With the Q2 2023 release, Insurance carriers can simplify critical processes and counter claims fraud
The Q2 2023 store release includes high value developments to Financial Services Operations for Insurance, including two strategic integrations with Guidewire and FRISS, that will simplify insurance processes and help counter claims fraud.
Strategic integration for simplified and transparent claims and policy servicing
Guidewire Integration:
In November 2022, Financial Services Operations for Insurance joined Guidewire Partner Connect. Guidewire InsuranceSuite, consisting of ClaimCenter, PolicyCenter, and BillingCenter, is the market-leading policy and claims administration platform for property and casualty insurance.
Joining Guidewire PartnerConnect allowed ServiceNow to build an integration with Guidewire’s ClaimCenter and PolicyCenter, enabling capabilities to help providers streamline processes, reduce swivel-chairing between systems, and gain real-time visibility to key claims and policy information. Additional benefits of this integration include:
- Create new claims and policy servicing experiences with cross-platform visibility, communication, and audit-trail.
- Improve efficiency by streamlining claims and policy processes through omnichannel experiences, advanced work assignment, and more.
- Increase operational agility and speed to value with seamless customizations to claims and policy servicing processes.
- Reduce development time and speed to market by utilizing ServiceNow as an added agility layer to easily build integrations into Guidewire for various use cases.
- Leverage integration to simplify migration to Guidewire Cloud.
Strategic integration for countering claims fraud
FRISS Integration:
Financial Services Operations for Insurance now offers an integration with FRISS, the leading provider of Trust Automation for property & casualty insurers. FRISS provides real-time, data driven scores and insights of the inherent risks of customers and interactions. Utilizing AI technology and data, their Trust Automation Platform streamlines processes for trustworthy and honest customers while automatically preventing fraud attempts. The integration between Financial Services Operations for Insurance and FRISS will help carriers:
- Protect against fraudulent claims and reduce claims leakage with a transparent fraud scoring model.
- Access key information such as current fraud scores, score trends, and scoring rationale directly from an intuitive dashboard. For example, indicators will show a claims adjustor that a fraud score rose from 40 to 150, and the rationale behind that rise in score, such as a claim was filed one week after policy inception.
- Increase speed to market and reduce development time when carriers want to connect Financial Services Operations for Insurance to FRISS or another fraud scoring model.
- View full history of a claim and understand how often the fraud score changed, how severe the changes were, and the reasoning for the changes.
- Easily decipher fraud scores and meaning (low-high risk) with color-coded fraud score gauge.
- Reduce manual work by having fraud score adjustments set to automatically trigger at certain points, such as immediately after First Notice of Loss, addition of a new claimant, etc.
Learn more:
In addition to these key enhancements, insurance customers also benefit from new and impactful features including Process Based Layouts and Decision Tree Builder.
For more information on Financial Services Operations for Insurance, visit the product page.
With any questions regarding our recent enhancements, or about Financial Services Operations for Insurance in general, please reach out to:
- Tammi Shapiro, Product Management, Financial Services (tammi.shapiro@servicenow.com)
- Brandy Alexander, Product Management, Financial Services (brandy.alexander@servicenow.com)
