Transforming Claims Processing To Deliver Faster Payouts Greater Efficiency And Higher Customer Satisfaction
Overview/Executive Summary: Insurance carriers face growing pressure to modernize operations, improve claimant experiences, and stay competitive. For one Tier 1 insurance carrier, legacy systems and manual workflows resulted in lengthy claims cycle times, high operational costs, and claimant dissatisfaction. Benekiva’s claims automation platform offered a game-changing solution, enabling carriers to achieve unprecedented efficiency, accuracy, and customer satisfaction.
“Benekiva’s platform isn’t just about technology—it’s about enabling carriers to deliver on the promises they make to their policyholders. By streamlining operations and enhancing claimant experiences, we’re paving the way for a smarter, faster, and more customer-centric insurance industry.”
— Brent Williams, CEO, Benekiva
Modernizing Claims Operations with Benekiva
The insurance claims process has long been plagued by inefficiencies. Traditional methods relied on manual workflows, siloed data, and slow, repetitive tasks, resulting in:
- Claims cycle times of 60–90 days.
- Staff overwhelmed by administrative tasks, reducing capacity to focus on complex claims.
- High rework rates due to Not-In-Good-Order (NIGO) submissions, delaying payouts.
- Poor claimant experiences leading to diminished trust and loyalty.
Benekiva reimagined the claims process by introducing its comprehensive claims automation platform, built to meet the demands of modern insurance carriers and their customers.
Company Vision
Benekiva’s vision is to help insurance carriers transform their claims and servicing operations into models of efficiency, compliance, and customer-centric service.
Approach
To achieve this vision, Benekiva partnered with the carrier to implement its platform, which included:- Automated Workflows: Eliminating manual tasks to accelerate claims processing.
- Integrated Data Accessibility: Breaking down silos to ensure seamless operations.
- Self-Service Tools: Allowing claimants to track claims and access updates in real time.
- Compliance Automation: Streamlining regulatory reporting and ensuring accuracy.
The Results
-
Transforming Cycle Times:
- Claims cycle times dropped from 60–90 days to just 14 days, representing a 75% reduction in less than six months.
-
Boosting Staff Efficiency
:
- Manual processes were reduced by 80%, freeing staff to handle more complex tasks.
- Staff capacity increased by 40%, enabling the carrier to process higher claims volumes without hiring additional employees.
-
Cutting Costs:
- Annual savings of $250,000 were achieved within three months by reallocating resources and reducing errors.
- Automating interest calculations saved 40 hours weekly, with an immediate ROI of $50,000 annually.
-
Enhancing Claimant Satisfaction:
- Over 35% of transactions occurred after hours using Benekiva’s self-service portal, allowing claimants to interact on their schedule.
- Claimant satisfaction increased by 35%, driven by faster payouts and improved communication.
Today:
Redefining Operational Excellence
Benekiva’s platform has delivered measurable improvements in operational efficiency and customer satisfaction:
- Claims processing that is faster, more accurate, and seamless.
- Staff freed from mundane tasks, focusing instead on higher-value activities.
- Happier claimants, thanks to faster resolutions and intuitive self-service tools.
"This isn’t just a claims process—it’s a promise our clients make to their policyholders and, claimants, and Benekiva ensures they keep it.."
— Tony Diodato, President, Benekiva
Tomorrow:
Innovation on the Horizon
Benekiva’s platform isn’t a one-time solution-it’s the foundation for continuous evolution. With the groundwork laid, carriers are now exploring:
- AI-powered claims adjudication and decision support.
- Predictive analytics for faster, smarter claims resolutions.
- Scalable solutions to meet future customer and market demands.
Results at a Glance:
| Metric | Before Benekiva | After Benekiva |
|---|---|---|
| Claims Cycle Time | 60 - 90 Days | 14 Days |
| NIGO Rates | 47% | Near 0% |
| Manual Process | Overwhelming | 80% Reduction |
| Annual Cost Saving | - | $250,000 |
| Calimant Satisfaction | Frustrated | +35% Improvement |
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.
