Revolutionizing Claims Operations : Insights From the Benekiva Insurtech Think Tank

During Insurtech Week, The Benekiva team organized a successful think tank where we had the opportunity to host change makers and innovators from the insurance sector.

Our shared objective was to enhance claims operations by incorporating automation, leading to a contemporary and effortless claims process. Through collaborative discussions and mapping exercises, we created an ideal claims experience for beneficiaries and claims associates.

I want to share the outcomes and critical insights from this thought-provoking session.

Enhancing the Beneficiary Experience

During the think tank, we recognized the paramount importance of placing beneficiaries at the center of the claims process.

By harnessing cutting-edge technologies and automation, we derived the following outcomes:

• Streamlined Claims Journey: We identified the need for a simplified and intuitive claims journey. Beneficiaries should be able to initiate a claim quickly, provide the necessary information, and track its progress in real-time. By removing complexities and reducing paperwork, we aim to make the claims process faster and more transparent.
• Personalized and Empathetic Support: Highlighted the importance of delivering customized assistance to beneficiaries throughout their claims journey. By leveraging automation and data analysis, we can provide customized guidance, empathy, and proactive communication, making heirs feel acknowledged, supported, and appreciated during the claim process.
• Expedited Claim Settlement: Efficiency and speed were recurring themes during the discussions. We envision automated systems that expedite the claim settlement process while maintaining accuracy and compliance. We can significantly reduce claim processing by reducing manual intervention and utilizing intelligent algorithms, ensuring beneficiaries receive the financial support they need promptly.

Empowering Claims Associates

Acknowledging the pivotal contribution of claims associates, we investigated methods to equip them with automation and cutting-edge resources, aiming to enhance their capabilities.

The following outcomes emerged as vital considerations:

• Automated Administrative Tasks: By automating repetitive administrative tasks, such as data entry and document processing, we can free up claims associates’ time and allow them to focus on higher-value activities. Automation enhances efficiency, minimizes errors, and boosts overall productivity.
• Intelligent Decision Support: We strive to provide claims associates with intelligent decision support systems that utilize the power of data analytics and AI. These advanced tools offer valuable insights, suggestions, and recommendations, enabling claims associates to make informed decisions promptly. This empowerment equips them to handle intricate claims with assurance and efficiency effectively.
• Collaboration and Knowledge Sharing: We explored the potential of digital platforms and tools which enable seamless communication, information sharing, and collaboration, ensuring that expertise is leveraged across the organization.

Empowering Agents

Modern claims processes will also provide agents with an opportunity to reach out to beneficiaries noted on a policy while the policyholder is still alive. This proactive outreach allows agents to confirm beneficiary information and ensure accuracy, contributing to a seamless claims experience for all parties involved.

The following outcomes emerged as vital considerations:

Foster Transparency with the Agent: By focusing on providing transparency between insurance companies and their agents, we build agent loyalty. This includes automating and facilitating proactive outreach for the Agent with both Policyholders and their beneficiaries. This builds familial relationships, especially for policies with incomplete records and those lacking beneficiaries.

Empower Proactive Claim Resolution BEFORE the Claim Begins: With modern claims automation, agents gain the ability to proactively address claims that may not be in good order (NIGO) before they become problematic. This empowers agents to identify and rectify any potential issues, resulting in smoother and faster claim settlements.

Enable Beneficiary Asset Retention: A satisfied beneficiary is a strong lead for other financial products. By providing an empathetic claims experience and timely resolution, agents can strengthen their relationship with beneficiaries and potentially retain assets within their agency.

The outcomes from our Benekiva Insurtech Think Tank underscore the immense potential for transforming claims operations and creating a modern claims experience.

By prioritizing beneficiaries and leveraging automation, we can streamline processes, enhance efficiency, and provide personalized support. Simultaneously, empowering claims associates with automation and intelligent tools enables them to excel and deliver outstanding service.

Through continued collaboration and innovation, we are committed to driving this transformation and shaping the future of claims operations in the insurance industry.

As the CEO of Benekiva, I am inspired by the insights and ideas generated during the think tank. I am confident that together, we can revolutionize the claims experience for the benefit of all stakeholders involved.