It is without doubt that technology will provide the claims sector with an important role in society. It’s exciting stuff and it is happening as you read this.
Apple and Humana in the United States have partnered to let consumers share Apple HealthKit data, BMW and Allianz offer usage based insurance for the car manufacturer’s i3 and i8 electric vehicles; and people’s homes are becoming single connected entities capable of communicating with insurance firms.
Insurance and claims businesses have the chance to use technology to embed themselves into future societies to provide real benefits such as encouraging healthier living and monitoring people’s homes whilst they are away. All this is wonderful, but must seem very daunting if you’re in the early stages of digitising your claims business.
This article looks at how to embark upon your firm’s digital transformation and what to look for when planning for the future. After all; change of this size is hard and avoiding mistakes is extremely good for business.
Much like building a house, your digital transformation journey starts with the foundations. These foundations are in the form of a claims and case management platform.
Choosing the right platform is key to all other digital developments. This is because your business process management platform controls workflow of tasks and activities and is a claims firms’ nerve centre; transmitting information and data across the entire organisation, from daily tasks for individual case workers, to client interaction through to management reporting.
So what are the key features you should look for that will help ensure your digital transformation is a success and that you are future proofing your business? Listed, in no particular order, are key features that will enable improved efficiency now and a solid base for future developments.
AGILE AND FLEXIBLE WORKFLOW
The flow of work within your claims business needs to be dynamic and flexible. A robust and agile workflow engine will enable business decision makers to quickly create and modify existing workflows to meet the ever changing demands of clients.
Many legacy systems have satisfied the need for the traditional in person approach to claims. However these platforms provide a rigid backbone and require significant investment to modify. Agility is the key word, being able to adapt to changing market conditions will ensure your firm is at the forefront of innovation
DISAGGREGATION AND AUTOMATION
Improved efficiency means lower costs and ultimately higher profits. The surest way to improve efficiency is by making your workforce a smooth running, process driven team, working as one entity.
The ability to distribute work efficiently across your employees and automate administrative tasks will improve your internal processes and provide major cost savings. You need a platform that enables you to break down claims into constituent parts so that lower-paid workers, or even outsourced suppliers, handle general administrative tasks.
Automating processes, such as obtaining traffic reports or other manual tasks, will also reduce overheads and enable your firm to achieve more for less.
Big data is a buzz word at the moment, it essentially refers to large data sets that can be analysed to reveal patterns, trends, and associations. Your claims and case management platform should enable you to harness this information to provide your firm with a massive competitive advantage.
Whilst you may find a business process platform that gives you everything you need for today, it’s the future you should be mindful of. As smart technology moves forward and insurance and claims become more interconnected with technology and clients, it’s really important to be able to easily and cost-effectively integrate with your claims and case management platform.
What good is access to all of these new sources of information if obtaining it is a manual process that’s not efficient? In order for a business to thrive, your team needs to be encased in their work and have all of the information they need to make them more effective.
Advancements in telemetrics and smart devices will provide insurance and claims businesses with wondrous opportunities to integrate services into the everyday lives of clients. The world is interlinked and technology is changing everything. Your business process management platform is the gateway to possibility. By choosing a platform that is agile, designed to integrate and uses data to reveal patterns and trends, you are building a bright future; the ability to bolt-on technologies and tailor processes and workflows to continually evolve, innovate and thrive.