By Stacy Varney, Global Head of Sales and Marketing
July 20th, 2020
I’ve read a lot lately on how many companies were unprepared for a pandemic and the impacts on conducting business in an entirely new way — from home and with a great deal of uncertainty. How could we have been prepared since there has not been an event like this during the modern technology age?
However, some companies, including ClaimVantage and our customers, were better positioned to transition to a completely remote workplace with little disruption to our day-to-day business than others. What’s so different about us, and companies like ours? What advantages did we have that gave us a leg up?
In many ways, ClaimVantage had been preparing for a situation like this since we decided to build our products natively on the cloud, on the Salesforce platform. Our founder and CEO, Leo Corcoran, made this bold decision 10 years ago when being on the cloud wasn’t cool! He had the vision to see that cloud technology would provide an avenue for companies to offer a completely digital experience for their customers and employees, one that would allow access from anywhere, on any device, provided internet access is available. What Leo didn’t know then was how rapidly cloud technology would take off and become so mainstream to all we do in our lives today.
This forward-thinking is in our company’s DNA — it starts at the top of the organization and permeates throughout every member of our team. Our promise to customers is that we’ll never allow our products to become legacy inside their organizations. This commitment drives creativity and ingenuity that leads to product enhancements that help customers solve their problems, and those of their customers or employees when it comes to absence and claim risk management. Because we selected Salesforce, the leading PaaS technology company, as our partner, our customers get the benefits of our releases three times per year and all that Salesforce offers in their releases three times per year.
I’ve worked in and around the life and health insurance/reinsurance industry for over 25 years and have seen the insides of dozens of companies. Legacy systems — homegrown or purchased systems — are prevalent because claim departments don’t get the resources needed to implement upgrades or purchase new solutions. Technology investments are typically made on the “front-end” of the process — at point of sale, on the underwriting process, or policy administration (policy issue and billing). These are important customer engagement areas and have been the focus of automation, AI, and other UI/UX functionality and improvements. In my opinion, claim departments are viewed as an expense — where money goes out the door instead of coming in — and isn’t seen as a critical customer experience area.
Fortunately, that paradigm is changing, and we’re seeing, first hand, that more life and health companies are investing in claim technology solutions now than ever before. This shift started before the pandemic, however, now it appears to be rapidly accelerating as many companies struggled to get their claim teams working remotely, on technology that wasn’t built or supported to do so. Not a good situation for a company to be in, especially when claim volumes are increasing.
Just focusing on cloud solutions that allow employees to work from home isn’t enough. Having a claims solution that digitizes the claim intake process reduces the effort needed to make timely and effective decisions through automation and improves case management for better claim outcomes that allows the claims team to focus on making personal connections with claimants. After all, it’s at the point of a claim where the most important customer experience is delivered, where the promise is delivered when policyholders need the most support. In my experience, claim professionals want to provide the best service possible; however, it’s much harder to do so when dealing with paper files, manual or redundant processes, and multiple systems to accomplish tasks.
Nearly a year ago, we embarked on a journey to better understand the challenges claim professionals face when completing their job. Our internal research expert conducted almost 100 interviews with claim professionals globally to explore how they complete the tasks necessary to accomplish their work and manage their caseloads. This extensive research led us to launch our ‘Claims Reimagined’ approach to our product development efforts. Now, we’re leveraging feedback from users to enhance our internal innovation process, and the outcomes are exciting! As with any journey, it takes time to get to the ultimate destination, and the drive can be both challenging and fun.
Has your company started your journey to a better customer and employee experience? If so, please connect with me on LinkedIn, where I’d love to continue this conversation.
Stacy recently joined Nick Lamparelli from Coverager to discuss InsurTech trends in the L&H insurance industry. Listen to this snippet from the interview where Stacy and Nick discuss our approach to solving real-world problems across the global insurance industry.