My previous post touched on the 6 Ways a Modern Claim System Should Empower a Carrier. Claim intake is a critical part of the process, so it pays to investigate that part of the claims operation to discover the benefits of a more modern system compared to one deployed in the 2003 – 2010 timeframe.
From 2003 – 2010, many new claim systems were deployed that included some configuration capabilities and maybe even some workflow. However, strong claim systems of the early 2000’s have hit snags doing business today, causing carriers to consider next steps. Should they invest the time and effort in a version upgrade and endure what is, in effect, the deployment of a new system?
Consumer expectations have exploded in the past five years, and the pace of change has exposed the earlier systems’ limitations. Claim administration systems today need to focus on empowering:
The Life insurance industry has been hit by regulatory and compliance changes that have impacted how insurers do business. In addition, Life insurers face the same set of customer demands as every other industry. Millennials’ preferences for how they conduct business are impacting the behavior of all generations.