The Future of Claims Management Systems

In our last blog in this short series on Claims Management System technology, we will focus on going live on a platform during lockdown. The fact is, COVID-19 has undeniably forced companies out of their comfort zones. Working from home is not a pipe dream anymore, it is our living reality and it seems improbable right now to think that things will return to the way they were before.

Individuals will take some persuading that they need to commute into work 5 days a week and go through the painful experience of rush hour twice a day, all over again. It might happen but anecdotal conversations with market friends and acquaintances seem to suggest not. It’s not just a question of having an improved work/life balance either. I think most people have saved a lot of money on the commute and realise they can achieve their own ‘operational efficiencies’ working from home. What has been learnt from an individual point of view also holds true for companies’ balance sheets.

Ambitious Targets
The Lloyd’s Blueprint One set ambitious targets for overall expense reduction in the London market. Blueprint Two has been a little bit more realistic, perhaps. Even so, the Blueprint target is 800 million pounds of savings over the period specified, which is hardly small change, even in a market of our size.

There has been much talk of the opportunity to leverage technology to drive new business models. We need to speed the time to market of being able to get new solutions in front of people so that we can capture more business. There is already much talk of building the new digital spine to support the market’s transformation efforts. Good work is already underway today, however, and DOCOsoft is very much using its existing claims management system to act as a platform to roll out new market supporting initiatives this year and next.

Experts Solution
In 2021, for example, we are well into Phase III of London’s Expert Management & Settlement Platform, Gemini, which was announced by the Lloyd’s Market Association (LMA).

An API Version developed by DOCOsoft will fully integrate with the Gemini platform with Joint Integration Testing (JIT) currently planned for early this year and go live for the full API version planned for the summer. Gemini can also be adopted now without the API in place with claims handlers being able to utilise the existing DOCOsoft Experts module.

Phase III will instigate the payment of fees to an expert using the automated settlement facility whilst capturing structured data and MI in relation to expert spend, performance, and claims leakage. Gemini phase III also allows carriers to manage and reduce costs, while building a wealth of data that informs and supports future claim outcomes and strategies. Hundreds of experts and several dozen Managing Agents, following the deployment of phase II, have adopted the service.

Sanctions Solution
Another initiative being rolled out this year is the DOCOsoft CMS Sanctions solution, which prevents insurers paying a sanctioned claim, at the point of pressing the agreement button. The technology checks, in real time, that beneficiaries are neither a sanctioned company nor a sanctioned individual.

The new module greatly assisted one of our client as a participant in the market modernization pilot for Small Claims Auto Settlement (SCAS), which is intended to support fewer touch-points and reduce transaction time for customers.

The DOCOsoft solution will helped the clientto jump over the sanctions hurdle that was always considered to be a barrier to that step. Managing Agents are currently hesitant of making an automated payment to a sanctioned entity, whereas DOCOsoft clients will have a solution that improves confidence in being fully compliant.

These are just a few of the ways that the DOCOsoft CMS is helping clients today and we are very much looking forward to exploring and ultimately exploiting the limits of the current platform to deliver leading edge claims solutions.