Swiss Re Reinsurance Options has shaped a strategic partnership with Benekiva to supply an end-to-end digital claims administration answer.
The answer combines Benekiva’s state-of-the-art claims administration system with Swiss Re’s Claims Automated Guidelines Engine and danger administration experience.
The partnership leverages the distinctive strengths of each corporations to offer an modern, end-to-end claims administration platform that creates operational efficiencies for all times and well being insurers and improves the claims expertise for beneficiaries, Swiss Re stated.
The Built-in Claims Administration Platform is a novel end-to-end answer for digital claims administration, Swiss Re’s Reinsurance Options unit defined. The platform helps digital claims consumption, holistic workflow, correspondence, and doc administration, claims danger scoring and triaging, and built-in payout and audit capabilities. And, it’s accessible wherever, anytime, from any system.
The aim of this partnership is to assist insurers create operational efficiencies that enhance the velocity and consistency of claims selections whereas offering a digital, empathetic, and streamlined buyer expertise, Swiss Re continued.
Throughout the business, funding in bettering the claims course of is seen to have lagged in comparison with different elements of the insurance coverage worth chain, most notably underwriting and distribution. Nevertheless, that is altering quickly. Paying a declare is the final word demonstration of why the insurance coverage business exists, and insurers who’re specializing in offering a greater, quicker claims expertise are beginning to see the payoffs. Claims groups can work extra successfully with higher allocation of assets which improves the expertise for claimants/beneficiaries builds belief and model loyalty.
“We perceive the significance of constructing it straightforward to file a declare, have it processed and obtain cost shortly,” stated Carl Christensen, world head L&H Options, Swiss Re Reinsurance Options. “We’re thrilled to associate with Benekiva to supply a holistic, digital claims processing answer that may unencumber claims employees to deal with what issues most: serving to clients by a really tough time.”
“Beneficiaries, like all fashionable shoppers, count on an Amazon-like expertise even relating to initiating claims” stated Brent Williams, Founder and CEO of Des Moines-based Benekiva. “With Benekiva, insurers can scale back their claims cycle and processing instances by as much as 75%. The ability of this partnership is ready to raise this even additional, leading to an improved expertise for everybody concerned.”
Recognizing that many insurers have legacy techniques, a number of traces of enterprise, and useful resource constraints that typically complicate expertise innovation, Swiss Re and Benekiva have designed the answer to be versatile and scalable. Insurers can select the model of the platform that makes essentially the most sense for his or her wants.
About Swiss Re Reinsurance Options and Benekiva
Swiss Re Reinsurance Options helps companies innovate by offering entry to instruments and platforms, knowledge and analytics, product improvement, distribution capabilities, and bespoke consultancy, stated the Reinsurance Options net portal. Collaboration with key companions stays a strategic crucial for the Reinsurance Options division, Swiss Re stated.
A white-labeled, claims and servicing platform, Benekiva’s no code/low code expertise offers claimants and claims associates wherever, anytime, any system accessibility so claims might be managed effectively, conveniently, and securely. With Benekiva, insurers scale back their claims cycle and processing instances, decrease their digital footprint, and switch claims from an expense right into a growth-supporting operation.
Supply: Swiss Re
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