Carriers across individual and group life/annuity/benefits are seeking improved claims capabilities to increase cost efficiency and enhance customer experience while also supporting new product features. Policy administration system suites generally provide integral claims processing, but many carriers are looking to standalone solutions for better integration along with a reduced-risk approach to legacy modernization.
The marketplace for standalone claims systems is evolving to meet these needs. Vendors have recently focused on capabilities such as mobile, support for complex claims, and improved reporting and analytics. Prominent providers that have implemented standalone claims solutions include ClaimVantage, DXC (formerly CSC), FAST, FINEOS, Intellect SEEC, and Pegasystems.
Down the road, claims solutions may include emerging technologies such as voice assistance, AI-driven analytics, and support for health-related wearables and other devices. As with selection of other vended solutions, carriers should consider not only specific functional and technical capabilities but also the strength of the vendor’s staff and organization.
For more on standalone life insurance claims systems, see Novarica’s latest report on the topic, Life Insurance Claims Systems: Overview and Prominent Providers.
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