Companies around the globe are jumping on the digital transformation bandwagon to become “digital-only.” Customers also expect digital services and enterprises are trying their best to adapt to this change and meet customers’ demands. It is easy for small companies or start-ups to digitize quickly, as they may have a small customer base, limited products, and few processes.
But for large organizations, such as insurance companies, going digital may not happen faster than expected. There are several processes in place with a large customer base, and adopting digital solutions across the organization is not a mere task. It requires planning, funds, and a time frame to achieve digital transformation.
Where can insurers start? What would be the digital solution they need for their digital transformation journey?
The answer is Low Code! Why? How? This blog will clearly explain how low code can help insurance companies to streamline their processes, especially the claims process.
Low Code in Insurance Claims — Why is it Required?
The claims process is notoriously known as a lengthy process. Why? The simple answer is because it depends on a lot of documentation and manual claims management. The claims department of any insurance company goes through several steps of manual processing for just one claim. It takes time for the department to process the claims submission manually, verify the claim, approve it, and then settle it.
Customers have to wait for a long time to get their claims processed. If there is any delay in document submission or an incorrect submission, the lengthy process gets stretched out more leading to customer dissatisfaction. So, the main problem is manual claims management. If that process is quicker and accurate, insurers could settle claims faster and retain customers.
Low Code enables insurance companies to make the claims process quicker and accurate. It can increase productivity, reduce operational costs, and make the whole process efficient. How? Let’s consider a case study where Neutrinos enabled an insurer to streamline its claims processes using its low-code app development platform.
Low-Code in Insurance — Streamlining the Claims Process — A Neutrinos Case Study for a Leading Insurance Company in South Africa
Background of the case study: The client had a lengthy claims process due to manual claims management and was experiencing customer dissatisfaction. So, the client wanted to speed up the claims process through automated claims management, retain its customers, and increase internal productivity.
We’ll consider a few challenges that the client faced and how Neutrinos helped the client meet those challenges.
Challenge 1: The insurance company was using open-source BPMS and BRMs.
Solution: Though the insurer was using management software, it required manual processing. So, Neutrinos first modernized the legacy AS400 Mainframe system by upgrading it with an API layer. Now the insurer is using a low-code application with GUI (Angular Front-End) and microservice architecture.
Challenge 2: The insurer was informed about any incident only after the submission of a claim.
Solution: Neutrinos’ low-code connected solution app provided streaming analysis data capture in real-time. It captured data from driver handheld and telematics systems to provide insights on incident intimidation and driver behaviour.
Challenge 3: The insurer lacked end-to-end visibility of the services they were providing through third-party vendors.
Solution: Neutrinos’ Telematics solution app provided around 180+ APIs to integrate with multiple third-party ecosystems, such as towing services, cab services, and ambulance services.
Challenge 4: The insurer wanted a consolidated view to manage, monitor, escalate and report on various roadside assistance and claims raised by the customer.
Solution: Neutrinos provided a case management system to monitor, manage, escalate and report customer’s roadside assistance requests and claims with a configurable SLA matrix.
Challenge 5: The insurer wanted a consolidated view of customer engagement by the agents to escalate any delays.
Solution: Neutrinos utilized the features of jBPM to create a solution to manage the state of the tasks created for the agents and escalating where required.
Challenge 6: The insurer wanted to fast-track certain claims based on parameters, such as claim type, excess, and claim cause.
Solution: Neutrinos provided a platform to capture these data types using the mobile app and policy data to flag potential claims that could be fast-tracked.
The advanced Telematics solution built by Neutrinos enabled the insurance company to meet the existing challenges successfully and optimize their claims process.
The overall business outcomes the client reaped with Neutrinos Low-Code Telematics Solution were:
- The upgraded system enabled quick document upload and app management, thus reducing the overall time for claims processing, including submission, approval, and clearance.
- The insurer now was aware of claim intimation in real-time, and the claims operation was in control over that incident.
- The claims management was more efficient with the end-to-end visibility of the claims process and any related workflows.
- The insurer was able to use the real-time insights to improve management that resulted in better customer service and customer retention.
- Customers can engage with the assigned assessor via the chat facility to follow up on any outstanding document requests or queries.
- Customers and agents can upload supporting documents, such as videos, photos, voice notes, and PDFs through the mobile app or the internal portal.
- Customers are kept up to date on their claim status, from the first notification of loss through to
- resolution in a personalized manner.
- 70% of claims-related inquiries will be automated by the year 2022.
The quantitative benefits reaped by the insurance company are:
- Customer Satisfaction increased by 25%
- Claims Processing Time reduced by 30%
- Customer Experience increased by 30%
- Customer Engagement increased by 20%
- Customer Retention increased by 15%
- Call Center Calls reduced by 17%
Low Code in Insurance — Need of the Hour!
This successful case study emphasizes the impact low-code can have on insurance core processes. Low-code capabilities enable insurance companies worldwide to automate all core processes leveraging advanced technology.
Neutrinos’ low-code platform provides digital insurance solutions for insurers to streamline their processes, enhance customer experience, and reduce costs. Read our blog, “Answers to Most Frequently Asked Questions about Low-Code App Development,” for meaningful insights.
Are you looking to automate your claims process? Do you want to enhance customer experience?