Financial Services Operation for Insurance Be the carrier of choice with AI-powered claims resolution and servicing ServiceNow® Financial Services Operations for Insurance helps carriers deliver effortless experiences and lower operational costs by automating and optimizing processes across the value chain. With Financial Services Operations, insurance carriers can: • Deliver effortless customer experiences by unifying claims, servicing, and underwriting processes with a single system of action. • Empower employees to easily solve problems in real-time, with low-code application development. • Unify legacy architecture without replacing core systems of record with an insurance industry data model, informed by ACORD standards. • Increase productivity and efficiency while enhancing employee experiences by automating manual tasks. • Integrate document information into existing processes for a cohesive, uninterrupted flow of content. Financial Services Operations: Deliver insurance experiences that drive policyholder loyalty Financial Services Operations for Insurance is a cloud-based digital workflow platform that is purpose-built to solve for the unique challenges insurance carriers face. With one platform, one architecture, and one data model, Financial Services Operations leverages the power of the ServiceNow platform and is easily integrated with our core management capabilities, bringing people, systems, and data into a single place. With Financial Services Operations, policyholder interactions are streamlined so carriers can optimize and automate key areas such as policy servicing and claims, saving time and cost. ServiceNow enables carriers to come together to solve policyholder issues quickly and with full transparency. Reduce costs Streamline and automate complex claims processes to reduce claims leakage and the risk of claim fraud Improve policyholder satisfaction and loyalty Provide quicker resolutions and more transparent, empathetic interactions to improve experiences and reduce policyholder attrition Remain compliant Proactively meet SLA compliance to avoid fines and reputational damage 75% of the coding is done by frontline employees- underwriters and contact center agents who are fixing processes and solving their problems in real-time. - AVP of Customer Operations at a tier one Property & Casualty carrier ServiceNow intelligently orchestrates and automates work across existing processes and technology Top Benefits © 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Overig company names, product names, and logos may be trademarks of the respective companies with which they are associated. servicenow.com How we are different: A single insurance data model, a single platform Financial Services Operations’ insurance data model seamlessly connects with ServiceNow’s platform, saving hours of development time. Carriers can manage all configuration data with full life cycle support. This is part of the reason more than 450 insurers across the globe rely on ServiceNow to elevate performance and digitally transform customer experience and operations, and why ServiceNow debuted as a Leader in The Forrester Wave: P&C Claims Management Systems, Q2 2024 report. “ServiceNow has entered the P&C Claims management market with the strongest strategy of all the firms that Forrester evaluated. ServiceNow is a powerful claim platform that’s bolstered by its IT credibility. Its vision is to be the agile backbone for insurance companies that will enable insurers to deliver exceptional experiences for claimants.” Automate and optimize any process with core capabilities Financial Services Operations core capabilities enable carriers to optimize and digitize any process accurately and quickly help: • Guide customers with fast and with conversational support • Improve employee performance and operations • Help the front office solve cases faster and with empathy • Enhance service delivery while reducing costs. Fortune 500 P&C carrier reduced operating costs by 20% in just months © 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Overig company names, product names, and logos may be trademarks of the respective companies with which they are associated. servicenow.com Insurance Applications Commercial Lines Claims: • Improve customer satisfaction with real- time visibility into commercial claim status • Increase straight-through-processing of commercial claims with intelligent assignment • Expedite adjudication and proactively ensure SLA compliance with embedded controls Group Life Servicing/Individual Life Servicing: • Enable group life, individual life, and disability policyholders and distribution partners to self- serve or easily engage through any channel • Empower employees with information that enables empathetic servicing • Unify systems and teams in a single system of action to fuel growth and improve productivity Personal Lines Claims: • Automate claims processing through efficient data transfer between relevant personas to ensure claims files are current with pertinent information • Eliminate manual work across the Claims department for faster resolution and increased satisfaction using AI • Empower claims personnel with curated workspaces in one centralized location that provides the necessary data and information when and as needed Life Claims Foundation: • Relieve employees of time-consuming tasks with automation and task orchestration capabilities for the end-to-end life claims process • Avoid confusion and allow for quicker processing with multiple policies and beneficiaries supported from a single claim file • Increase speed to market with a robust foundation and data model that allows customers to easily expand use cases Expedite commercial claims with seamless end-to-end automation Uplevel policy servicing with easy access to customer information Automation for faster resolution and increased policyholder satisfaction © 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Overig company names, product names, and logos may be trademarks of the respective companies with which they are associated. servicenow.com Digitize life claims for streamlined processes and better experiences © 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Overig company names, product names, and logos may be trademarks of the respective companies with which they are associated. servicenow.com Core Capabilities Now Assist for Financial Services Operations: Leverage Generativ e AI purpose built for insurance. Improve claim response time and boost customer satisfaction with better informed agents by providing users with crucial case context through straightforward and concise claim summaries. Performance Analytics: Carriers can monitor process performance and KPIs across policy servicing, underwriting, claims, and distribution with one platform. Service Operations: Provides proactive policy servicing and improves experiences with chatbots. Automate policy servicing processes through playbooks. Automation and Predictive intelligence: Use machine learning to route issues, recommend solutions, identify knowledge gaps, provide guided decisions with contextual recommendations, and automate assignments with a simple drag- and-drop interface. Agent Workspace: Enhance agent, broker and employee productivity with guided resolution, integrated solutions, and an optimized layout. Continual Improvement Management: Initiate and track operational improvements by aligning people, processes, and data; to find answers and solve problems. Process Based Layouts: Process Based Layouts improve productivity by providing agents visibility into the overall process and current stage. Decision Tree Builder: Helps to rapidly construct, validate, and deploy guided decision trees. Task Assignment: Route work automatically to the best processor or underwriter based on business rules. Assign tasks to other stakeholders with visual task boards. Surveys and Dashboards: Stay informed and current with distribution concerns. Generate reports and dashboards on demand. Business Service Mapping: Each business workflow is mapped to the relevant IT systems that support it. When there is an unexpected outage or planned system maintenance, the right people are automatically notified. Complaint Management: Intelligently prioritize high-risk complaints and generate end-to-end audit trails, improving quality and speed of resolution. Templated communications further support service representatives to increase response consistency and quality. Document Processor: Automate core documentation tasks to deliver frictionless services. Integrate document information into existing processes for a cohesive flow of content. Document Templates: Create specific tasks for each unique participant in a document. Minimize mistakes and repetitive requests by simplifying the review, filling out, and signing process. Service Portal: Provide a mobile-friendly self-service experience for your customers. Customers can access specific platform features using the service portal. © 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries.
