Reinvent the Insurance Claims Process with IBM Cloud Paks

3 min read

We are excited to announce the Intelligent Automation solution for insurance claims, enabled by IBM Cloud® Paks.

For those who have submitted an insurance claim for damages done to their vehicle in the past, you may remember the arduous process you had to endure. It is filled with paperwork and multiple back-and-forth exchanges with claims adjustors, just to get a resolution. Or perhaps you have recently been inspired by an auto insurance commercial to switch from your current provider to one that offers a better digital experience. The COVID-19 pandemic has pushed all generations of consumers to rely on digital channels to get access to the products and services of their choice, from the Millennials who want to transact on their smartphones to the Silent Generation. 64% of customers expect their insurers to understand them well but only 30% of policyholders have positive customer experiences with their insurers.

As the expectations of the insured are rapidly evolving, insurers must immediately adapt to these new conditions and offer them seamless and secure channels of interaction. To achieve this, insurtechs and more digitally inclined companies need to work smarter. They need to use intelligent and emerging technologies and agile operating models to gain competitive advantage over incumbent market players.

Read more about the insurance industry drivers and priorities in this IDC industry spotlight.

Introducing Intelligent Automation for insurance claims

At Think 2021, IBM is introducing the Intelligent Automation solution for insurance claims. It is enabled by IBM Cloud Paks to help insurance companies be nimbler and more innovative. It uses hyperautomation technologies like process mining, robotic process automation (RPA), artificial intelligence (AI) and natural language processing elements to reorchestrate front-office, core and back-office insurance processes. This helps organizations automate enterprise-wide workflows, accelerate the claims process and, ultimately, deliver a better customer experience.

To give you an idea of how this works, meet Theresa, the CIO of an insurance company inundated by legacy systems and highly manual processes. See how she uses IBM Cloud Paks to modernize operations and automate insurance claims to improve customer NPS, reduce loss adjustment expenses and speed market responsiveness.

How IBM Cloud Paks can help

Application interdependencies between workflows, data and infrastructure can be complex and difficult to change. IBM Cloud Paks are AI-powered containerized software built to run natively on Red Hat® OpenShift® that help organizations to build, modernize and manage applications securely across hybrid, multi-cloud environments. You can develop and deploy new cloud-native applications with speed, agility, scale and performance, allowing you to reduce the cost of existing applications while extending their value. IBM’s Expert Labs and Global Business Services are available to help you deploy and manage applications securely while keeping operational flexibility. And for those who are looking to build in-house and reskill and upskill teams, we offer extensive training and certification courses along with the IBM Garage Method workshops for converting pilots into enterprise-grade deployments.

An integrated experience

Our vision is to deliver a unique platform experience across all IBM Cloud Paks that transforms how our customers deploy IBM software with a new way of working. IBM Cloud Paks bring Line of Business (LOB) leaders, subject matter experts and Information Technology (IT) leaders together. Teams work side-by-side to build an end-to-end solution on the same Hybrid Cloud Platform — Red Hat OpenShift — with a common design across IBM Cloud Paks, integrated components and role-based user interfaces for business analysts, developers and operators. 

This platform experience ensures an IBM-certified and consistent experience for data management, artificial intelligence, business automation and security requirements, no matter where it is deployed, with a subscription license model for both on-premises and cloud deployments. And with an extensive ecosystem of partners, IBM Cloud Paks offer THE platform experience for transforming your business.

Learn more

Learn more about the IBM Cloud Pak framework designed for open hybrid cloud integration and portability in this IDC white paper: “IBM Cloud Paks Streamline Next-Generation Digital Business Development and Resiliency.”

To learn more about IBM Cloud Paks, visit the web page.

Engage with our experts at IBM Garage, Global Business Services or Expert Labs.

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