Swiss Re to develop innovative digital claims management solution
Swiss Re Reinsurance Solutions has formed a strategic partnership with Des Moines-based insurtech Benekiva with the aim to develop an integrated digital claims management solution that is “flexible and scalable” to account for legacy systems, multiple lines of business, and resource constraints that can often hinder technological innovation.
The objective of the collaboration is to aid insurers in creating operational efficiencies that enhance the speed and consistency of claims decisions, while simultaneously providing a customer experience that is “digital, empathetic, and streamlined”.
The partnership leverages Benekiva's claims administration system with Swiss Re's Claims Automated Rules Engine and deep expertise in risk management.
The Integrated Claims Management Platform will support digital claims intake, holistic workflow, correspondence, and document management, claims risk scoring and triaging, and built-in payout and audit capabilities.
Swiss Re noted that the alliance not only increases operational efficiency but also strives to make the claims process as seamless as possible for beneficiaries during a difficult time.
"We understand the importance of making it easy to file a claim, have it processed and receive payment quickly," said Carl Christensen, global head L&H solutions, Swiss Re Reinsurance Solutions.
"We're thrilled to partner with Benekiva to offer a holistic, digital claims processing solution that can free up claims staff to focus on what matters most: helping customers through a very difficult time."
Brent Williams, founder and CEO of Benekiva, commented: "Beneficiaries, like all modern consumers, expect an Amazon-like experience even when it comes to initiating claims. With Benekiva, insurers can reduce their claims cycle and processing times by up to 75%. The power of this partnership is set to elevate this even further, resulting in an improved experience for everyone involved.”
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