Improving customer experience & managing risk in a digitized environment.
Innovation Project Description:
There is much talk about “disruption” and claims adjudication, processing, and administration. Be it; better systems, digital solutions, API connections, machine learning, artificial intelligence, blockchain, or a myriad of other technologies out there, what is the right way to evolve life and disability benefit insurance claims management.
These are some of the questions we will ask ourselves:
- Where does the current process make sense, and where does it need to change?
- With fairly consistent and standard contract language, why are claim management workflows so different?
- Can “the machines” start making some decisions? For what products? For what segments? At what point in the decision workflow? For what amounts?
- Are there segments of the process that “require” a live person?
- Can we leverage the work from the Cookhouse Lab Delays in APS project?
- What other technologies exist out there that when partnered with people and process can advance our cause significantly?
Current workflows require too much manual, task oriented, and task measured activity. Often, the adjudication process requires going in and out of multiple systems, relies on flawed data, and depends too heavily on human content development such as correspondence and calculations. As a result, an accurate and timely adjudication outcome relies on significant human oversight and review. These work streams are not customer centric nor are they efficient and accurate. Moreover, many processes still exist today that were in place years or decades ago.
“This is how we do things” is not an acceptable answer today when our customers expect a higher level of service and corporate stakeholders expect improved risk results.
At its core, the insurance industry is about paying the right claims accurately and as quickly as possible. Customers come to us because they pay for a sense of security, and for that we make them a promise to be there when they need us. Corporate stakeholders come to us because they expect appropriate and accurate risk assessment. Let’s figure out the best way to live up to these expectations, to live up to our promise and our potential.
Solutions to address:
- What is the right business model around claims adjudication (amounts to review, papers to request, etc.)
- What segments, tasks, touch points are best suited for some type of digital solution
- What is the ideal way to manage the customer experience and risk management processes
- What should the process look like in today’s digital age
Each innovation project will begin by establishing a Lean Startup mindset, followed by the phases of Design Thinking as supported by a variety tools. The ultimate goal is to create a business case and a Minimum Viable Product (MVP).
- Open innovation project for Cookhouse Lab members
- Project team will consist of members from different insurance organizations
- Sprint: 4 weeks
- Start: Sep 3, 2018
- End: Sep 28, 2018
- Apply by: Date TBD
- Insurance & Reinsurance (all regions worldwide)