Swiss Re Reinsurance and Des Moines-based InsurTech Benekiva, have formed a strategic partnership to develop an end-to-end digital claims management solution.
Across the industry, Swiss Re said investment in improving the claims process is seen to have lagged compared to other parts of the insurance value chain, most notably underwriting and distribution.
However, this is changing rapidly. Paying a claim is the ultimate demonstration of why the insurance industry exists, and insurers who are focusing on providing a better, faster claims experience are starting to see the payoffs, the company added.
The claims management solution combines Benekiva’s claims administration system with Swiss Re’s Claims Automated Rules Engine and expertise in risk management.
The platform supports digital claims intake, holistic workflow, correspondence, and document management, claims risk scoring and triaging, and built-in payout and audit capabilities.
The goal of this partnership is to help insurers create operational efficiencies that improve the speed and consistency of claims decisions while providing a digital, empathetic, and streamlined customer experience.
Carl Christensen, global head L&H Solutions, Swiss Re Reinsurance Solutions, said, “We understand the importance of making it easy to file a claim, have it processed and receive payment quickly. We’re thrilled to partner with Benekiva to offer a holistic, digital claims processing solution that can free up claims staff to focus on what matters most: helping customers through a very difficult time.”
Brent Williams, Founder and CEO of Benekiva, added, “Beneficiaries, like all modern consumers, expect an Amazon-like experience even when it comes to initiating claims. With Benekiva, insurers can reduce their claims cycle and processing times by up to 75%. The power of this partnership is set to elevate this even further, resulting in an improved experience for everyone involved.”
Earlier this year, Swiss Re, Guy Carpenter & ICEYE teamed up to deliver a pilot parametric flood insurance programme for New York City neighbourhoods.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global