A well-managed claims lifecycle supports the flow of information smoothly and accurately, from the first notice of loss all the way to final settlement. Does this describe your claims lifecycle? Or does wrong, missing, or inaccessible information cause delays and interruptions in the process?
Claims is transforming into an opportunity for insurers to demonstrate superior customer experience through use of AI, analytics, and new data sources to streamline the process and speed payment…
Source: Novarica, January 2021
Insurers today are faced with a host of solutions and technologies that promise to reduce process friction with easy automation. But implementing technology at specific points without addressing the entire claims lifecycle process as whole will have less than desirable results. Insurance leaders are best positioned to improve claims management when armed with end-to-end visibility and fact-based insight about the entire lifecycle. They must first fully understand the way their people, content, and processes interact before choosing where to automate.