Benekiva and Swiss Re Form Strategic Partnership to Create End-to-End Digital Claims Management Solution
- The partnership leverages the unique strengths of both companies to provide an innovative, end-to-end claims management platform that creates operational efficiencies for life and health insurers and improves the claims experience for beneficiaries.
- Collaboration with key partners remains a strategic imperative for the Reinsurance Solutions division.
Armonk, New York, 25 April 2023 – Swiss Re Reinsurance Solutions and Des Moines-based insurtech Benekiva, known for their configurable rules-driven, claims and servicing platform solution, have formed a strategic partnership to develop an Integrated Claims Management Platform that combines Benekiva’s state-of-the-art claims administration system with Swiss Re’s Claims Automated Rules Engine and deep expertise in claims risk management.
The Integrated Claims Management Platform is a unique end-to-end solution for digital claims management. The platform supports digital claims intake, holistic workflow, correspondence, and document management, claims risk scoring and triaging, and built-in payout and audit capabilities. And, it’s accessible anywhere, anytime, from any device.
The goal of this partnership is to help insurers create operational efficiencies that improve the speed and consistency of claims decisions while providing a digital, empathetic, and streamlined customer experience.
Across the industry, investment in improving the claims process is seen to have lagged compared to other parts of the insurance value chain, most notably underwriting and distribution. However, this is changing rapidly. Paying a claim is the ultimate demonstration of why the insurance industry exists, and insurers who are focusing on providing a better, faster claims experience are starting to see the payoffs. Claims teams can work more effectively with better allocation of resources and improving the experience for claimants/beneficiaries builds trust and brand loyalty.
“We understand the importance of making it easy to file a claim, have it processed and receive payment quickly,” said Carl Christensen, Global Head L&H Solutions, Swiss Re Reinsurance Solutions, “We’re thrilled to partner with Benekiva to offer a holistic, digital claims processing solution that can free up claims staff to focus on what matters most: helping customers through a very difficult time.”
“Beneficiaries, like all modern consumers, expect an Amazon-like experience even when it comes to initiating claims” said Brent Williams, Founder and CEO of Benekiva. “With Benekiva, insurers can reduce their claims cycle and processing times by up to 75%. The power of this partnership is set to elevate this even further, resulting in an improved experience for everyone involved,” said Williams.
Recognizing that many insurers have legacy systems, multiple lines of business, and resource constraints that sometimes complicate technology innovation, Swiss Re and Benekiva have designed the solution to be flexible and scalable. Insurers can choose the version of the platform that makes the most sense for their needs.
Swiss Re’s company vision is to make the world more resilient, and this partnership is the latest example of utilizing advancements in technology to do just that. The alliance not only increases operational efficiency but also makes the claims process as smooth as possible for beneficiaries during a difficult time.