Swiss Re partners with Benekiva
Swiss Re Reinsurance Solutions will create a digital claims management solution in collaboration with software as a service (SaaS) firm Benekiva
Swiss Re said that the partnership would ‘leverage the unique strengths of both companies to provide an innovative, end-to-end claims management platform … for life and health insurers’.
Under the arrangement, the two businesses will develop an Integrated Claims Management Platform based on Benekiva’s own claims administration system, in combination with Swiss Re’s Claims Automated Rules Engine. Swiss Re will also provide additional support through its expertise in risk management.
The platform will support ‘digital claims intake, holistic workflow, correspondence and document management, claims risk scoring and triaging, and built-in payout and audit capabilities’, and will be ‘accessible from any device’. It is hoped that the resulting solution will improve the speed and consistency of claims, while providing a strong, digital customer experience.
The platform is intended to be scalable and flexible, capable of accommodating the ‘legacy systems, multiple lines of business, and resource constraints’ of many insurers.
“Beneficiaries, like all modern consumers, expect an Amazon-like experience even when it comes to initiating claims” added Brent Williams, Founder and CEO of Benekiva. “With Benekiva, insurers can reduce their claims cycle and processing times by up to 75 per cent. The power of this partnership is set to elevate this even further, resulting in an improved experience for everyone involved.”
Experts discussed the role of technology in the travel insurance sector at ITIC UK 2023 last month.