A cooperation has been established between Swiss Re Reinsurance and the Des Moines, Iowa-based insurtech Benekiva to create an integrated claims management platform. The platform will Integrate Benekiva’s cutting-edge claims administration system and Swiss Re’s Claims Automated Rules Engine and extensive risk management knowledge
This collaboration intends to assist insurers in developing operational efficiencies that enhance the promptness and consistency of claims determinations while offering a digitized, streamlined, and sympathetic client experience.
The integrated claims management platform is an end-to-end solution for digital claims 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.
In comparison to other aspects of the insurance value chain, most notably underwriting and distribution, it is widely believed that investment in enhancing the claims process has lagged. But things are quickly shifting. The insurance industry’s ability to pay claims is the ultimate justification for its existence, and insurers who concentrate on delivering a better, more efficient claims experience are beginning to reap the benefits. With better resource allocation, claims teams are able to work more productively, which enhances the claimant/beneficiary experience and fosters brand loyalty. Swiss Re comments
Carl Christensen, Global Head L&H Solutions, Swiss Re Reinsurance Solutions, said, “We understand the importance of making it simple 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: assisting customers through a very difficult time.
Brent Williams, founder and CEO of Benekiva, stated that beneficiaries, like other contemporary consumers, want an Amazon-like experience even when it comes to submitting claims. “With Benekiva, insurers can speed up the processing of claims and cut down on cycle times by up to 75%. This will be enhanced even further by the strength of this cooperation, improving the experience for all parties.
