(Image source Vlocity homepage.)
Vlocity, a San Francisco-based provider of industry-specific applications on the Salesforce1 Platform, has announced its Vlocity Insurance Spring ’19 release with new digital claims features. The deeper claims functionality, available June 14, 2019, will enable insurers to deliver faster and more transparent claims processing on the Salesforce platform, according to the vendor.
Vlocity’s digital claims product now includes end-to-end management of insurance claims for policyholders, agents and claims handlers, and enables dynamic, digital claims interactions from any device. Key enhancements from the Spring release focus on expense management, according to the vendor. Vlocity says that claims adjusters can now manage all expense activity and financial transactions from the claims adjuster desktop, including:
- Setting up claims line items by category, with associated coverage, payees, inputs, and approval/denial reason codes
- Splitting claims into multiple line items with different payment calculations, available inputs, reserve amounts, and resolutions
- Verifying coverages and calculate benefit or payment amounts based on product attributes
- Managing expenses, accepted losses, pending losses, and remaining reserves for each line item and tracking status through a financial summary dashboard
- Leveraging guided reserve management and payment approval workflows
- FNOL and Auto-Adjudication
Vlocity’s existing claims solution includes a guided, omnichannel First Notice of Loss (FNOL) experience with real-time coverage verification and peril-specific question sets. It also includes provider- or claimant-initiated auto-adjudication, leveraging pre-configured peril or product rules for fast processing of simple claims. Vlocity describes its solutions as native and additive to the Salesforce platform, seamlessly integrating the customers’ claims journey into their broader CRM relationship, and easily connecting to a huge ecosystem of AI and other technology solutions.
With the addition of automated claims management, the vendor asserts that it now has a robust core platform to support each stage of the policy lifecycle. Vlocity customers such as Azur and Zurich UK are using Vlocity and Salesforce together to run their entire business in the cloud, from quoting and policy administration to service and claims. “They are reaping the benefits of an agile, digital platform, including faster speed to value and lower cost of ownership versus traditional core system providers,” the Vlocity statement says. Among other Vlocity customers globally are New York Life, Hagerty and Farmer’s Insurance.