The Q4, 2024 release includes several exciting developments to Financial Services Operations for Insurance, including further enhancements to improve the claims management process for any line of business, as well as the ability to accelerate service management across an organization’s ecosystem.
Simplify the claims management process with versatile framework for any line of business
Insurance Claims:
Insurance Claims provides insurers with an end-to-end claims flow that can be used for any line of business, including Property & Casualty insurance, Life insurance, and more.
Currently, insurance organizations often have systems that are not robust enough to support the full scope of claim related activities. As a result, there is a lot of manual intervention and the usage of point solutions to carry out various functionalities. Insurers need a tool to help solve the challenge of operational inefficiency, and the negative consequences that often result, such as policyholder attrition from poor claims experiences, claims leakage, and slow speed-to-market for new products.
Insurance Claims is the ultimate solution to address that operational efficiency challenge and resulting negative impacts head-on and help provide a streamlined claims management process. This versatile and flexible application is designed to simplify and enhance the entire claims process, from First Notice of Loss (FNOL) through resolution, with unparalleled efficiency.
Here is how Insurance Claims can make an immediate impact on your business:
- Manage complex claims with ease via multi-adjuster support and persona-specific workspaces to help the specific functions and responsibilities across the claims workstream for improved productivity and policyholder satisfaction.
- Tailor claims processes to fit unique business needs and effortlessly set up end-to-end claims workflows with intuitive configuration.
- Reduce time-to-market with configurable framework and data model capable of incorporating additional lines of business as needed. Unlike case-type specific solutions, Insurance Claims’ flexible framework adapts to any single-policy claims without needing to create new case types or flows. This includes an out-of-the box Travel claims flow, using the flexible framework for reference.
- Integrate seamlessly with the core policy administration, billing, and underwriting systems, as well as other third-party products using the Integration Hub capability.
Strengthen your service ecosystem by connecting ServiceNow instances
Service Bridge for Financial Services Operations:
Service Bridge for Financial Services Operations provides insurers with a way to connect ServiceNow instances for integrated workflows between entities. For example, when large brokers are interacting with carriers.
Insurance organizations often need tighter collaboration between teams functioning from multiple ServiceNow entities. More direct communication results in faster resolution times, less manual work, and better accuracy when it comes to capturing case and policy details.
Service Bridge for Financial Services Operations allows organizations to connect ServiceNow instances to:
- Minimize manual data entry and eliminate the need to navigate multiple systems by operating from a single system. Send and receive requests within ServiceNow.
- Improve resolution times by receiving structured requests in a single system, equipped with automation and AI.
- Reduce costs with direct, actionable communication between relevant parties.
- Strengthen partnerships with tighter collaboration and interactions.
Learn more:
In addition to these enhancements, insurance customers also benefit from the new and impactful features found in Customer Service Management. To learn more about these features, check out the Customer Service Management webpage.
For more information on Financial Services Operations for Insurance, visit the product page.
