The Challenge: Integrating new solutions can be time-intensive and disrupt existing workflows.
The Solution: A digital payment solution that seamlessly integrates with your existing core systems allows claim staff to work efficiently within familiar environments, saves time, and eliminates the need for additional tools.
Consumers have come to expect personalized advice, omnichannel experiences, and seamless end-to-end journeys in almost every aspect of our lives — including insurance claims. As inflation rises and expectations shift, the ability to streamline claim and payment processes significantly impacts operational efficiency and customer satisfaction.
The timeliness of the claim payment process is critical because delays can drive valuable policyholders — and their premiums — toward competitors offering faster payment solutions. As noted by Accenture, 77% of claimants dissatisfied with their last claims experience intended to switch insurers or had already done so. These are not just abstract statistics; they represent significant challenges insurers face in retaining policyholders.
In this era of heightened consumer expectations, experience and satisfaction are paramount. Insurers must recognize that the integration of technology is not just an operational necessity but a transformative capability. Property and casualty teams often grapple with workflow interruptions, lengthy implementation timelines, and cost structures that can undermine the potential benefits of new technology. Without addressing these challenges, insurers risk further alienating policyholders and jeopardizing their market position.
Claim teams frequently navigate a patchwork of tools and solutions designed to simplify their tasks, but the reality is often the opposite. Cumbersome workflows force staff to spend valuable time uploading manual payments, navigating complex tech stacks, and logging in and out of multiple applications. Even simple tasks, like checking the status of a claim payment, become unnecessarily convoluted.
These “workflow bottlenecks” can quickly accumulate, extending the claim cycle time and diminishing policyholder satisfaction. According to a 2024 J.D. Power report, the average claim cycle time — measured from the moment a claim is reported to the completion of repairs — now stands at 23.9 days. This marks an increase of over six days compared to the same 2022 study, and for claims related to catastrophic events, the average extends to 34.2 days.
Bottlenecks and delays are not what policyholders expect. The solution for insurers cannot be another system that fails to deliver on its promises or doesn’t integrate smoothly with their existing core system. The absence of proper integration with an insurer’s core system, inadequate back-end training, and a steep learning curve can compound issues, leading to longer claim cycle times, frustrated claims staff, and decreased operational efficiencies.
The risk of integrating new solutions can be both time-consuming and resource-intensive, often disrupting current workflows. Typically, the burden of implementing a solution falls heavily on IT teams. Even the most skilled developers find that this massive undertaking can stretch their time and attention thin, especially when they are already juggling multiple priorities.
Moreover, there is a significant learning curve for claim staff to master new systems — an obstacle that adds further time and labor costs. As developers pour extra effort into the integration, the potential return on investment can quickly diminish. Finance leaders soon recognize the hidden costs associated with a platform, where inefficiencies and unforeseen labor costs can threaten their overall investment.
This leaves insurers with two unappealing options:
However, there’s a third, often overlooked option: factoring a solution’s integration capabilities into decision-making. Because this easy-to-implement technology already exists, insurance leaders must simply recognize this immense benefit as part of their decision-making process.
To navigate the complexities of today’s insurance landscape, it’s crucial for insurers to resolve disparate systems with simple, integrated solutions. Integrating claims management with core systems allows for seamless data flow, ensuring that all relevant information is readily accessible in a single system. This enables claims staff to work efficiently without having to toggle between multiple platforms, significantly reducing the time spent on administrative tasks.
A solution that integrates into your existing core system minimizes the burden of implementation for IT and reduces the learning curve by allowing claims staff to work more efficiently within familiar environments — ultimately saving cost, time, and resources.
A seamless integration also ensures that data collected during the claim process is automatically updated in the core system, providing real-time insights and analytics that drive informed decision-making. Embracing such a solution empowers insurers to enhance operational efficiency, improve policyholder satisfaction, and ultimately secure their competitive edge in a rapidly changing market.
Looking to simplify your claim process with a seamless integration? Contact us to explore our full list of core system integrations.