November 30, 2017 | Written by: David Jenness
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I have a friend who had a minor car accident on a Saturday night. She’s fine, but the car rolled over and looked pretty bad. When she got home, she went online and started the claim process. On Sunday, the insurance company sent a tow truck to pick up her car and take it to a body shop for an estimate and they delivered a rental car for her to use. On Monday, the body shop determined the car was totaled and a check for $10,000 was sent overnight, so my friend could go shopping for a replacement car.
No one wants to have a car accident, but her story makes the best of a bad situation. Within 48 hours, the insurance company more than honored their promise and my friend says she’ll remain a customer for life.
However, if it were easy, every insurance company would do it that way, but they don’t. Or maybe they can’t. In order for all those things to happen, the insurance company has to connect a lot of pieces behind the scenes: the on-line submission form has to kick off a complex workflow that includes the towing logistics, the repair estimate process, the adjudication process, the delivery of the check, all within the constraints of the insurance policy.
I was reminded of my friend’s story during the recent ECM At Work webcast, which focused on content management solutions for Insurance. All insurers are transforming themselves into digital insurers, just so they can deliver the kind of response that my friend received. But connecting all the pieces together into a reliable, accurate benefits delivery system is the real challenge.
Another scenario where ECM is making improvements is for Life Insurance underwriting. It used to take up to a month or more to get approved for life insurance, with doctor visits and blood tests and long applications. What Pyramid Solutions is doing with IBM Datacap Insight Edition is a great example of what the Digital Insurer can do. Pyramid’s Will Sellenraad joined the webcast to talk about the solution. With cognitive capture reading Attending Physician Statements, and extracting key diagnostic and prescription data, the solution can quickly assemble a patient health timeline to determine the risk category and assign the appropriate premium. It cuts the time to respond to a prospect dramatically, and that can make a major difference when the competition takes a month.
If you want to see what today’s leading insurers are doing with content management solutions to improve customer engagement and create the kind of loyalty that my friend developed for her insurer, check out ECM At Work for Insurance.