Reinsurer SCOR has developed a Claims Rules Engine (CRE) as a management solution for its life business, designed to accelerate claims lodgement and decision making, while freeing up claims assessor to support more complex claims.
The SCOR CRE leverages Smart Rules, using behavioural economics principles to create a simple claims-lodging process for customers that is free of paper forms.
The idea is to create shorter end-to-end processing times and faster payments on standard claims and increased support on more complex ones.
“We developed the CRE to provide both time and cost savings for insurers in a process that can otherwise be highly labor intensive”, said Brona Magee, Deputy Chief Executive Officer of SCOR Global Life. “We wanted to digitalize claims procedures to improve the user experience for insurers and claimants alike.”
The CRE’s simplified customer question set is backed by a ‘Smart Catalogue’, containing thousands of medical conditions and symptoms that drive decision outcomes for insurers across multiple products.
This is designed to facilitate accurate triaging of claims, identification of claims requiring early intervention, and support for claims managers in setting initial and ongoing claims strategies.
Application Programming Interfaces (APIs) built into the SCOR CRE accept known data from an existing policy administration system and feed the output into an insurer’s Claims Management system, which is expected to reduce or eliminate insurers’ data entry time, while improving accuracy.
Moreover, SCOR says the digitized data collected in the claims lodging process, combined with other digital data resources, will provide a store of information that can be analyzed and leveraged for multiple purposes, including pricing decisions, new product offers, and so on.
“As reinsurers, we understand the difficulties faced by our insurer customers as they strive to provide the best claims journey for their customers”, said Brona Magee, Deputy Chief Executive Officer of SCOR Global Life.
“The SCOR CRE was purpose-built with the goal of driving customer satisfaction. It’s clear that when a customer needs to make a claim, it is a stressful and difficult time in their lives, and the claims notification process can be overwhelming. Providing insurers with a fully digital, efficiency-driving solution will help them to improve the claims path for their customers.”