STP and Automation – how to improve customer satisfaction

Straight Through Processing (STP) is the next step to claims excellence. Online claims handling and self-service will make an already stressful situation for policyholders much more hassle-free. This will result in a higher customer satisfaction as the money is paid into the policyholder’s account shortly after the claim has been processed. In the eyes of the policyholder, claims experience is what insurance is all about… but it’s not easy to do, as fraud is expected to double with the rise of automation. 

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In just 6 minutes we’ll show you how the future of claims handling is here – reduced cost, better customer service and world leading automated fraud detection.

Gain customer loyalty with FDS

Anyone who has ever had to file an insurance claim will probably agree that it was due to a very stressful event. Policy holders want the whole claim process to be streamlined and hassle-free, in the most satisfactory way possible. As an insurance organization, you of course want to fulfil this aim. Efficient and consistent service right from the First Notice of Loss (FNOL) using Live Chat will help you win your customer’s heart.

Customer expectations

Policy holders expect to be able to submit online claims at any time, on any given day, even outside office hours, with the result of a quick settlement. Each new claim that is submitted is a chance to gain a new, loyal customer. The FDS Technology provides insurers with the ability to swiftly deal with each policy holder and their individual stressful situation, thereby retaining customers and making the business even more successful.

Timeline of a traditional manual claims handling process

The claims handler will receive claims with attached claim documents and will manually inspect all documents and verify them against the claim details. They will then contact the policy holder either by email or phone if further information is needed. Manual claims handling results in extra overheads, and the policy holder will experience a lengthy claims handling.

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Capturing value from the core by redesigning customer journeys

By automating claim processing the policy holder will experience a hassle-free claims handling. If submitted claim documents needs further verification the FDS chat robot will ask the relevant questions to the policy holder. The claim is processed automatically and if there are no findings, the claim will be paid out quickly resulting in high customer satisfaction.

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Fraud and the resources to detect fraud can have a huge impact on an insurance company’s combined ratio. Online claims handling is the essential part of any STP strategy – unfortunately analysts expect insurance fraud to double with the rise of automation.

STP has already given birth to new fraud trends. The way STP expedites the payment process, sheds light on the ways claim automation may heighten the temptation for some policy holders to behave fraudulently. Typically, insurers would apply STP logic to claims falling under a certain monetary threshold.

A natural concern regarding low-cost claims would be increased possibilities of fraud on STP claims below e.g. USD 2,000, where the pay-out would be less expensive than the costs associated with expert forensic analysis on file level.

Introducing the patent-pending Claim Robotics

A simple insurance claim often includes a few phone calls between policyholder and insurer and even more emails. Yearly this amounts to hundreds of thousands of often unnecessary and costly calls and emails. FDS Interactive Robot intelligently integrates into web frontend and interacts live with policy holders. If claim documents are missing metadata or if there are any discrepancies in the submitted claim documents compared to the incident, the FDS chat robot will ask relevant questions or request further documentation.

FDS will drastically reduce claims management cost as true secure STP is achieved when both FDS and your pattern-based BI systems verify the claim, allowing for automatic payout.

Step 1

On submitting your online claims forms, the FDS Claim Robotics is integrated via web hooks and the RESTful API. Documents and claim information is sent, real-time, to your on-premise DetectEngine.

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Step 2

If any document anomalies are raised, a live interaction module is opened up to the policy holder with questions to either resolve the anomaly or incriminate the policy holder.

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Step 3

A stop-or-go decision is made to either a). send a settlement notice to your claims system or b). transfer the claim to the SIU department for further investigation.

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Images are conceptual 

A successful STP project is driven by the ability to integrate systems and work processes i.e. existing claim handling systems, pattern-based fraud detection etc., on top of an intuitive front-end which validates data in a secure way and is “designed by security”.

Learn more about FDS Claims Robotics with real-time document anomaly detection, Insurtech and future-proof.