Future-proofing the insurance claims experience for today and tomorrow
With customer expectations at an all-time high, it’s never been more important for insurers to pay out on valid claims expeditiously. But a fast-evolving risk landscape and new, sophisticated technology means insurers need to reimagine the insurance claims experience to achieve speed-to-pay while also making decisions about risk quickly and with confidence.
A key part of a competitive strategy is being able to fast-track low-risk claims at FNOL, while focusing follow-up on claims that require further investigation. Insurers that evolve their processes will retain existing customers and attract new ones from those competitors that fail to leverage new technology that can simplify claims processing, speed up the process, and keep fraud in check.
Challenges with the insurance claims experience today
Why is digital transformation in the claims experience an imperative? Time is limited on FNOL calls, and the responsibilities and expectations are broad. Carriers make critical decisions every day using risk data that can change the course of an application or claim, and the speed and cost at which it passes through your system. Finding ways to move claims quickly and efficiently through your processes while still managing to keep up with new fraud tactics and techniques is an enormous challenge.
Speed
When faced with a high volume of claims, the process can’t be consistently expedited without sacrificing thoroughness, accuracy, and a satisfactory level of risk assessment.
Resource allocation
With only so many adjusters available to handle claims volumes, it’s time-consuming and costly for teams to identify, prioritize, and route claims using manual processes and human intervention at every step.
Data for decision confidence
Aggregating and connecting data collected from claim submissions – whether historical or real-time – to gain claims insight can add complexity, increase false positives, and may not provide the validation needed to process claims quickly and accurately, contributing to lengthy and costly investigation services－ ultimately frustrating your customers.
Legacy systems
In addition to creating inefficiencies due to disjointed and fragmented IT infrastructures, legacy systems may have blind spots when it comes to identifying fraud attempts.
Improving the insurance claims experience with voice analytics technology
Today’s voice analytics technology can detect claims risk without using biometrics, voice stress, or natural language processing - a valuable and objective tool in the claims experience.
It can detect risk with a level of precision that no other technology products can, without bias, and without having to rely on prior individual information. This provides a unique and essential data point that produces faster, more informed decisions about whether to clear-to-pay or do more follow-up.
With many insurers today relying on a collection of external data sources and prior knowledge of the claimant, voice analysis is refreshing with its ability to assess risk independently from any other data, adding value to a faster, more confident decision-making process.
Improve decision confidence
Meet customer needs
Reduce opportunistic fraud
Optimize your insurance claims experience with Clearspeed
Clearspeed helps you get the right transactions into the right hands faster, and with greater confidence. We use an easy, automated questionnaire to assess claims risk leveraging universal vocal characteristics. This unique primary risk measure gives you the confidence needed to fast-track low-risk claims, and focus follow-up on those requiring further investigation.
Read more about how Clearspeed can help accelerate your claims experience
Blog
Improving Straight-Through Processing in Underwriting and Claims with Voice Analytics Technology
Optimize your claims experience at FNOL with voice analytics technology.
Use Case
Optimizing Your Claims Experience
Separating low-risk and high-risk claims at FNOL, and not further down the claim lifecycle, is easier than ever. Clearspeed helps you get the right transactions into the right hands faster, and with greater confidence.
Client story
El Roble Seguros sees 31x ROI in first year with Clearspeed
"Clearspeed enables us to speed up the claims process, focus our resources on the risky claims, and save money by ensuring fraudulent claims are properly investigated and denied."
