Insly, the no/low-code software provider, has launched a claims management tool as part of its modular product suite, following high demand from customers. The claims product can be used either stand-alone, integrated into a legacy system, or alongside other Insly modules, which span the entire insurance value chain.
Research shows that claims management is still highly manual and inefficient across the insurance industry, despite making up the majority of an insurer’s costs. A recent survey found that 47% of insurance customers are looking to switch providers, with six in ten citing poor claims management processes as the primary reason they are looking elsewhere. Currently, only 4% of insurance brands offer a fully-automated, self-service claims service.
“Claims management is the most common touch point for customers and the cornerstone of a successful insurance brand,” comments Risto Rossar, Founder and CEO of Insly. “Yet, for most insurers, the process is labour-intensive, inefficient, and over-reliant on human input, opening it up to the error, while also impacting productivity. Furthermore, it isn’t unusual for MGAs and insurers to have separate systems for different countries or lines of business, significantly increasing running costs.”
The Insly system streamlines all elements of the claims process, from FNOL to policy and event validation, payment handling and reporting. A multiclient and multicurrency system, it enables MGAs and insurers to serve all their clients from one platform, while also handling all the main reports built-in and tackling fraudulent claims through fraud alarms.
Insly’s low/no-code modular setup can be scaled easily with the help of microservices, allowing non-IT professionals to make changes, without extensive IT development time or specialist skills. It is also designed to integrate seamlessly with existing IT systems, so teams only need to enter claims details once and apply them to all relevant documents automatically. Integration with finance software ensures regulatory compliance, maintaining a flawless audit trail.
“Our solution caters to a gap in the market for an agile claims solution that covers every aspect of the insurance value chain and provides bespoke support, without the high running costs that come with large-scale systems,” continues Rossar. “Our solution is designed to sit in that sweet spot, right in the middle of the marketplace. It’s cost-effective, with no huge outlay, but still delivers a full package of services to meet any MGA or insurer’s needs.”
About Insly
Insly has provided full-cycle low/no-code insurance software for MGAs and insurance companies since 2014. Insly delivers a scalable solution for C-Suite employees and underwriters looking to launch and distribute new products. Additional services like accounting, reporting, and claims management tools further enhance the platform’s capabilities for streamlining and optimising insurance selling and admin processes. Find out more at insly.com/en
