The Vancouver release includes several high value developments to Financial Services Operations for Insurance, including two strategic integrations that streamline processes and counter claims fraud, and purpose-built workspaces that provide easy access to end-to-end claims data.
Access end-to-end claims history in a single view for faster resolution
Claims 360 & Adjuster workspace:
Claims 360 & Adjuster Workspace are dedicated to providing claims personas with all claims details within a single, convenient dashboard.
Claims 360 shows everything from pending to outstanding tasks, end-to-end claims history such as financials, and can be easily shared with other team members and management for productive collaboration. Adjuster Workspace is purpose-built for claims adjusters, giving them instant access to pertinent information specific to their role. Some of the key benefits claims personas such as managers, directors, adjudicators, and adjusters will recognize from Claims 360 & Adjuster Workspace are:
- Resolve claims faster with end-to-end claims history in a single view.
- Facilitate seamless collaboration across teams and management with easy sharing of real-time claim details.
- Build deeper automation with third-party and core systems of record integrations for a truly enabled system of action.
- Improve claims adjuster effectiveness with a purpose-built workspace providing intuitive access to relevant tasks and data.
Connect the enterprise for greater efficiency and better experiences
Guidewire Cloud integration: PolicyCenter:
In June 2023, ServiceNow announced its integration with Guidewire, the market-leading policy and claims administration platform for property and casualty insurance. The initial integration was primarily focused on Guidewire ClaimCenter. In the Vancouver release, ServiceNow has extended the integration to now include a focus on Guidewire PolicyCenter. The expanded functionality of this integration will help carriers:
- Streamline processes to save time and cost through Advanced Work Assignment, Process Mining, audit trail, and more.
- Provide everyone the same real-time access to claim progress, status updates, and policy details.
- Customize policy servicing and underwriting processes quickly via low-code tools. Increase operational agility and speed to value.
- Reduce development time and speed to market by utilizing ServiceNow as an added agility layer to seamlessly build integrations into Guidewire for various use cases. With the added policy functionality, even more servicing and underwriting capabilities are available, including quote and bind, policy cancellation, and mid-term endorsements.
*Other company and product names may be trademarks of the respective companies with which they are associated.
Counter claims fraud
FRISS Integration:
Financial Services Operations for Insurance, as of May 2023, 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 customers while automatically preventing fraud attempts. Benefits of this integration for First Notice of Loss reps, claims adjusters, claims managers, and SIU agents include:
- Protect against fraudulent claims and reduce claims leakage with transparent fraud scoring model.
- Access key information such as current fraud scores, score trends, and scoring rationale directly from intuitive dashboard. For example, indicators will show a claims adjuster that a fraud score rose from 40 to 150, and the rationale behind the rise in score, such as a claim was filed one week after policy inception.
- Help increase speed to market and reduce development time with seamless integration between Financial Services Operations and FRISS
- Have fraud score adjustments set to automatically trigger at specific points, such as immediately after FNOL, addition of a new claimant, etc., or have fraud scores manually updated by claims adjuster.
*Other company and product names may be trademarks of the respective companies with which they are associated.
Learn more:
In addition to these key enhancements, insurance customers also benefit from additional new and impactful features including Service Model Foundation: Available Services, Service Model Foundation: Customers Served, ServiceNow Voice Agent and Queue Transfer, and our Generative AI driven Now Assist. To learn more about these features, check out the Customer Service Management blog.
For more information on Financial Services Operations for Insurance, visit the product page.
