How do insurers face the challenge of reconciling the need for digitally transformed claims data with core application and data silos? One major UK insurer overcame this taking just six weeks from an initial discovery workshop to deploying digital claims.
An API architecture digital platform that delivers a world class user experience is the first step.
The second key step is to ensure that not just the customer experience is sorted but also the complete value chain. This requires a combined Digital Claims Platform & Communications Hub to orchestrate: -
- Specialist partners like jewellery, carpets
- Contractors e.g. drainage, subsidence and CAT
- Specialist experts e.g. major bridge engineers
- Translation services
- Real-time streamed video Inspections
- When required, onsite inspections
Digitising the whole value-chain from FNOL to settlement not only speeds up having a satisfied customer but also reduces costs significantly.
The third key step is to ensure such a claims platform and communications hub enables data analysis across not only the claims process and supply chain but also all the people, events and assets connected via the API architecture. Deeply embedded analytics to give the whole claims team from handler through supplier to senior management the insights to make optimal decisions at the right time.
An open API architecture is one vital aspect of any credible digital claims platform and communications hub.
After Salesforce acquired Mulesoft for a whopping $6.5 billion earlier this year, Gartner’s VP and Fellow, Massimo Pezzini said, “Integration, the reportedly uncoolest thing in IT, ultimately turns out to be the hottest!”