(Image source: Atlas Financial Holdings homepage.)
Atlas Financial Holdings, a Schaumburg, Ill.-based commercial auto insurer, has selected Snapsheet (Chicago), a provider of virtual claims technology for the personal and commercial insurance marketplace, to implement Snapsheet Transactions with the goal facilitating a digital early settlement process for bodily injury claims.
The deal comes at a time when insurers are coping with a surge in bodily injury severity, which began in 2012, due in large part to increased miles driven and distracted driving. Bodily injury exposures remain open longer within the traditional paper claims process, which increases the risk of escalation.
In response to the increasing impact of higher bodily injury severity, carriers have sought to mitigate cost and exposure with an early settlement solution. Snapsheet’s technology aims to achieve that by streamlining the bodily injury settlement process for Atlas, such that identity is verified, releases are signed and payments are issued, all within a matter of hours.
“Snapsheet Transactions allows our adjusters to settle with claimants on the phone, which is a significant advantage considering the traditional paper process can take weeks,” comments Joe Shugrue, VP, Claims, Atlas. “We’re looking forward to our partnership with Snapsheet, which will allow us to settle bodily injury exposure faster and significantly improve payment workflows internally.”
Through the Snapsheet Transactions platform, Atlas now has the ability to do the following, by Snapsheet’s description:
- Dynamically populate and transmit digital releases based on business rules and claim system information
- Capture electronic signatures on releases
- Issue electronic settlements
“A streamlined digital workflow will allow Atlas to mitigate first-call bodily injury exposure faster and at a higher rate, helping them to limit severity escalation exposure,” comments David Boddy, VP, Snapsheet Transactions, Snapsheet. “Additionally, we are enabling easier, more streamlined communication for Atlas’ adjusters.”
The vendor describes Snapsheet Transactions as a digital platform for indemnity, policy, and expense payments across all lines of business. The platform is designed to enable carriers to issue multiple forms of payment across multiple payment workflows. The flexibility of Snapsheet Transactions’ hybrid platform makes it easy to implement, using minimal resources, according to the vendor. Snapsheet reports that it integrates the technology directly into carriers’ systems, and there is no need to contract with third-party implementation specialists.