July 19, 2021
Claims automation – Podcast reflection
Lindsay Stark and Mark Segreto spoke recently about Claims automation in Pacific Life Re (PLRe) Australia’s monthly podcast. Here are their reflections:
Like many sports fans or fans of anything, we tend to adopt a team or allegiance from an early age and then support them for the rest of our days. In the recent expert interview series, we talked to Mark Segreto who disclosed his often-vocal support for the Manly Sea Eagles. Whilst the Sea Eagles are currently in decent form, many fans have moments where they contemplate changing teams after a bad run. It seldom happens as it requires overcoming an emotional bond and running a reputational risk as a “sell-out”.
During the interview with Mark, we talked extensively about life insurance claims (another subject close to Mark’s heart). There are a couple of parallels between this and sports fandom. Firstly, change in the claims process is often contemplated but seldom acted on and, secondly, all claims carry some emotional attachment with the customer and reputational risk in changing longstanding processes.
At UnderwriteMe we have never feared change, but we are also mindful of creating the right environment to deal with customers through the life insurance process. For a long time now, our Underwriting Engine has helped many insurers through the application stage of life insurance, balancing the need for improved efficiency and allowing underwriters to focus their expertise on the cases needing their attention.
Our goal is to replicate this success in the life insurance claims process. We’re currently in the final phase of delivering our Claims Engine to the market. As Mark said, this is about automating parts of the process so we enable claims assessors to take the time to focus on cases that may be more challenging or in need of expert attention. The Claims Engine aims to improve data capture, allowing assessors to manage workflows and implement recommendations. The result? A faster, higher quality and more consistent approach to paying claims.
Lindsay and Mark drew on the analogy of claims processes being akin to grappling with flat-pack furniture. The tools available to do the job are adequate and often used by default without further thought to whether a better option exists. Claims teams across Australia do a fantastic job delivering for claimants, but we at UnderwriteMe have developed better tools to elevate claims management to the next level of quality and experience.
Director of Business Development, Australia & Asia