Insurance companies are in the process of modernizing their systems due to having significant problems with legacy or manual systems. By having to properly maintain multiple systems needed to work a single claim from start to finish, it results in a poor user experience for both the customer and the agent. The absence of insurance workflow automation manifests in a lack of visibility into the process to know precisely where you are at in the journey, ultimately leading to poor customer service management.
Insurance workflow automation can connect your systems, ensure effective communications, and assist agents struggling with effectively utilizing their legacy systems to provide valuable service to the customer. Customers need to be top of mind for a company, and outdated, slow systems that cause frustration for both the agent and the customer, makes the customer feel like their experience is not important to the company.
Cask and ServiceNow Can Solve Automation Problems
Having a single platform that can do the work for you and communicate with other systems can improve communications between the customer and agent. Insurance workflow automation simplifies how the customer can communicate with your agents with a system of action.
Insurance Workflow Automation Use Cases
First Notice of Loss
The first notice of loss (FONL) is the commencing report made to an insurance company following the loss, theft, or damage of an insured asset. FNOL is generally the initial step in the insurance claims process lifecycle. A major improvement to this step in the claims process to improve insurance workflow automation is to make FNOL readily available to the customer via web, mobile, and chat. Making this step an easy one for your customers results in a great user experience during a time that is likely frustrating or emotionally straining for the customer. FNOL is an intuitive process that walks the customer through the process step-by-step to remove stress from the situation they are currently experiencing.
Claim Orchestration
Insurance workflow automation will help complex workflows, such as medical claims, orchestrate high risk workflows, such as fraud investigation. Creating an omnichannel experience creates smarter agents, easy and fast interactions, reduces costs, and increases customer loyalty and satisfaction. Orchestrating complex claims processes to allow the agent to focus on the customer as well as reduce risk for the company can result in both happier employees and customers.
System of Action
A system of record is essentially a user interface covering up a large database of information. Whereas, a system of action actively automates tasks or prompts the user to complete tasks. This system is usually enabled through AI to streamline smarter actions by recording, analyzing, and providing feedback on the information gathered. Creating a platform that is the system of action that connects all other core systems can have fruitful results for the business. This system of action can interact with the great FNOL experience that was created as well as create a seamless experience for your agents so they can focus on what matters, the customer.
Benefits of Automating Insurance Claims Workflows
There are many benefits for insurance workflow automation to be implemented in your company including:
- Improved CSAT Scores – Measuring and increasing your customer satisfaction score is important to understand how your customers feel about their experience with your company. CSAT scores are a great indicator of customer loyalty and brand advocacy.
- Reduced SG&A – Selling General and Administrative Expenses are all expenses an insurance company incurs at any given point in time. Reducing SG&A can lower the cost per claim and save the company money overall.
- Decreased Overall System Costs – With reduction of duplication systems, an insurance company can decrease their overall system costs. By allocating resources in an automated process, you can reduce claim work time, decrease asset usage, and increase customer satisfaction.
- Enhanced User Experience – At the end of the day, the customer’s experience is what determines a successful claim. If customers have a unified way to update, check status, and close claims, they would be more satisfied with their UX because of their visibility into the process.
Cask Can help You Implement ServiceNow Insurance Claims to Automate Workflows
As your ServiceNow implementation partner, Cask can help you to eliminate manual entry and administrative work and increase employee and customer satisfaction. Per a ServiceNow case study on their Insurance Claims solution, we can assist you in improving overall productivity by an average of 3-5%, increasing NPS by 30 points, and save 30% of day-to-day work from agents and underwriters.
Request a quote today and learn how our ServiceNow experience and industry know-how can help you automate insurance workflows and improve your bottom line.
