Expediting Claim Processing and Improving Customer Experience

Expediting Claim Processing and Improving Customer Experience

In the questions listed below, we are looking to acquire a deeper understanding of the role of Claimatic playing in solving a unique problem or adding value in InsurTech space. You are free to add any additional points, incidents, or insights that you think our readers should know about your organization.

Can you please portray the insurance technology landscape? Please shed some light on the trends, disruptions and tech marvels that are hot and buzzing right now.

Anything that improves the customer experience or expedites handling is hot. Consumer demand for a frictionless, digital experience along with an aging adjuster population & low recruitment into the field means that competitors must aggressively evolve their operations. That’s really playing out in a reimagining of the process. Even with complex claims, carriers can accept the FNOL online, deploy drone operators to verify damage, prompt the appropriate vendors for appointment scheduling, get their updates electronically, have QA automation review it, and then it along for digital payment. IoT devices can even prevent loss or greatly lessen the extent of the damage. Staff is then freed up to manage the relationship instead of the process. Successful insurance leaders will harness creative technical solutions to both service consumer demand and mitigate the impact of dwindling adjuster pool.

What market pain points do you address? And how you’re leveraging tech to do that?

While an abundance of data provides new ways to better triage claims, operationalizing those spot solutions is challenging. Carriers decide the right path for a claim, but then face figuring out how to get the claim on that path. Based on new information or resource constraints, they may also need to move it to another track or introduce a parallel path, and they need to do all of this without introducing lag time. Claimatic servesas a bolt-on brain to claims management systems to solve these exact problems. It’s designed to be managed by business users rather than IT, allowing then modify triage and assignment protocols on the fly instead of a custom coding project. It’s also a relatively easy lift for IT because we developed Claimatic to be system agnostic with easy-to-use APIs.

For one thing, reluctance, and inadvertence in such a monolithic industry like ‘insurance’ have overshadowed customer experience (CX) for years. Do you think data can bring back the love for customers?

Indeed, the next step to deploying an automated triage and decisioning system is to allow that system to learn from data AFTER the decisions are made to understand how effective those decisions were based on objective outcomes. Feeding the data related to the claims processing and outcomes back into the upfront decisioning system will automatically improve future decisions, therefore automating the ability to grow customer intimacy through far more precise responses that are not only faster, but actually produce better customer results and bottomline performance for the company.

“The industry’s leading intelligent decisioning software that automatically triages, routes and assign thousands of claims in complex workflows… in seconds. Can you illustrate in detail about Claimatic’s holistic approach?

Claimatic considers all the variables on both sides of the equation – the claim and the resources. For an average carrier, this means Claimatic executes a million different permutations to distribute each claim in seconds with consistent outcomes. It does all this while taking in dynamic data about the availability, capability, location, and capacity of all full-time and contracted resources. So, we’re comprehensive on the data, but we’re also very people-aware. We intentionally developed the product to solve common problems for both business and IT professionals. As a solution for insurance professionals created by insurance professionals, we took into account our own firsthand experience and built it into our offering.

“Claimatic is the insurance industry's first solution dedicated to automating claim routing and assignment.” How is Claimatic writing a new playbook for insurance?

It’s about going well beyond basic blocking and tackling, to borrow a football reference. Claimatic is putting the most important part of claims management in the rightful owners’ hands – the claims team. They can test &execute new ideas immediately, safely, and without harming production systems or claims operations. They’re enabled to centrally respond to demand surge as soon as it happens. They can add or remove vendors and easily bring them into or out of rotation. Claimatic is about empowering the business to actively improve outcomes in real-time.

Please share some of the success stories or case studies on your solutions.

A top ten P&C provider conducted an exhaustive POC with Claimatic and discovered some significant areas of opportunity both quantitatively and qualitatively. One area involved using Claimatic’s patented geofencing assignment features in two different test markets in CAT claim scenarios. In both tests, Claimatic showed a 25% reduction in drive distances for field adjusters.  At the same time, the company found Claimatic enhanced territory control and flexibility for distributing claims on more specific criteria to improve claim experience in general through better matching of claim attributes to personnel involved.  Beyond CAT cases and in general, the POC showed estimated hard and soft cost savings of over $1.1 million annually.

Please provide a road map ahead for the company and where do you see Claimatic few years down the lane?

We are heavily focused on ease of adoption and increased value through partnerships with select platform providers, SIs, and our fellow insurtech solutions providers– stay tuned for upcoming announcements! Our current internal R&D efforts are primarily around AI/ML capabilities to bring in predictive capabilities.

Would you like to highlight any other interesting insight that we may have missed in this questionnaire?

When we started Claimatic, no other company had delved into the intricacies required to automate, triage, route, assign, and load balance claims with extremely tight limits and operational control and flexibility. The dominant systems managing 90% of P&C claims simply had too many other competing areas of R&D specialization where carriers were demanding attention– underwriting, policy management, HR, sales, and customer-facing technologies. Now, with pressure to evolve even further, we have filled a significant technological gap. Carriers realize waiting for their existing systems to catch up is not a viable option when all they have to do is plug Claimatic into those systems and take advantage of our automation very quickly.