Connected claims across Europe & North America

When a survey was carried out across the globe among insurance companies, the top three functionalities that had an impact on the claims were Product Development with 44%, while Underwriting was at 36% and Policy Pricing carried 20% weightage. However, nearly all insurance executives acknowledged that it was the claims experience that had a direct impact on the insurance policy purchasing process. Insurance enterprises across the globe are therefore focussed on Customer Experience, and creating solutions to streamline the claims process, thereby creating a differentiating factor. 

For example, adopting new-age technology and automation solutions, insurers can gain insight that will help at FNOL, which will allow customers to bypass much of the initial stages of the data gathering which is where the process begins. This in turn will lead to saving on time and money, while offering customers a better experience along the journey. We had written about the importance of connected claims in an earlier post and in this one shall look at the trends across Europe & North America. 

A shift across Europe & North America

Insurers have realised the value of working with customer demands and the need for innovations to create stand out products and services to increase sales.  In a study carried out, nearly 52% of the respondents stated that innovation was their key focus on improving the claims process. When looking at the scenarios across North America and Europe, the former is much more confident with their existing claims systems when compared to the latter.  The chart below shows the perception across both regions with regards to their claims process against the competition. 

Some of the core elements that go into the transformation of the claims process are IoT, Analytics, Artificial Intelligence and Machine Learning capabilities. Insurance companies across these two regions are looking to create a solid foundation to secure their future.  

While there is not much of a difference between North America and Europe insurance markets in the claims arena, there are a few subtle differences that show how one has a small edge over the other. In Europe, for example, Connected Car and Telematics continues to be a priority  [40%], when compared to North America [only 25%].  

In North America, the main areas that are known to have an impact on claims are Analytics, IT, Data sources and Marketing campaigns. On the other hand, European companies look at  Innovation, Digital Transformation, and Product Development. 

The main challenge faced by insurers in North America is customer engagement and relationship building, considering issues faced on the data insights from the FA/brokers. This in turn affects the customer insights journey and therefore has a direct impact on the claims experience. For North American carriers, the need to connect the dots is a big hurdle, but they need to find a way around it as it is crucial for affected connected claims. 

In Europe, the insurers have a direct relationship with customers, and therefore the interactions are quite close. These insurers are focussed heavily on ensuring innovation and new product development.  Apart from the other functionalities that impact claims, these two countries have also been working with external partners to help streamline their claims process.

Third-party support and collaboration help make a difference. When innovation is a priority, insurers need to look at what will have the biggest impact on the customer’s experience and the company’s position in the market along with business efficiency. There are several opportunities through digital platforms, new technologies, and innovation that insurers are aware of. Few of the areas where external sources and collaborations have helped claims are AI & ML capabilities, Digital channels, and Cloud services. With technologies such as IoT, NLP and Connected wearables/home have become an inherent part of the insurance journey, claims transformation is likely to happen as we head into the future.   

At Neutrinos, we have developed the “claims e-Submission” solution. An end-to-end encrypted electronic claims management solution that enables customers to file their claims online and comes with features unparalleled. This app has the most user-friendly UX and has a process flow that is clear and easy to follow. Convenience and functionality are the highlights of this solution. Do reach out to us if you are looking to digitally transform your business. Here are a few clients we have helped with our claims solutions. 

Success Stories 

1. Instant Motor Claims and Life Insurance process flows

Challenge & Solutions 

A large private general insurance company in India wanted a solution that would bring their auto insurance partners (garages) and employees on to a single platform with a common database in order to:

• Reduce response times

• Process claims with minimal involvement from the Call Centre (manual effort)

They also wanted to simplify and improve their current process in the Life Insurance segment. Their current process was tedious and time consuming as customers needed to provide basic policy holder details and policy data for every policy.

Neutrinos developed a claims registration application for auto insurance that brought the partners (garages) and employees on to a single platform with a common database. For their Life Insurance segment, Neutrinos designed, developed and deployed a solution in quick time, to completely modify the client’s existing process.

Benefits

In Auto insurance:

• Faster claim response times

• Reduction in costs associated with Call Centre involvement

• Real time data availability enabled easy decision making

• Consolidated Reporting eased operational workflows

In Life Insurance:

• Ease and convenience for both data collection and policy quoting was achieve

2. Motor Insurance – Accident Claims

Challenge & Solutions 

The client’s objective is to provide competitive and customer service at the fingertips where customer experience being the focus and intuitive design motivate customers to experience a self-service portal. Major business objectives:

• To digitize the paper based claims registration Process to speed up the process and reduce call center efforts.

• Hassle free registration of Accident Claim.

• Auto assist client identifying Panel Beaters using location based search.

• 24×7 live assistance.

Neutrinos developed a claims registration application for auto insurance that reduces the time to respond and process the claims with minimal involvement from the call centre (manual effort).

Neutrinos helped MPIG on the digital journey with customer facing omnichannel multi-device applications(Mobile and Web). We had the solution up and running in accelerated time with our powerful low code application platform and culinary touch of architectural class and bringing in the API implementation to live.

Benefits

• Data transparency and 24/7 data availability brings in better settlement ratios.

• Improved and faster SLAs.

• Improved customer experience abd customer relationship.

• Lower operating cost with extensive data visibility.

3. Health Insurance Claims process redefined 

Challenges & Solutions 

Healthcare claims is a process that involves various tasks such as organization, billing, filling, updating and processing of medical claims related to the diagnosis, treatment, and medication of patients. The rising cost of claims and the complexity of claims management are among the most pressing challenges.  Current key business challenges:

• Lack of trust – many insurance firms fail to pay claims, and they don’t own up to offering some benefits. Therefore, most people just see insurance as one of the unnecessary expenses.

• Mismanagement – incompetent management cost the company a lot, particularly with poor communication with the clients. Mismanaged claims can’t be hidden for a longer time without the clients noticing. As time moves, there will be a constant increase in the number of clients` complaints, and that leads to losing customers.

• Claims settlement issue – generally, it is very difficult for the consumers to claim settlement from the Companies. Terms and conditions are usually not clear with the clients so they make false claims. Companies are unable to fulfill that claim which leads to problems with customers Sometimes companies denied the claims without any specific reason. There are no clear systems to check the status of claims.

Neutrinos developed a claims registration and semi-automated application towards Health Claims management and settlement settlement.We helped Insurer on the digital journey with the claims registration process where the claims self-service portal wil allow customer or the hospitals to register the claims seamlessly with guiding rules of completeness of the claims registration process. The system automatically checks for adequate information and validations.

Solution also helped automating some aspects of the Claims Adjudicationprocess e.g. pre-authorisation request approval, claims eligibility, de-dup check etc. Currently the solution is a combination of automated and manual steps.

Benefits

• Data transparency and 24/7 data availability brings in better settlement ratios.

• Improved and faster SLAs.

• Improved customer experience and customer relationship.

• Lower operating cost with extensive data visibility.