Insurance Claims Become More Efficient Process with NextGen Technology
May 15, 2014
By Ed Silverstein
TMCnet Contributor
NextGen (News - Alert) is the evolving new insurance claims processing platform that will replace legacy applications. It offers many benefits to customers and companies, alike.
For instance, there is increased mobility for policyholders who need to file a claim onsite. In addition, company engineers and loss-adjustors are given the tools, “to make decisions as efficiently and reliably as possible. Using our mobile platform, there’s huge potential for tablet-based apps that would quickly get claims sorted, builders engaged and so on, taking a few hours to do what would otherwise take weeks,” Norman Black, EMEA Insurance Industry director at SAP (News - Alert), said in a recent blog post.
In addition, the NextGen approach will use the approaches found in manufacturing or retail sectors for insurance. One example is using a supply chain approach to claims, Black said.
Another element to the new method is using more analytics. By using Big Data analysis on the HANA platform, the claim can be analyzed so fraudulent claims can be prevented, Black said.
The SAP HANA computing platform speeds up analytics, business processes, sentiment data processing, and predictive uses, the company said in an online statement.
To see some positive results just look at how U.S.-based Auto Club Group used SAP Claims to simplify a claims management process – which led to 50 percent less time customers had to spend on the telephone. Also, costs were lowered at an auto and household insurer in the United Kingdom because of new SAP methods – in a lowering of claim ratios by nearly 10 percent in a single year. Other benefits were seen with improved efficiency. For instance, U.S.-based CFS Insurance saw a 20 percent jump in claim handler capacity. And the new approach led to improvements as far as innovation. For example, AOK, the biggest health insurer in Germany, used SAP’s HANA Big Data platform. That led to analysis of prior claims data, and the prevention of claims rather than paying out claims.
Edited by Maurice Nagle
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