About 90% of personal and small‑business insurance claims processing will be entirely automated by 2030, a McKinsey report found. With automation poised to dominate the industry, insurers need to jump on board and quickly revamp operations or risk turning obsolete. ServiceNow insurance claims solutions, part of its latest Tokyo release, can ease your journey from legacy systems to fully automated workflows.
AI in insurance claims processing does more than just improve productivity. AI can help weed out fraudulent claims, which cost insurers about $80 billion annually. In fact, over 75% of insurers use AI tools to detect fraud. AI-backed chatbots can also help you save $1.3 billion across all insurance offerings by 2030. Back in 2017, Jim, an AI-powered claims bot, made headlines for ultra-fast claims processing. A customer reported his $979 parka stolen. In a matter of three seconds, Jim cross‑referenced the claim with the customer’s policy, ran 18 anti‑fraud algorithms and wired the full payout to his bank — and with zero paperwork.
The claims process is bogged down by a myriad of time-consuming administrative tasks, legal and technical checks. Here is where AI and machine learning can make a great difference. ServiceNow Insurance Workflow Automation injects AI into your claim’s lifecycle right from first notification of loss to settlement, simplifying claims processing and freeing agents from repetitive manual tasks.
ServiceNow Insurance Claims Management solutions from Tokyo release
ServiceNow Tokyo release brings intelligent automation and seamless service delivery to claims management. With ServiceNow implementation, you can break free of siloed and disconnected operations and shift to a more collaborative workspace to deliver standout customer and productive employee experiences. In fact, employee and customer retention are key focus areas of the Tokyo release aside from enhancements in ServiceNow’s ITSM and CSM modules, premium encryption and cloud security. But now, let’s delve into Now Platform’s latest offerings geared towards the insurance industry.
Document processor: Working with a multitude of unsynchronized systems and vast volumes of documents inevitably lead to mistakes and delays. ServiceNow document processor lets you streamline organization, approval and verification of documents, enabling easy access. Auto-extract information with DocIntel and reduce time taken for repetitive approvals and signatures with Document Templates.
Insurance claims core: Rigid claims data models don’t give you the full picture. ServiceNow insurance claims core application lets you personalize your data model to get a bird’s eye view of all constituent parts of the claim for faster and more accurate processing. Using the generic data model from ServiceNow, you can create flexible data structures that work better for your business.
Commercial lines claims: The commercial lines claims application helps you improve customer satisfaction with real-time visibility into claim status, faster processing of commercial claims with automated task assignment and well-defined SLAs for better compliance. Insurers can get the most out of end-to-end automation without having to spend a king’s ransom.
Personal lines claims: Improve transparency across the various stakeholders in the claim’s lifecycle. The personal lines claims application lets FNOL representatives submit claim requests, while processors and adjusters work on the cases with current and relevant information thanks to intelligent data transfer. Automated workflows and data transfer mean little dependence on manual work and a reduction in paperwork. Stakeholders can easily monitor workload and performance with AI-backed prioritization of tasks.
ServiceNow Tokyo release equip insurers with end-to-end automated workflows on a single consolidated platform. It plugs gaps in service delivery, helping provide personalized customer experiences. With AI handling simple straight-through claims processing, your processors and adjusters are free to focus better on high-priority cases.
Fast-track your Tokyo transformation
A largescale upgrade project usually involves days of testing. ServiceNow Automated Test Framework eliminates manual testing, enabling you to go-live and reap the benefits of Tokyo release faster. An expert ServiceNow solutions provider is just what you need to ensure you follow best upgrade practices. We at Aspire Systems specialize in ATF, having helped many businesses expedite their ServiceNow journey. One such client is a Finnish paper and pulp manufacturer, who got to work on Now Platform 64% faster thanks to ServiceNow ATF. Read the case study to know more.
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