Claim Lifecycle Reduced by 57% for Cost Effective Claims Management, Post Lockdown
Date: 25/06/2020 | Tags: Featured, Claims Management, Innovation, Digi2L, Digital Strategy, Digital Road Map, Disruption, Insurtech
In the wake of the COVID-19 induced lockdown, many insurers will be seeking ways to cut service costs. With a new and intuitive self-service digital claims model, Rightpath Insurance Solutions has the answer, reducing average claim processing time by 57% and claim touchpoints by 19%, and the potential to reduce claims management costs.
In April this year, Rightpath and Digi2L announced the early completion of the first milestone of their Digital Road Map and the innovative new feature, Structured Document Upload; a method of expediting the claims process whilst giving greater transparency into the status of a claim to the claimant.
As a result of Structured Document Upload, Rightpath brand and Collision Damage Waiver specialists, Auto Refunds, has already achieved a reduction in claim touchpoints by 19% and a reduction in the average claim processing time by 57%. This has also led to an increase in average process satisfaction to 100%.
The plan that gave rise to Structured Document Upload, the Digital Road Map, was devised by Rightpath Insurance Solutions as a pro-active and on-going initiative to bring digital claims innovation, and an evolving digital strategy, to the insurer’s it serves.
Self-Service, Transparency and Cost-Effectiveness
Next to receive Structured Document Upload will be Rightpath’s flagship travel claims brand, Rightpath Claims, where it will further enhance an online travel claims portal powered by Rightpath’s pioneering claims system, ATICS. ATICS is also unique as a trusted solution able to assess and validate self-service travel claims in real-time.
As demonstrated in the results above, the impact of reducing claim touchpoints is two-fold:
- Claimants are guided into the self-service supply of the correct evidence dynamically requested based on their claim type, first-time. This reduces the processing lifecycle of the claim by removing extra handler touchpoints and time otherwise lost in the supply of incorrect evidence, which can be a significant source of frustration for the claimant. For added peace of mind and transparency, the claimant can also log on to the portal at any time to see the individual assessment status of each piece of evidence they have uploaded.
- For insurers, a reduction in touchpoints means an equivalent reduction in overall claims processing costs, a saving that Rightpath is keen to pass on to insurers, together with improved customer satisfaction, a critical factor in policy renewal.
James Fanthorpe, Senior Consultant at Rightpath’s innovation incubator, Digi2L said: “These early results for the new system, and Structured Document Upload specifically, are very encouraging. We will continue to make process improvements, and with the further innovative enhancements we have planned as part of the Digital Road Map, I am confident we can grow this advantage and bring the insurers Rightpath supports both greater cost control and increased customer satisfaction.”
All of Rightpath Claims fully scalable services can be tailored to the needs of the individual insurer and claim type, from support for multiple SLAs and bespoke, detailed MI and reporting, to comprehensive while-label delivery and the features of the Digital Road Map, including Structured Document Upload. Interested Insurers should contact us today for more information, on: 01268 214096, or by emailing: firstname.lastname@example.org
Contact us today to discover more about Rightpath Insurance Soltuions and how we can benefit your business.
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