Claims management - More than automating ECF Write-back
Events -- 12 October 2021
Author: Sequel Marketing
Sequel is excited to be exhibiting at The Insurance Network’s London Market Claims 2021 event (12 October 2021), where market leaders will discuss the role technology will continue to play in transforming the market and delivering better claim experiences to customers.
London is thankfully moving away from the old spreadsheet-based approach to claims management, which was both highly inefficient and vulnerable to human error and duplications. Today’s tools automate many manual processes, help insurers meet reporting requirements and seamlessly connect with central market systems like ECF Write-back – bringing much-needed speed, accuracy and efficiency to the claims process.
However, good claims management is far more than automating ECF Write-back or triage. These are important pieces in a far bigger puzzle, along with reporting, email management, vendor management, fraud detection and data and analytics. To deliver true efficiency and a seamless customer experience, these all need to be managed together.
Insurers need to visualise and act on claims data in one place and in real-time. Yet many insurers are using multiple systems to manage their claims – either across their various business units or because they rely on distinct components that do not talk seamlessly one another. This is not only expensive and inefficient, but means data has to be pulled from multiple sources to provide any level of visibility over claim portfolios.
Bringing the entire claims process into one holistic system gives insurers micro and macro visibility over their claim portfolios and workflows, allowing them to act proactively on issues that can slow closure rates and threaten service level agreements rather than making reactive changes based on days- or weeks-old reports. Every day a claim is open it costs money.
An end-to-end system also enables every claim to be managed in one efficient, customisable workflow using consistent data, ensuring a single truth flows through the claim journey, reducing the risk of fraud, duplication and errors.
These are a few of the reasons why Sequel is busy not only transitioning clients from legacy systems to our Sequel Claims solution, but also clients who have invested in digital systems but now recognise the need to consolidate their platforms into one holistic system.
Consolidating their claims systems is one tool insurers can use to drive further efficiencies, and we are looking forward to discussing the many other ways technology can continue to transform the market and help make London a more competitive place to do business.
London Market Claims 2021 takes place at Etc. on Fenchurch Street from 9am to 5pm on Tuesday 12th October. We can’t wait to see you there!
Find out more about Sequel Claims.
Handle claims faster and more fairly, and act on claims data in real time.