Ventiv Technology

Optimizing claims performance, reducing operational costs and improving productivity has been the "holy grail" for claims departments for years. But thanks to the global COVID-19 pandemic and the advent of remote office work, reimagining the claims journey has accelerated the need for straight-through-processing by eliminating as many manual tasks and human interventions as possible. While insurance has been criticized for being notoriously slow to adopt new technologies, the introduction of new tools and applications over the last 10 years – such as artificial intelligence, machine learning, chatbots, IoT sensors, drones and more – are helping to transform the typically onerous claims operation into a dynamic, cost-effective, and more efficient machine. This research report will focus on the evolution of the claims experience and the challenges and barriers to adoption of a touchless claims process. It will address the steps to success and the benefits of implementing a straight through process for claims. But the ageless question still looms: "Is touchless claims a reality or just fiction?" THE QUEST FOR TOUCHLESS CLAIMS | 1 The concept of touchless claims is not new. Evolution of the Claims Experience Transforming the claims process with new technologies is certainly not a new initiative. Over the years, organizations have made considerable investment in new claims IT projects such as deploying new claims management systems and call centers. However, the claims process is still characterized as a slow and extremely manual process. From a claimant perspective, the process can seem very drawn out and confusing.From a claims department perspective, the process can be extremely complex, involving many different parties, tasks and activities.

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