(Image source: Benekiva homepage.)
Swiss Re Reinsurance Solutions (Zurich) and InsurTech Benekiva (Des Moines), known for its configurable rules-driven claims and servicing platform solution have formed a strategic partnership to develop an Integrated Claims Management Platform that combines Benekiva’s claims administration system with Swiss Re’s Claims Automated Rules Engine and expertise in risk management.
The Integrated Claims Management Platform is an end-to-end solution for digital claims management. The platform supports digital claims intake, holistic workflow, correspondence, and document management, claims risk scoring and triaging, and built-in payout and audit capabilities. The platform is s accessible anywhere, anytime, from any device, according to a joint statement from the Swiss Re and Benekiva.
The companies say the goal of their partnership is to help insurers create operational efficiencies that improve the speed and consistency of claims decisions while providing a digital, empathetic, and streamlined customer experience.
“We understand the importance of making it easy to file a claim, have it processed and receive payment quickly,” comments 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.”
Improved Experience for Everyone Involved
“Beneficiaries, like all modern consumers, expect an Amazon-like experience even when it comes to initiating claims” says Brent Williams, Founder and CEO, Benekiva. “With Benekiva, insurers can reduce their claims cycle and processing times by up to 75 percent. The power of this partnership is set to elevate this even further, resulting in an improved experience for everyone involved.”
Recognizing that many insurers have legacy systems, multiple lines of business, and resource constraints that sometimes complicate technology innovation, Swiss Re and Benekiva say they have designed the solution to be flexible and scalable. Insurers can choose the version of the platform that makes the most sense for their needs.
Swiss Re’s describes its company vision as aiming to make the world more resilient, and that its partnership with Benekiva is the latest example of utilizing advancements in technology to do so. The alliance not only increases operational efficiency but also makes the claims process as smooth as possible for beneficiaries during a difficult time, according to the joint statement.