Claims servicing is often a source of escalating costs and increased risk for insurance carriers around the world. Indeed, inefﬁciencies can lead to inaccurate claims assessments, delayed settlements, losses due to fraud, litigation and regulatory non-compliance. At the same time, forward-thinking insurers see claims as not only a cost but a moment-of-truth consumer touch point and experience.
Insurance carriers of all types and sizes are seeking better ways to streamline claims servicing to retain customers, ﬁght fraud, set reserves quickly and accurately, and analyse data to improve underwriting. In developing strategies to address these goals, the technology to support the business process and workflow for claims management through the lifecycle of the claim – from first notice of loss to completed claim and settlement – is critical. This includes the connectivity and services that allow for collaboration and business insight across all parties within the claims environment, including adjusters, special investigations units, claims departments, and third party service providers.
Solutions from Microsoft and our partners support insurance carriers in providing greater customer service through speeding closure rates and fully utilizing mobile technology to provide on-the-spot adjustments and real-time settlement. These solutions help speed the move to better document capture, document automation and workflow, improving the productivity of the claims workforce by automating routine claims processes, and providing the business intelligence to perform predictive modelling to support fraud detection.
Key technologies include:
- Business intelligence through data management and analysis
- Business process integration, monitoring and automation
- Collaboration and productivity tools
- Mobile technologies
- Customer relationship management tools
Insurance carriers that have deployed Microsoft solutions have realized dramatic improvements in claims processing – including lower development costs, smoother implementation of new technology, more efﬁcient workﬂow, faster processing, more sophisticated data analysis, and improved customer experiences. Microsoft-based solutions have measurably improved efﬁciency throughout the business, signiﬁcantly reducing the costs associated with claims servicing and increasing customer satisfaction and retention.