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Advertising feature: How digitising the claims process is transforming the industry

digital-transformation

Financial services are discovering the need to adopt digital transformation within the claims sector in order to gain competitive advantage in today’s market, according to Scott Machin, product manager at iPipeline.

scott-machin
Scott Machin, product manager at iPipeline

Financial services are discovering the need to adopt digital transformation within the claims sector in order to gain competitive advantage in today’s market.

The next generation of customers are demanding simplicity and convivence, and the only way to satisfy this need is by adopting new agile technology. Those resistant to change and unresponsive to the digital revolution will see their market share diminish. Whereas those who target tech-loving consumers will reap all of the rewards.

The truth about claims

The traditional claims process is lengthy, requires manual intervention and is prone to errors. By investing in digital transformation, the claims sector is significantly reducing operation time and costs, lessening costly mistakes and most importantly – delivering a better customer journey.

It’s clear that those within the claims sector believe that mature technology and manual processes need to be decommissioned and replaced with a digitally automated alternative.

A recent UK survey on the future of claims – based on the views of 300 insurance executives, found that:

  • 94% felt emerging technologies have the potential to transform claims
  • 86% agreed that automation is going to transform claims departments
  • Over half said of all of the functions within an insurance company, claims has the greatest need to modernise
  • Nearly 60% of respondents stated that their claims department are planning on investing in new technology in the next 12 months
  • 68% said their key objectives for the next 12 months is to drive operational efficiencies to reduce costs
  • 90% think their customers want a faster claims experience

How to reap the rewards

By offering electronic signature capabilities and automatising complex workflows, the customer claims journey is enhanced by increasing speed and efficiency.

AlphaTrust is a product from iPipeline and is the most flexible choice within the market today. Unlike its competitors, it delivers far more than a simple esignature.

The Exeter is one of the UK’s leading healthcare and protection insurers.

For us, keeping our brand visible to our members during the claims journey was an important consideration, and AlphaTrust offered this facility.

The introduction of AlphaTrust is ultimately allowing us to provide faster decisions on claims, meaning member experience is greatly improved and our members can get the assistance they need from us at a time when they need it most.

Thanks to AlphaTrust, 50% of our claims are now completed within 48 hours of being received.

The future of the claims process

With the world around us changing at speed, more remote workers and less face to face transactions than ever before – forward-thinking insurance companies are recognising the power of digital transformation.

The key task for insurance leaders today is the effective integration of the digital capabilities at their disposal. And using it in a way that improves customer experience and delivers the best return on investment. Partnering with an expert is vital to achieving success. Chris Pollard continues,

“We already work closely with iPipeline, so when we heard about the AlphaTrust solution we were keen to explore its capabilities.

Various options for hosting also meant we were able to get AlphaTrust up and running quickly in the short-term, but also look longer term at hosting the solution in our cloud infrastructure as we move forward with the technology.”

Having delivered digital automation solutions for over 18 years, AlphaTrust is able to help its customers to quickly and easily automate their most complex document transactions.

You can speak to a member of the AlphaTrust team today by completing this short form.


This is a paid-for advertorial.

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