Focused on the Claims and Settlement process, this spotlight report features 10 InsurTechs focused on reimagining the claims process for incumbent insurers.
Portland, ME, January 30th, 2020 – ClaimVantage, an international provider of life, health, and absence management solutions, is featured in the Willis Towers Watson InsurTech Quarterly Briefing for Q4 2019, which focuses on assessing the role and value of technology within the insurance Claims and Settlement process. Three of the top five insurance companies in the US and two of the top five in Australia, use ClaimVantage Claim Management software to digitize their claim departments.
Throughout 2019, Willis Towers Watson focused on four functional chain categories for each of their quarterly InsurTech briefings: Pricing and Underwriting, Quoting, Policy Administration, and Claims and Settlement. Of the 760 InsurTech companies analyzed, over 92% of them focus on the first three elements, with a high percentage concentrating on the distribution of insurance products, rather than on the B2B back-end systems.
Although only 8% of InsurTech companies focus on Claims and Settlement, this is where (re)insurers demonstrate their true calling. Policyholders believe that although having insurance is important, insurers are reluctant to pay out on claims. Making the claim process as seamless and effective as possible builds trust with claimants, improving customer engagement. The more quickly a claim is settled, the less time and effort claim professionals need to spend on it, highlighting the importance of decreasing claim durations. Not only does this improve customer satisfaction, but it improves employee productivity and capital management.
The ClaimVantage Solution digitally transforms claim management; from claim intake, auto-adjudication of low-risk claims, claimant engagement through the Customer Portal, through to payment. Moving from a legacy system to a customer-centric, scalable centralized platform improves operational efficiency, provides better access to data to make data-driven decisions, and changes focus from a task management exercise to strategic risk management.
The report recognizes that overhauling a working claim system is a daunting task, and suggests using an incremental approach to digital transformation. With a focus on change management, which is key to the project success, ClaimVantage takes a phased approach to implement its solution – starting with workshops ahead of project kick-off, taking an MVP approach, and delivering the solution in phases which reduced risks while achieving a quick go-live result. A solution built natively on the cloud, agile delivery is a cornerstone of the ClaimVantage implementation team approach.
Read more in the Willis Tower Watson InsurTech Quarterly Briefing for Q4 2019.
ClaimVantage offers industry-leading life, health, and absence claim management software solutions for insurance carriers, Third-Party Administrators (TPAs), and large employers. ClaimVantage provides cloud-based, automated claims processing solutions that drive efficiency, accuracy, and productivity, helping its customers to deliver superior customer service.
With its North American headquarters in Portland, Maine, and European headquarters in Dublin, Ireland, ClaimVantage also has teams in EMEA and APAC.
For more information about ClaimVantage, visit claimvantage.com.