Insurance solution sounds death knell for paper-heavy claims process

SAP launches new collaborative claims solution to deliver improved customer service and profitability

LondonSAP has launched a solution specifically designed to help insurance companies and their business partners handle the claims process faster, whilst greatly reducing the amount of paper involved.

The new software, FS-Claims, forms an integral part of the mySAP Insurance financial services solution. By integrating with other systems, it encourages greater collaboration between companies and individuals in the insurance claims supply chain, resulting in faster and more efficient claims handling, reduced costs and better customer service.

It will allow insurers to link internal operational systems to third party solutions. Insurers can, for example, have direct access to external services, such as repair shops and rental car companies, so will be able to identify the most convenient option for customers and reduce the length of the claims process.

The solution addresses the needs of SAP’s customer base of insurers. This group believes that claims management tends to be poorly handled because of a lack of rigid systems, limited customer focus and overly complex internal processes that duplicate interactions and fail to detect fraud.

Norman Black, principle consultant in financial services, at SAP said; “The insurance marketplace is complex and tough and premium income is always under pressure. Customers have little loyalty and choose the company that handles their claim fastest and most efficiently, so insurers need to focus on enhancing customer service.”

“It’s all about offering flexibility and enabling collaboration between all parties to maximise efficiencies,” said Lloyd O’Keefe, business development manager, financial services, at SAP. “Faced with these challenges, companies need to look at how technology can reduce the amount of paper involved in the claims process and increase profitability,” he added.