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DOCOsoft Delivers Claims Insight to IUA Members

18 January 2020

Anthony Freeman and Graham Sheppard gave a presentation at the ACORD Conference Suite, Minster Court on the 16th January where they showed that that a customisable ECF platform, which can plug multiple APIs into carriers’ claims systems is already in operation today through DOCOsoft CMS, processing millions of rich claims messages.

During a well-attended presentation, 50 market practitioners  heard that the future of claims technology innovation is alive and well in 2020

DOCOsoft already works with IUA Company Carriers including AXA XL, AXIS Specialty, Berkeley Re, Markel International, and Starr International. So the attendees on the day of the presentation – many of whom have yet to work with DOCOsoft – were likely surprised to learn that the Future at Lloyd’s vision to build a new customisable claims system version of ECF has, in fact, already been built. The work has already been done, which was news to many claims practitioners present in the room.

The purpose of the briefing was also to learn: what do innovative claims technology solutions
look like in 2020?  How can they improve performance and enhance the customer experience?

As Graham Sheppard outlined, more flexible, graphic systems like Write Back,
which ought really to be renamed “customisable ECF claims”,  should be playing a part
in an integrated digital claims strategy today. 16 of DOCOsoft’s clients – and counting –
already have such a system, enabling them to steal a significant march on their market
peers, which has already aligned them with the claims vision outlined in the Future at Lloyd’s.

Claims are becoming bigger, more complex,
and more colourful. The London market therefore
needs modern claims technology to introduce data insights while better management oversight
can be achieved with a new analytics capability. The market has certainly moved on from the days
of ECF.

However, out-dated market-wide systems continue to hold back those London carriers that have not embraced the high-tech, 4K Smart colour TV approach offered by InsurTech innovators such as DOCOsoft. Market pressures dictate we need more. Many claims teams are therefore turning to technology solutions that can plug in multiple external APIs, exchange rich claims messages, gain insights, remove duplication, automate processes and enhance performance.

According to Anthony Freeman, technology can greatly improve customer experience,
offer greater transparency, faster processing, and lower operational costs.

A modern claims management system can help with cradle to grave claims – all in one place, providing customer satisfaction and a competitive edge of bureau, non-bureau and email notifications. New technology can integrate with underwriting systems, DMS, sanctions, 3rd party systems - a complete, customisable lifecycle claims solution, driving efficiencies and speed of claims.

Claims are the largest spend of insurance companies. 20% of claims drive 80% of losses. A 1% reduction, which can be achieved by leveraging advance analytics, will achieve substantial savings. Machine Learning can also bring unrelated claims and policies together to bring fresh insights.

Utilising Robotic Process Automation where possible will speed up processing, reduce cost and enable a better customer experience. Claims Predictive Analysis using advanced algorithms can determine the length of the claim lifecycle, loss development, ultimate value and fraud. Claims triage and proactive settle models are able to predict which claims should be quickly settled and handled by senior claims professionals. Meanwhile, claims leakage analysis could highlight inefficient claims processing practises, which lead to unproductive costs.
 
The presentation concluded with a quick appraisal of future claims technologies such as high-resolution virtual reality and 3D claims systems. What kind of people would be needed to work with these technologies? Purple people was the answer, otherwise known as people who possess a mix of business and technology skills.
   
Insurance claims teams can leverage modern claims systems to improve their customer satisfaction, reduce costs, create a more efficient claims process while having more information at their fingertips. As Graham Sheppard concluded: “Customisable claims technology is already there waiting for you. It’s in your hands. Stay ahead of the game.”.
 



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