The platform integrates Benekiva’s cutting-edge claims administration system with Swiss Re’s Claims Automated Rules Engine (CARE) and extensive expertise in claims risk management, creating an end-to-end solution for claims processing like never before.
For years, the insurance industry has prioritised underwriting and distribution over claims management, despite the fact that paying out claims is the ultimate purpose of insurance. However, the need for a customer-centric claims process has become increasingly evident, and Swiss Re and Benekiva have taken a giant leap towards addressing this need.
Benekiva, which was founded in 2017 by Brent Williams, who is also the company’s CEO and president, has already made significant strides in streamlining the claims process with their digitisation and automation efforts. By optimising the claims management process and minimising complexity, Benekiva has been able to focus on providing support to customers during the difficult time of losing a loved one.
Streamlining claims is essential for the insurance industry
With the partnership between Swiss Re and Benekiva, the Integrated Claims Management Platform takes claims processing to the next level. The platform includes built-in intelligence and configurable rules that enable claims triaging and task automation, making the process faster, more consistent, and more efficient. This integrated solution supports the entire claims management process, from the first notice of loss to the payout, and provides a digital, empathetic, and streamlined customer experience.
This partnership between Swiss Re and Benekiva presents an exciting opportunity for the claims process to evolve beyond its traditional approach. Life insurers can now leverage the power of this integrated platform to create operational efficiencies and improve the overall claims experience for their customers when they need it the most. The customer-centric claims process is no longer a luxury, but a necessity in the modern insurance industry, and Swiss Re and Benekiva are at the forefront of driving this change
Speaking about the partnership, Lloyd Campbell-Gibson, Swiss Re’s Head of Claims Americas, said in written statement: “Paying a claim is the ultimate demonstration of why our industry exists. For that reason, it might come as a surprise that improving the claims process has historically lagged investment relative to other parts of the insurance value chain, most notably, underwriting and distribution. But this is changing rapidly.”
He added: “Today, more carriers recognise the need for a customer-centric claims process that focuses on a fast, reliable, and easy customer experience.”
Join Swiss Re experts in New York at ITI USA
To find out more about Swiss Re’s latest strategies and innovations, join their panel of experts at Insurtech Insights USA 2023 on June 7th and 8th, at the Javits Center in New York. Swiss Re’s speakers at the event are:
- Sebastian Bert, Co-Chair, Americas, Inclusion and Diversity
- Jillian Badanes, Lead Product and Proposition Development
- Sarah Parker, VP of Customer Insights and Propositions
- Adam Gladsden, SVP, Head of Cyber Solutions
To find out more, click here
