Ventiv Technology

Redefining the Claims Experience Insurance carriers, along with third-party administrators, and other claims partners, are looking to digitize the claims journey. The concept of straight-thru-processing (STP) -- the ability to automate the processing of transactions -- may have been coined back in the 1990's. But it is today -- decades later-- that the ability to truly transform the claims lifecycle has come to fruition. Technologies such as artificial intelligence (AI), machine learning (ML) and sophisticated uses of data and analytics are leading the way. Taking a touchless claims approach helps reduce manually driven tasks, eliminate unnecessary human intervention, and provide the quick and simple service that customers are seeking. And the advent of these new technologies offers the opportunity to transform claims processes for a myriad of business lines including personal auto and home, commercial auto, workers' compensation, medical liability, and more. Take the FNOL process for example. Many of today's self-service applications are using photos, videos, and voice to text features for near instant claim notification and coverage verification. This information is then fed into the carrier's claims system and processed to create a loss report. The system's embedded analytics and business rules can then trigger any further inspection or examination of damages. Newer technologies such as drones can now undertake some of these "advanced" examinations. As carriers strive to move from their traditional approach (emphasizing human touch points across the claims process) to the nirvana of touchless claims (claim process automation through technology), they are beginning to understand the need to have a solid foundation of data to work with. Data-driven operations require a comprehensive understanding of customer and claims data. The key is to leverage that data for creating useful insights. In some cases, carriers will need to develop partnerships with data organizations that possess the capabilities for AI, ML, and analytics. By reducing the need for manual claims handling, insurers can: Increase efficiency by automating key tasks Drive greater consistency and accuracy throughout the process Improve the customer experience Reduce burdensome costs Increase retention and customer loyalty TOUCHLESS CLAIMS | 4

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