According to Gartner, only 12% of insurance business and IT leaders consider their organizations to be digitally progressive, describing their organizations as digital beginners or intermediates.
Do you still rely on legacy systems to run your claims department?
These large and complex systems are ill-equipped to deal with the demands of modern claim processing. With modern InsurTechs entering the market, using connected systems that provide a holistic view of a claimant; from policy purchase through to claim payment, insurers are at a risk of being left behind. Integrated systems enable insurers to provide customers and claims administrators with the information they need when they need it.
Processing claims in these intricate systems can also affect claim processing efficiency. The need to open multiple systems to find the relevant data, or look through paper files increases the time to complete the claim process. In a recent project, one insurance carrier was able to see a 30% increase in efficiency by automating the claim adjudication process using our ClaimFirst solution.
Investing in a claims transformation project is a big commitment so it is vital to ensure you understand why you are undertaking the project, what you want to achieve from the project, and if the project can provide you with a return on investment (ROI).
We have developed this guide to help you to put together a business case, to provide clarity in deciding whether a claim transformation project is the right move for you and your business. If you would like to discuss this in more detail, please contact a member of our sales team.