Automation with low-code halves the claims processing time
As insurance companies have become subject to digital transformation, the need for modernizing and tailoring insurance claim processing has naturally followed. Completely automated claims processing, from start to finish, also known as straight-through processing (STP) is a highly valued feature of a claims processing system. Also, optimized and flexible manual work processes, as well as the quick adaption of new products, are all key elements of a modern-era claim processing system.
Storebrand launched their brand-new case management system for Property and Casualty (P&C) insurance claims in mid-2019. They now benefit from a new way of receiving, structuring, and processing claims. The system developed with Genus’ low-code platform has reduced lead time and enabled automatic processing. It enables Storebrand to process a greater number of claims in a shorter amount of time.
The Storebrand Group is one of the leading players in the Nordic market for long-term savings and insurance. Managing close to a trillion NOK invested in 3000 companies around the world, Storebrand is Norway’s largest asset manager. Storebrand offers pensions, savings, insurance, and banking products to private individuals, businesses, and public enterprises, and has been doing so for over 250 years.
Previously, all P&C insurance claims were processed manually by claim handlers at Storebrand, even the straightforward and simple claims. Manual processing of claims is time-consuming and customers therefore sometimes had to wait a considerable time before receiving settlement. Therefore, Storebrand wanted to automate processing, at least the simple claims, but they did not have the tools to do so.
Expecting the number of submitted claims to grow every day, Storebrand decided to act. Their main focus was to increase customer satisfaction and thus two goals clearly emerged:
- Reduce claim lead time in general
- Increase the number of automatically processed claims
“We needed a system that gathered and structured the customer input, customer details, insurance details, etc. Regardless of insurance product, complexity, level of automation – we needed a dynamic one-fits-all solution that could handle any claim accordingly, ” said Patrick Røhne, Product Manager.
Reducing the time spent on the average claim emphasized the need for collecting, restructuring, and consolidating information in a new way. This would enable a more effective and seamless claim handling process. It would also lay the groundwork for automatic claim processing – all encapsulated in one system.
Implemented in less than 6 months
After exploring commercially off-the-shelf (COTS) and in-house alternatives without success, Storebrand found its holy grail in Genus and the low-code approach.
Following a short proof-of-concept phase, the tailored system was successfully up and running in less than 6 months. Initially, the system was only processing claims of one product type. The remaining claim handling processes were iteratively added during the first year of the system being in production. Previously released processes were also continually improved.
“The implementation of the system was as an iterative process which enabled flexibility and fast-paced deliveries,” said Marius Gundersen, Head of Quality and Systems. “With Genus and low-code we got a platform that could fulfill our range of functional requirements and adapt to our changing needs along the way. Genus also had a proven track record at Storebrand from previous deliveries of systems within the insurance domain.”
Halved processing time
With the use of the Genus low-code platform, Storebrand has effectively cut the claim processing time in half. New functionality and processes have optimized workflows. They have enabled straight-through processing for a significant number of claims and thereby reduced manual involvement. As a result, Storebrand is now ready for the P&C future.
“We saw results with regards to our goals from day one after launch. Our claim process became not only more efficient but also more enjoyable. With automated processing steps for all types of claims, we saw gains in every department. We now have a system that can easily handle any claim we throw at it today – automated or not. It’s also future proof; we are confident that the flexibility of the Genus platform will allow us to overcome the changes and challenges that lie ahead, whether it’s adapting to new insurance products or tailoring new work processes,” said Patrick Røhne, Product Manager.