Efficient claims management is crucial in the commercial insurance industry, for it influences customer satisfaction, cost control, risk assessment, and regulatory compliance. However, it isn’t usually straightforward to ensure seamless claims management. As per the U.S. Claims Digital Experience Study by J.D. Power, customer satisfaction associated with digital claims experience decreased by 7 points in 2022, reaching 857 (on the 1000-point scale).
However, the ServiceNow FSO Commercial Lines Claims application alleviates a host of claims processing and management challenges. Let’s see how.
What Is Commercial Lines Claims Application?
In simple words, the Commercial Lines Claims application allows organizations to set up several stages of the claims process – right from the “first notice of loss” to when the claim closes. It’s part of the Insurance Claims handling function of ServiceNow Financial Services Operations (FSO). Essentially, the app advances the notion of enabling end-to-end automation of claims management processes through several phases in the claims lifecycle. It serves to provide:
- Real-time visibility into claims-related data
- Monitor claims against policy wordings and policy limits
- Rapid response to claims as they occur
- Continuous learning and analytics related to claims and claim trends
- Personalized engagement with customers to ensure timely and smooth claims resolution
Key Features and Capabilities of ServiceNow FSO Commercial Lines Claims Application
Claims Intake
The application facilitates the efficient intake of new claims, capturing all necessary information and routing them to the appropriate teams for further processing. In other words, it streamlines the initial triage process, ensuring that claims are assigned to the right individuals or departments based on their expertise and workload.
Communication and Collaboration Tools
The application includes features that enable effective communication and collaboration among stakeholders involved in the claims process. It facilitates dedicated playbooks that the different personas across the organization can leverage. These personas are characterized by the specific function that they serve in the claims management process.
For example:
- The Administrator is responsible for application configuration
- First notice of loss (FNOL) representative helps customers to create the case and upload documents
- The claims Adjustor validates and verifies the documents
Analytics and Reporting Functionalities
Favorably, the application features analytics and reporting capabilities to provide insights into claim trends and performance metrics. For example, the application allows for:
- Monitoring the claim case status
- Drilling down into the cases
- Review the cases that had breached SLAs
- Pinpoint the cases that require immediate attention
- Learn the average closing time of the cases
Apart from these, the application is viable for:
- Visualizing the claim records
- Building claims service using the claims data model
Benefits of Using ServiceNow FSO Commercial Lines Claims application
The ServiceNow FSO Commercial Lines Claims application offers several benefits for insurance companies. For example, it:
Streamlines Claims Processes and Reduces Cycle Times
The application streamlines claim-handling processes and eliminates manual and paper-based tasks. This leads to:
- Faster claim intake, assignment, and resolution
- Reduced cycle times
Improved Accuracy and Consistency in Claim Handling
The application ensures standardized workflows and automated rules for claim assignment and processing. This minimizes errors and ensures consistent claims handling, improving documentation, evaluation, and decision-making accuracy.
Enhanced Customer Experience and Satisfaction
Policyholders experience quicker response times, efficient communication, and transparent status updates. They experience the best digital claims management workflow, which serves to enhance the insurer-policyholder relationship.
Reduced Operational Overhead
Instead of drowning in data, the insurer can use strategic decision-making and analytics to improve claims processes and customer satisfaction. This brings about reduced operational overheads, which frees up valuable resources for other purposes. The stakeholders can oversee the entire claims process to ensure efficiency and consistency.
Besides, by making claims management a seamless process, the application promotes better customer retention, which reduces overall service costs. It also helps to improve the ability to manage risk, as it enhances risk assessment by capturing data in real time.
Centralized Workflow to Improve Claims Management at Scale
The application is capable of handling claims using a centralized workflow. Right from the claim initiation stage, which includes the first notice of loss (FNOL) process, to the claim closure stage, everything can be managed for the customers following a central workflow. As such, stakeholders are able to coalesce with the special investigation departments that are responsible for assessing and resolving claims.
Relish the Power of Commercial Lines Claims Application with Xceltrait
Leveraging Commercial Lines Claims application for efficient and effective claims management for commercial customers is of utmost importance. It enables streamlined processes, faster claim resolution, and improved accuracy.
By automating workflows, integrating data sources, and providing advanced analytics, the application enhances operational efficiency and cost savings. Moreover, it facilitates seamless communication, collaboration, and documentation management, enhancing customer experience and satisfaction.
Overall, harnessing technology in claims management optimizes resources, reduces cycle times, and enables insurance companies to stay competitive in a rapidly evolving industry. At Xceltrait, we offer solutions that bring about higher productivity and cost savings. Our team of experts will ensure that the ServiceNow FSO Commercial Lines Claims Application provides optimal returns on investment. Contact us to find out more.
