Overview:
A prominent insurance carrier sought to evaluate its existing claims process to determine whether the claims module in its policy administration systems (PAS) could meet its efficiency and operational goals. The carrier conducted a comparative analysis focused on three critical claims processing areas: First Notice of Loss (FNOL), settlements and payments, and Not In Good Order (NIGO) follow-ups.
The results highlighted significant operational inefficiencies in the carrier's current system and showcased how Benekiva’s claims platform could streamline workflows, reduce processing times, and deliver exceptional claimant experiences.
The results highlighted significant operational inefficiencies in the carrier's current system and showcased how Benekiva’s claims platform could streamline workflows, reduce processing times, and deliver exceptional claimant experiences.
Challenges:
The carrier’s claims department faced increasing pressure to improve efficiency and customer satisfaction. Key challenges included:
- Prolonged processing times for FNOL, leading to delayed claims initiation.
- Inefficient settlements and payments process, affecting claimant satisfaction.
- Time-consuming NIGO follow-ups, slowing resolution and increasing operational costs.
- Lack of centralized, easily accessed policy data, resulting in need for claims personnel having to access multiple systems, causing further delays.
These inefficiencies underscored the need for a technology solution to optimize claims handling and improve overall operational performance.
Solution
Benekiva conducted a detailed analysis of the carrier's claims operations, comparing its current PASs claims module to Benekiva’s claims automation platform.
Challenges:
-
First Notice of Loss (FNOL):
- Current system average handling time: 23 minutes
- Benekiva platform average handling time: 6 minutes
-
Settlements and Payments:
- urrent system average handling time: 45 minutes
- Benekiva platform average handling time: 11 minutes
-
NIGOs and Follow-Ups:
- Current system average handling time: 20 minutes
- Benekiva platform average handling time: 7 minutes
-
Multiple sources of Data
- Current infrastructure impacted all functions above
- Benekiva platform allows many claims to be fully automated!
Results
The implementation of Benekiva’s claims platform led to transformative outcomes:- 74% faster FNOL processing, reducing claimant wait times and improving satisfaction.
- 76% faster settlements and payments, allowing for quicker financial resolution.
- 65% faster NIGO follow-ups, significantly reducing delays and operational inefficiencies.
Conclusion
This case highlights the critical importance of aligning technology investments with operational goals to drive measurable results. The reductions in processing times for FNOL, settlements, and follow-ups showcase the tangible value of deploying innovative claims solutions.For this carrier, adopting a dynamic and agile platform enabled their team to mitigate operational bottlenecks and deliver enhanced claimant experiences, all while significantly lowering costs. This transformation illustrates how technology can empower carriers to adapt to evolving market demands, strengthen their competitive edge, and build a foundation for sustained success.
The findings underscore a broader industry truth: in today’s fast-paced insurance landscape, the ability to modernize and optimize claims operations is no longer optional—it’s a strategic imperative.
Ready to modernize your claims process?
Discover how Benekiva can transform your operations and deliver unmatched efficiency, accuracy, and customer satisfaction.
Visit www.benekiva.com to learn more.
