Tokyo Release for Insurance: Expedite claims and deliver frictionless service to drive customer loyalty.

[ServiceNow]

Tokyo Release for Insurance: Expedite claims and deliver frictionless service to drive customer loyalty.  
by Lisa Bowden

Among the top 200 worldwide insurers, fewer than 25% have truly digitized the value chain, while more than 10% are not appreciably leveraging digital technologies within their current business processes. Slow-to-adapt carriers will not be able to succeed against digitally mature carriers that learn how to attract and retain customers through customer-centric capabilities. (Acord Insurance Digital Maturity Study, 2022)  

To drive customer loyalty in today’s challenging insurance market, carriers must deliver effortless service experiences to distribution partners, policyholders, and the insured across the customer lifecycle, especially policy servicing and claims. 

In the Tokyo release of Financial Service Operations (FSO) for Insurance, two new applications, Commercial Claims and Life Servicing, along with the enhanced Document Processor, can enable insurance carriers to expedite claims, deliver frictionless service, and improve customer retention rates. 

New Application Release: Commercial Lines Claims 

The claims journey is crucial to customer experience while also being the most significant cost center for insurance carriers. Automation helps in addressing these challenges. However, while automation-led straight-through processing is common in personal lines claims, commercial lines lack this maturity. 

With Commercial Lines Claims, carriers can elevate experiences and drive down operational cost across the claims journey.  

• Improve customer satisfaction with real-time visibility into commercial claims status 
• Increase straight-through-processing of commercial claims with intelligent assignment 
• Expedite adjudication and proactively support SLA compliance with embedded controls 

Insurance carriers can expedite commercial claims with seamless end-to-end automation. By pairing the flexibility of the Now Platform® with the foundation of our purpose-built solution, carriers can customize claims automation playbooks across any line of business to help increase customer satisfaction and decrease operational costs.  

   

New Application Release: Life Servicing 

Life insurance carriers must deliver personalized, omnichannel customer experiences to drive retention and growth. However, life insurance carriers often lag personal and commercial carriers on digital maturity and are challenged with manual processes and disparate systems of record that hinder the end-to-end visibility needed for quick and empathetic policy servicing.  

With Group and Individual Life Servicing carriers can unify disparate systems and automate manual processes. Policyholders can initiate requests on any channel, while service representatives are equipped with contextual information to deliver highly personalized customer care. 

• Enable group life, individual life, and disability policyholders and distribution partners to self-serve or easily engage through any channel 
• Empower employees with information that enables empathetic servicing 
• Unify systems and teams in a single system of action to fuel growth and improve productivity 

Insurance carriers can uplevel policy servicing with full visibility into the policy revision process, enabling agents to reduce average handle times, triggering better experiences, while accelerating issue resolution. 

Core Capability Enhancement: Document Processor  

Insurance carriers are dealing with disparate, unsynchronized document information that leads to inefficiencies, mistakes, and delays.  Document Processor, with closely aligned Document Templates and DocIntel, makes it possible for insurance carriers to automate important document-related tasks.

With Document Processor, carriers can streamline the collection and organization of documents, as well as any approval, verification, and signature activities, into one seamless process. 

• Integrate document information into existing processes for a cohesive, uninterrupted flow of content  
• Minimize mistakes and repetitive requests by simplifying forms and signing with Document Templates 
• Adapt to requirements and reduce processing time by auto-extracting information with AI powered DocIntel​

To learn more about these new features, check out the release preview broadcast or reach out to our Insurance Industry practitioners: Global Head of Insurance, Aaron Davidson (aaron.davidson@servicenow.com) or Head of Insurance Go To Market, AMS, Chirag Jindal (chirag.jindal@servicenow.com).

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