Getting involved in an accident is stressful enough—you don’t need the added headache of wrestling with your insurer to settle a claim. So how can insurance firms make the process faster and easier?
This property and casualty insurer is working with IBM Business Partner MagicLamp to digitize and centralize claims information—giving staff rapid access to the content they need to work effectively.
Up to 40%faster document capture means claims adjusters can get to work more quickly
Enhancedcustomer satisfaction and retention through more responsive service
Increasedefficiency helps drive profitable growth
Business challenge story
Shaping a better claims experience
The claims process can be a make-or-break moment for property and casualty insurers. Those who get it right stand to win customer loyalty and continued business. Those who get it wrong could see customers leave for another provider altogether—eroding market share and revenues.
Well aware of the impact that the claims experience can have on customer retention and profitability, this North American insurance company has been working hard to transform how it works with claims-related information—optimizing content management processes to boost efficiency and responsiveness.
A spokesperson begins: “We have traditionally relied on paper-driven processes in our claims area. As we have teams spread across Canada and the United States, it could often be a challenge to deliver the right information to the right people in a timely fashion—lengthening cycle times and slowing response to customers.
“We determined that by digitizing claims information and establishing a single, electronic repository for this content, we could help adjusters work faster behind the scenes to process claims, and empower front-line staff to deliver prompt, efficient service to our customers."
As a first step on its claims management transformation, the insurer established a centralized electronic content repository, built on IBM® FileNet® Content Manager. The platform provides a single source of record for claims-related data from all company departments and locations, giving teams quick and easy access to all the information they need to adjudicate claims.
A spokesperson elaborates: “Thanks to IBM FileNet Content Manager, our adjusters no longer have to hunt through piles of paper in filing cabinets or long email chains to find specific documents—they can now bring up the relevant electronic files online in a matter of seconds. What’s more, as multiple people can access the same electronic content concurrently, we’ve eliminated the expense and effort of having to move paper documents between different physical locations.”
With its new content repository in place, the insurer turned its attention to establishing a digital mailroom, streamlining inbound mail capture and processing. The company joined forces with IBM Gold Business Partner MagicLamp Software to automate the capture of claims documentation using IBM Datacap.
“As we were already using FileNet Content Manager, deploying Datacap as our up-front document capture solution was a sensible choice,” states a spokesperson. “We decided to work with MagicLamp because not only did they possess excellent technical knowledge of the Datacap software, they really understood our business processes as well. We’ve been working very closely with MagicLamp to design and deploy our digital mailroom solution, and consider them to be a true partner.”
The insurance company is currently rolling out the Datacap solution to its branches. Once all locations are up and running with digital mailrooms, teams will take advantage of Datacap to automatically identify, classify and extract key content from inbound claims applications before storing it in FileNet Content Manager. The company will also make use of IBM Content Navigator as a web-based interface for its Datacap platform, providing teams with an easy way to verify and re-classify batches of documents.
Additionally, the insurer has integrated the IBM software with its core claims management system, enabling adjusters to search and view relevant electronic documents directly from the claims system—saving them valuable time and effort.
Boosting efficiency, delivering better service
By streamlining access to content and automating processes, the insurance company is empowering claims adjusters to work more quickly and accurately.
A spokesperson notes: “With Datacap we can capture inbound mail between 30 and 40 percent faster than before. This helps us get content into our systems much more rapidly, so teams can start working with the information they need right away. And as all of our people will soon be working with a common set of processes and a single source of data, it will help us operate more effectively on an enterprise-wide basis.”
These back-office efficiency gains will translate to a better customer experience on the front-end—helping the insurer strengthen loyalty and retention to protect its hard-won market share.
A spokesperson says: “By allowing teams to access content exactly when and where they need it, IBM solutions help our people focus on getting the job done—instead of chasing down documents. This helps us speed decision-making so we can process claims quickly and get back to customers in a timely fashion. It also means that if a customer calls in with a question about a claim, our agents can review the relevant information and provide an answer in real time.”
He concludes: “By enhancing the claims experience in this way, we can strengthen our customers’ loyalty and set ourselves apart through service excellence—helping us stay ahead in a highly competitive market.”
Property and casualty insurer
This property and casualty insurer serves customers in the United States and Canada with products including home and renters, life and group, automobile and commercial business insurance.
- FSS: Insurance - Core Systems P&C
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Since 2003, MagicLamp has provided leading-edge software development and consulting services for companies across North America who are looking to significantly improve their operations. To find out more about products, solutions and services from MagicLamp, please visit: magiclampsoftware.net