I: Look Before You Leap

The events of the last 18 months dramatically accelerated the insurance industry’s need to go “digital” with their operations, while at the same time, elevating consumers’ expectations around responsiveness and proactive engagement. In response, a number of carriers have become technology “leapfroggers”, taking giant steps forward in their digital strategies. However, this progress often skips over one of the areas most under stress since the start of the pandemic: the claims process.

What is interesting, however, is that in the claims process, carriers have taken the path of plugging capability gaps with single-point solutions or one-way “integrations” rather than considering the greater digital opportunity. For example, automating decisioning and communications for every step in the claims process based on rules. Why perform an integration to pass information, without also building a complementary automated workflow to take action based on the result of the information returned from the integration?      

The result of this legacy approach is a lost opportunity to deliver the experience that customers expect, while creating capacity for adjusters and other knowledge workers to focus on activities that drive value. Cloud, AI and other innovative technologies have the ability to help organizations unlock capacity, accelerate growth and improve claim outcomes – yet often aren’t used to their full potential.

The good news is a new class of claims management has emerged – one that is powered by cloud-native, API-enabled tools that are solving some of the biggest claims challenges today. The result: an intelligently automated, end-to-end claims experience that simplifies the process and delights customers and adjusters alike.

II: The New Class of Claims Management

Many companies have cobbled together digital solutions based on older, legacy systems, with processes that don’t align with what today’s users want or expect. Others have attempted something closer to a “Field of Dreams” approach, believing that if they build something – anything – that’s digital savvy, consumers will use it. (Spoiler alert: they won’t!). And, for some, “the best claim is a no touch claim.” The insured has a loss, files a claim and a payment is issued – without human contact. 

Fortunately, a new class of claims is providing a better, agile claims process that is automated, touchless, and everything in between. Powered by Snapsheet Claims software, technology-forward claims organizations can create the experience they want by getting: 

  • All the tools needed to digitize the end-to-end claims process, from FNOL, automated engagement, evaluations, and repair management, to financials, reserving and payments
  • No-code configurable workflows to automate communications, dispatch/assignment, disbursements and more – without the need for developers
  • Deep features with best-in-class, third party technology and service providers to support the claims lifecycle in context of the claim situation with proactive workflows, actioning and decisioning (fraud, repair management, claim history,      document generation, document fulfillment and embedded messaging) 
  • An API-enabled platform for plug and play innovation from leading ecosystem vendors within a single interface that is more than just an assignment integration

Organizations can get everything that is needed “out of the box” to deliver a modern end-to-end claims experience – within weeks, not months or years. 

III: The New Growth Engine: Claims Automation

While the industry has seen fantastic progress made in the adoption of automation and process streamlining, the claims experience is still suffering. By harnessing the full power of a cloud-native, SaaS claims platform like Snapsheet Claims, organizations have access to all the tools required for fully automated, end-to-end claims management in one system – from first notice of loss to omnichannel customer engagement, adjuster management and digital payment. For example, Clearcover partnered with Snapsheet to create The Fastest Auto Damage Claim Process, reducing claims cycle times from weeks to issuing payments within minutes.

A Rising Tide for Low-Code/No-CodeThrough low- to no-code, self-configurable workflows, businesses can easily build the claims process they need as their business scales. For example, through Snapsheet’s visual workflow editor, business users can automate omni-channel communications with pre-built templates and track every point of engagement, all within the Snapsheet claims platform. As a result, adjusters get more time back to focus on delivering higher value support to customers when and how they need it, and spend less time on lower value tasks. 

Coupled with cloud-native technology, a no-code approach is the future of businesses that are looking to become more adaptable, agile and scalable. Insurers can bring applications to market faster; claims operating models need to take note.

APIsThrough an API-enabled platform, claims organizations can do more with single-click tools – from fraud detection, telematics, total loss/salvage, appraising, repair management, financial management and digital settlement. Not only do they deliver innovation with a click, API-enablement means data is ingested in any format from any source, while integrating to your cloud stack and existing systems.

With a true cloud-native, serverless architecture and APIs, you are limitless.

IV: Don’t Forget About Implementation

Launching a new claims platform can be done in a matter of weeks. However, a successful implementation requires strategic planning, preparation      and focus. Organizations should consider partnering with an insurtech company with a proven track record of successfully developing and deploying end-to-end claims management solutions.  

Follow these 3 keys to preparing a SaaS implementation to get your digital claims operations up and running quickly:

1. Assign an internal Claims Product Champion to become a de facto product expert who can help drive system development while addressing any questions about the claims platform or process. This will allow the organization to be less reliant on the third party platform provider, and ramp up faster, iterate more efficiently and use the system to its full potential.

2. Define the organization’s claims goals and use them as a “North Star.” It’s very easy to get distracted thinking about all of the “what if” scenarios. To launch quickly and truly unlock business value, organizations need to identify the real goals of a digitized claims process and then ruthlessly pursue them.

3. Align resources before the implementation begins. Organizations need to think through who will need to be trained, what they will need to be trained on      and how to ensure they will practice in a test environment before going live. Trying to make these decisions during the implementation will add time and cost to the project and increase the chances of a disjointed launch.

Get Out-of-the-Box Innovation to Build Better and Faster

From FNOL to payments, get an all-in-one claims management platform to create the automated experiences you need as your business scales. Snapsheet Claims is a true cloud-native, API-enabled SaaS platform that can get you there quicker than you think.