"There is no doubt that STP can improve the customer experience and lower loss adjustment expenses. Unfortunately, carriers have also experienced a significant increase in fraudulent activities. Suspicious claims have increased as much as three times from what was reported before claims automation was deployed."
Astute insight from Shift Technology.
360Globalnet which has processed over 3.6million claims on its digital claims platform and its customers regularly measure 35% plus home and content claims withdrawn by customers.
WHY?
The self-service FNOL that combines a brief description, photos and images soon exposes opportunistic fraud. The value of such claims may be low but the volume is high meaning insurers pay out massive amounts unnecessarily.
The professional fraudster requires more attention and the Fraud Data and Analytics solution 360Retrieve tackles that. Combined with Personal Injury Analyser solution insurers will significantly detect and deter fraud.
STP is an achilles heel
without such solutions; a conclusion we agree with Shift Technology.
However, implementing Straight Through Processing (STP) for claims is not as easy as it sounds. In fact, claims automation can be a double-edge sword. There is no doubt that STP can improve the customer experience and lower loss adjustment expenses. Unfortunately, carriers have also experienced a significant increase in fraudulent activities. Suspicious claims have increased as much as three times from what was reported before claims automation was deployed.
https://www.shift-technology.com/solving-customer-claims-experience-puzzle/
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