurance companies function. 

Seamless Customer Experience

A seamless and friction-free customer experience has been one of the best ways for insurance companies to set themselves a notch higher than their competitors. ServiceNow FSO makes the process easier with its provision for end-to-end customer journey automation, right from the point of issuing policies to the end of the claims settlement. 

ServiceNow FSO puts up a smooth front-end customer interface to facilitate automated conversational support for customers, cutting down on time-taking procedures. Additionally, ServiceNow mends and joins together the siloed middle and back-end business operational processes to speed up the delivery of customer requirements and lower operational expenditure. 

Automation of Processes

Conversational automated services either provide solutions to the customers in real-time or guide them to avail of the required services from the company. They even redirect them to a customer experience manager who can interact to deliver an adequate solution. 

Automation of relatively smaller, repetitive, and manual operational processes enables insurance companies to initiate more meaningful interactions with customers. This leads to improved workflows, especially pertaining to the claims management systems

By automating the claims management processes, insurers can focus simply on maintaining the accuracy of claims processing and acquiring real-time updates on the client’s claims status. This end-to-end automation of operations thus speeds up not only the process of claims expeditions but also claims adjudication. 

One Platform, One Data Model

FSO streamlines data processes by allowing the connection of the insurance data model with the ServiceNow platform. This:

  • Speeds up development efforts
  • Helps insurance carriers manage configuration data

In the absence of a well-connected data model system, business operations are bound to be clouded by endless paperwork and filing, followed by continuous switching between different systems and platforms to gather and process data. ServiceNow’s single platform solution streamlines the business processes into a smooth journey starting right from FNOLs down to claims settlement. 

Insurance carriers can also detect KPIs across insurance processes like underwriting, the serving of policies, and the processing of individual performance, all simultaneously in one single platform. 

Smart Data Integration

ServiceNow’s smart data integration plays a crucial role in minimizing risk owing to the minimal reliance on manual processes to manage data. ServiceNow FSO, with its provision of real-time data analytics, helps insurers gain insight into customer data and make informed decisions accordingly. 

The platform further creates reports for insurers in such a manner that the decision-making is quick and error-free for the purpose of effective risk management. Insurers can further detect constrictions with the help of real-time data ensured by ServiceNow, thereby enhancing customer experience and cutting down on processing time.

Easy Complaint Management

FSO’s intelligence helps in deftly categorizing complaints as high-risk, medium-risk, or low-risk, thereby generating quality end-to-end audit trails and ensuring a speedy resolution of any and all complaints. 

The platform further helps generate various templates for effective interaction with customers. This allows insurance support representatives to provide more meaningful assistance and drive value-added interactions. This helps in nurturing a more personalized customer experience along with providing informed solutions that go beyond the basic assistance customers expect. 

Personalized Agent Space

A personalized agent space plays a vital role in motivating and optimizing the productivity of brokers, agents, and insurance employees. A smooth functioning interface and well-maintained layout certainly enhance workspace efficiency. 

Insurers can customize this space as per their requirements, thereby allowing the delivery of integrated solutions and nurturing the ability to provide guided resolutions to customer complaints. Features like visual taskboards help respective stakeholders chalk out their course of action as per priority.

Summing Up

Insurers, alongside other stakeholders like policyholders and distribution partners, can relish end-to-end digital transformation with the help of ServiceNow FSO. The platform can help minimize operational issues, drive customer-friendly front-end interactions, and streamline back-end processes for a more frictionless service experience.

Insurance providers, with the help of ServiceNow FSO, are bound to unlock significant business growth and improved results. 

Let Xceltrait help you channel the power of ServiceNow FSO for efficient insurance operations. Connect with a specialist today!

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