Automate sales processes for insurance industry

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okay perfect well good morning and thank you for joining us today for the first part of our digital Insurance webinar series focused on transformation in the insurance industry my name is Emma rolloff and I'm an account executive here at naviant but before we get started I just want to touch on our interaction options for today and do a couple of introductions um today we have Christian James and Darren yens on the line from the Highland software Insurance team to help address any questions that you may have as we go through the presentation so please feel free to enter any questions or comments into the chat box um within the go-to webinar um everyone is muted on the line so that we can record the presentation but I'll make sure to monitor those and address them as we go along at the end of the presentation as you're exiting out you you'll be prompted with a survey and if you have any feedback or comments for us please feel free to put them there so as I mentioned earlier today we're going to focus on digital transformation in the insurance industry and today we're going to specifically focus on how that affects claims processing we'll discuss how an Enterprise Information Management solution can fit into your organization's digital strategy and touch on the importance of finding a solution that can act as a platform to be leveraged AC Ross the entire Enterprise I like to start every presentation by just taking a moment to kind of discuss the background and Industry trends that really answer the question of why why are we here today and why are we having this conversation so about 90% of insurers surveyed by PWC um say that they fear the loss of business to ensure Tech startups this idea of startup companies and new agility because of digital disruption is not going away and it's really time for insurance companies to start using technology to reshape the way that they do business claims processing is really a key differentiator among insurers and as a result of new technologies that are coming out every day insurers are able to use these new processes and increased efficiency to deepen their relationships with their customers as insurers move into the future the right tools and capabilities will be necessary for organizations to continue to succeed these advances in technology coupled with significant shifts and consumer Behavior across all Industries but specifically within insurance as opening up new opportunities for insures to refine their processes and better serve their customers customers are starting to dictate how they want providers to meet their needs and these advances are also creating opportunities for carriers to enhance their relevance and value and continue to engage more frequently with personalized service a study released earlier this year by Accenture of includes the opinions of over 30,000 Insurance customers came to the conclusion that there's really three distinct customer personas um each differentiated by how those customers look at Price the level of interest of interacting with technology and what their views are on customer service those three different categories oh are on the screen as the nomads the hunters and the quality Seekers the nomads are a highly digitally active group they probably are mostly made up of Millennials and are really looking for new models of delivery and want to interact with insurance companies in a different way these are going to be the people that are looking to be able to submit claims online and interact by you know not in traditional ways the hunters are really seeking the best price they are looking for the right balance of quality coverage along with the best value price-wise and then finally that quality Seeker group um is loyal to ensures that deliver on brand integrity and service Excellence so kind of as their name would state they're really looking for high quality um Insurance offerings and while it manifests a little differently and the reason that I'm talking about this study today is that as I read through accenture's report I found that each one of these customer personas is drawn to value in a different way and customer service and the way that claims are managed really speaks to each one of these personas um the nomads are really looking for insurance to add value to their daily lives and kind of go above and beyond traditional channels of communication Hunters are looking for the best value for their money so looking at ways to um um become more efficient so that we could possibly revisit cost structures and then finally that those quality Seekers are really looking for the best way or the best quality and customer service that they can get strong customer appetite for insurance to add value to daily their daily lives through real-time interactions is what Nomads are asking for the research shows that customers would value advice that enables them to live healthier and safer lives so insurance companies that are able to reduce operating costs in other areas of the business like claims will be able to reinvest in developing new channels such as virtual Insurance Advisors or providing everyday risk coaching for clients looking um to improve their health or become safer insurers have more to offer customers than a commoditized service but for this Hunter group that competitive pricing and the value for their money remains a significant driver for loyal royalty so being able to automate paper based processes or further step into the digital age Beyond a legacy system allow by streamlining claims and customer service processes gives insurers an opportunity to review their cost structure while still main maintaining that high level of service and finding the right balance for these the hunter market and finally providing customer service representatives and claims folks with all the information that they need to assist a customer without having to do a call back or transfer to someone else within the organization it's going to show that these quality Seekers and your customers that hight touch service is a top priority for your organization so all three of these personas and these Trends are probably not new to anybody that's on the line today but there's a few things that are standing in the way as companies start to search for new efficient ways to be agile and Innovative in the insurance industry insurers are quickly realizing that their legacy systems and paper are often what kind of standing in the way of meeting these goals nearly 70% of insurance Business Systems today are Legacy applications that are really holding insurers back for making the changes that they need to serve their customers better with claims costs continuing to rise these processing costs seem to be a bit of a black hole for insurers insurance companies need to be able to evaluate new and Innovative approaches to claims handling and what it really takes is a flexible Nimble application that allows organizations to start thinking about the future to compete in the Aggressive Insurance landscape so with that I want to kind of take a um take a step away from the industry Trends and kind of start to apply this to why we're here today and talking about the value that an information management platform can bring to an organization so how can you eliminate paper and redundancy and take that step forward for insurance companies sometimes replacing Legacy applications just really isn't the best option kind of a rip and replace or a completely replace like it is on this Continuum on the screen right now there might be too much risk associated with implementing a new core line of business system or policy admin solution the cost may be too high to make that move right now or the implementation timeline might be too long for because there's so much data stored within a legacy system the benefits and risks that are associated with all of the options on this Continuum are something that each organization needs to look at closely but based on this kind of risk benefit analysis that's really simplified here you may want to consider using an Enterprise Information Management platform like onbase to help you take that step into the future without needing to take the full burden of completely replacing your policy admin Solution on right away by keeping existing data and users within a familiar environment your organizational risk is lessened while increasing Automation and scalability and flexibility at the same time onbase insur or offers insurers a lowcost option to step into the digital world and begin increasing consistency visibility and efficiency across the organization for some of you on the line you may have already made this move move into completely replacing an old Legacy system and you may be interacting with a new policy admin solution like guidewire or Duck Creek or life Pro and onbase can seamlessly integrate with those applications to allow you to leverage the benefits that we discussed already while increasing automation through those platforms as well I want to stop and just take a minute to kind of break down a Claim Solution into these five categories and then show you some of what that would look like within onbase and the capabilities and how they're manifested so first and foremost the easy interface that that onbase provides gives you instant access to all the information that you're looking for having immediate capture on the front end of a process gives organizations the ability to um have a single point of Truth within their organization and then at that third Point shorten their processing time moving forward finally you're able to identify missing doc documents and use tools like exception reports and Reporting um to continue to compile all the information that you need to address an issue or a claim more quickly and finally you're able to access that information again through different third-party applications whether it be kind as400 Mainframe applications or new policy admin Solutions am can provide access to documents and information surrounding a claim in a single interface for all claims content regardless of where it's originated or its format the solution also offers personalized interface that I'm going to go into here in just a second that will help increase productivity even further so for those of you that aren't familiar with it this is the unity client within onbase it's very it's laid out very similar to Microsoft Office so that your users are able to step into the application and feel comfortable right away it's got the ribbon bar across the top that's outlined with large buttons that allow hover text to show up if you are looking for help as well as quickly navigate where you need to go within the application down below we have this tiled interface that can be personalized for each user within the organization or also have roles that determine what information is displayed here we can put custom searches workflow cues and tasks that need to be taken care of like you can see in the bottom corner overdue tasks as soon as users log in they have immediate pulse of all the work that needs their attention and they're quickly able to access tasks that they complete most if I were to click on the ribbon bar here to navigate to a search I'm able to then start interacting with onbase to search and find My Documents this is kind of the most basic way that users are able to interact with their documents but on the left hand pan if I were to choose a specific uh document type and enter in the keywords or the data that I know is associated with that document such as an account number or a claim number I'm then able to bring up all of the documents that match that search criteria in a hit list this gives me instant access to that document and takes seconds once you if you have that information we're also able to streamline this process even further by configuring what are called custom searches or custom queries what we can do is pull those keywords and the common search criteria that's needed to find the information that users need and provide them with that on their personal page or within the ribbon bar access as well so these custom queries are really great if we think about a customer service example where maybe the first thing piece of information that you take from someone is their policy number you can type in the policy number and retrieve all of the documents that are are pertinent for that conversation ambias provides claims and customer service Representatives with a 360 degree view of all the information that they need to drive the judication of a claim or resolve a call that's in progress you're able to access any documents that may be scanned or held within onbase email correspondents and attachments that come in from Outlook documents in their native file format such as word or Excel and you're able to work collaboratively with other users through conversations and adding notes to documents so that the most pertinent and upto-date information is always there once users are within onbase they have access to everything that they need to make a decision without having to toggle back and forth between different applications or go hunting for information you can simply click from tab to tab within the window to get access to everything that you need to make a decision searching for documents and folders and access can seem like it's taking up a lot of time so what we can do again is add those personal page or add those commonly used tasks and searches to a personal page again as I mentioned in that customer service representative adding a um search to their homepage or if you have tasks that you need to monitor on a regular basis those can be added directly there to again increase that that access and make it that much quicker in justing content at the beginning of a process allows insurers to offer better customer service pulling in documents and data from multiple streams onbase can provide instant access to claims that have been submitted regardless of how they're coming in so if someone's calling or a stream from a website bringing that information directly into onbase once we have all of that information within the repository onbase allows your users to have a single point of truth that they can share accurate information with clients and collectively within the organization all types of documents and data and images can be held within onbase in its native file format so as you can see up on the screen right now we've got a photo from a car accident a police report and an aord form for that notice or loss notice all of these documents have come in and can be managed using their own rules and logic as well another capability that ambase has is to integrate with Microsoft Office we can bring in emails and attachments directly from the this integration but another cool part that I like to point out is that we're able to map email addresses to specific records with an onbase so that if we're in our email inbox and we select an email we can see automatically be prompted with all of the information that is related to that con or that contact so think about this again in that customer service solution or a claims one where you're waiting for additional information when you click on that email coming in from client you're going to be presented with all of the related documents and any tasks that may be open so if we're waiting for a police report and we get that emailed in and we click on it we can see that that's a task that's needed for that specific user users can um leverage efficiency tools like alerts and notifications and notes to stay organized and on top of their work managers can monitor workloads and reassign assignments to ensure sure that deadlines are being met and that the workload is evenly shared across the team and by meeting these deadlines and quickly resolving claims insurers are able to again start thinking about all of the different things that we can do to interact with our clients in new and different ways whether it's extending our means of communication to more virtual um aspects to gain that Nomad group or reducing our our costs to possibly tap into that H Hunter Market ing to a report by Lexus Nexus earlier this year most respondents ex um expect that the use of self-service claims options are going to increase significantly over the next five years the processing these claim or touch list claims processing will likely be led by very large standard carriers who have the resources to invest in new and experimental technology but right now insurers can um leverage the capabilities of on Bas to increase their productivity and efficiency and enhance their customer service through the use of workflow and case management and really take that step into the future now rather than waiting with tools like workflow onbase allows insurers to move towards the future now claims and related information travels easy across easily across the organization and when appropriate we can initiate business processes with the ingestion of a document when a new document like a first notice of loss comes into on base it can automatically trigger the generation of a claim in a third party application like guidewires claim center or it can send a notification to a user to begin the process organizations that manage the first notice of loss process within onbase have really realized some amazing results New claims resolution processes previously taking days are now resolved within 24 hours users can organize their data even further by using sort and group functions so I can pull certain categories up above to prioritize my work even further in this example or sort it based off of ascending and descending order if needed I'm able to access live um real time data with the reporting dashboards module that allows me to slice and dice information by selecting dropdowns and I can make manage the process much more effectively so as you can see here's a couple different examples of the types of graphical displays that the reporting dashboards can provide to you so that you're able to make business decisions and improvements as needed on the Fly managers are able to monitor workflow cues and help rebalance work with just a couple clicks of buttons so I can select this Administration queue if I have the appropriate um rights and redis distribute the work from this manage manager role to the administrator role with just a click of buttons I can also provide I can also dig deeper into the process and maybe figure out where bottlenecks are happening by using the full audit Trail and history within onbase as well this also increases our compliance and allows you to monitor um the life cycle of each and every document and object held within on base in onbase you're also able to manage your documents in a folder format which for companies that are making the jump from paper into the digital world these types of um structures often help with training and onboarding of those employees into the system so for example you can see up on the screen right now we have kind of a file format that starts with a filing cabinet and breaks down into specific um folders from that point and then down below there is documents that should be held within the system we can configure the system so that each and every one of the documents that's needed to adjudicate a claim needs to be in this folder before a decision is made so users can quickly survey what information they may be missing and by because it's outlined in red and it notifies us that that information is missing so that we still have that familiar structure and file format from a filing cabinet but taking that step into the future we're able to monitor that information and make sure we have a complete case before making a decision as I mentioned earlier onbase is able to integrate with claims Management Solutions whether they're those old school green screen as400 applications or new um policy admin Solutions like guidewire claim center or CFC Accenture life Pro Oracle insurance and we're able to enable these uh the through this integration we can pull documents and information directly from onbase and allow your users to stay in their applications that they're familiar with this can also be extended into Sales Management tools like a CRM or other applications that or web thirdparty websites that you may be pulling information from as well so for example we have a policy admin kind of basic green screen solution with a double tap I'm able to pull up information directly from onbase and see the case that's associated with the claim that I was looking at within my claims management solution each and every document that I need access to is going to be within that document viewer and this configuration and this integration was done without any custom coding at all documents like claims photos or first not notice of loss medical documentation can be just a click away when you implement these Integrations in this example I have guidewire picture here and we're accessing the documents directly within onbase from there this access accelerates the claims process and reduces bottlenecks by facil facilitating timely Decisions by automatically generating an acknowledgement letter or request for additional information using onbase we can send those documents out and keep the process moving in turn guidewire can also integrate with related processes using landbased workflow to assign asks to users or alert third parties that um there's critical activity that needs attention so this is a little bit of a more indepth integration between guidewire and onbase um but again the efficiency gains are amazing so now I want to stop and talk a little bit about how some of our clients have found success using onbase as their claims or to manage their claims processes and first up I want to talk about Travel Guards they are up in the Stevens Point Area in Wisconsin and they have a little over 300 employees they focus in on travel insurance um kind of categorized in that property and casual or casualty umbrella and they use onbase for their claims process and I thought that this quote um really spoke volumes to the solution but we may have added technology to the claims process but we've actually increased the human touch and can provide better service to both our employees and our customers so the to give a little bit of context surounding this um they were able to double their claims processing productivity and manage the process so much more efficiently at Travel Guard that their managers were no longer managing the paper and the process but managing the workloads and helping their employees through difficult tasks they uh were able to spend more time with people and less time on paper and really improve their customer service outward facing as well the claim solution that they implemented also supports D disaster recovery and business continuity initiatives with again keeping all those files electronically and then once they found success with their claims process they extended their use of onbase into other areas of the organization so they are imp uh they were able to improve their purchase order approval process as well as um managing their claims process within onbase leveraging those capabilities across the board another example that I wanted to touch on is guaranteed trust life down in Glenview Illinois they have just over 200 Associates but and they use onbase and their as their claims processing solution as well they had a big problem with being able to find files within their organization and when they were looking through storage and trying to find that information hunting it down they ran into processes being delayed left and right now that they have implemented onbase and they integrate with life Pro they're able to reduce duplicate keying they're able to use workflow to Route their claims packages and complete the processing without additional work needed and they're Auto they're using automatic notifications for key stakeholders to say AR bre what's going on in the process they reduced their Penning inventory by 5,000 claims and they're able to interact with their customers and add addition service without any needed calls and really make sure that their clients know that they are their top priority and I'm sorry one other thing that I wanted to note or note as well is that they have expanded their solution to accounting and their new business and are recently now um engaging with naviant to implement reporting dashboards and increase their analytics as well so now I just kind of want to transition to my last closing note here of talking about signing an application that gives you the ability to scale across the entire organization each of the case studies that I highlighted have a compelling argument for using onbase to better manage the claims process but they also highlight the value of choosing a solution that can scale to meet your needs across the organization with one platform so both Travel Guard and GTL chose to expand their Solutions Beyond claims management um leveraging onbase capabilities to increase efficiencies across the organization one of the biggest things that we hear our clients say is that using onbase really allows them to eliminate information silos and keep information flowing freely across the organization so rather than having Point solutions that your policy or that your new business team is using and claims interacting with the software in a different way and your accounts payable processes off in another application what we're able to do with onra is bring all of that information together for one single point of Truth and allow everybody to access the documents that they need access to in a secure function and not even know that some of the functions that may be held within onbase are there if they don't have the appropriate user rights for it I know you can't read much of what's on the screen here but I just wanted to put this up to kind of show the the breadth of the onbase solutions for insurance as I mentioned today we talked a lot about the claim Solutions some of the the modules that are listed up there like the integration with guidewire or using workflow to route your claims processes around the organization but we can also extend the capabilities into the back office and help manage accounts payable processes legal processes again having one Central repository that allows you to access all of that document quickly and securely as well as increasing things like compliance and Disaster Recovery moving forward so with that I want to round up our conversation today um by inviting you to to join us for the other parts of our webinar series coming up later this summer the next one is going to be focused on new business processing and underwriting um looking at reducing your operating costs and that's going to take place on August 1 and then the final installment of our series is going to focus in on data analytics and kind of using the information and the reporting dashboards to manage your processes more effectively and that one's going to be in September there's also one more um opportunity to learn that I wanted to touch on today and that's the navient summit it's going to be held in um Milwaukee at the patami hotel and on October 16th and 17th and this is a really great opportunity for our clients and our prospects to join us um free of cost to learn more about on bases Insurance Solutions Christian and Darren who are on the line today from Highland will be in attendance at the event as well as some other folks to help us kind of do some state-of the insurance um presentations as well as give you the opportunity to network with our other clients and Prospects and learn about what they're trying to accomplish so just in review again today we touched on kind of the trends in the insurance industry that are making claims processing and digital platforms much more important to you and your everyday life we talked about how using onbase as an Enterprise Information Management solution will allow you to eliminate paper and redundancies within your processes ultimately becoming more efficient and then finally just touched on the idea of looking for a solution that can meet all of your needs for your organization in one platform so with that I want to open it up for any questions that anyone may have and I'll stay on the line here for just a moment waiting um and we'll make sure to address those but for those of you that don't have any questions I want to thank you for joining us today and please feel free to reach out to me I'm I'm a rolloff again I'm an account executive here at naviant and my information is on the screen thank you again and I hope you'll join us for the next couple of webinars in the series okay it doesn't look like we've got any questions at this time so I will end the webinar but again please feel free to email me or call me with any questions that you may have thank you and have a great day