Driving Innovation in Insurance: The Journey to a Seamless Claims Process with Mia-Platform

Recent technological evolutions are driving a profound transformation of the insurance world. Insurers today face new regulatory challenges (IFRS 17, GDPR, IDD, DORA) and increasing security pressures while pursuing customer-centricity and simplified service access.

The digitalization of the claims management process is a pivotal opportunity to streamline and simplify the customer experience. A large insurance company relied on Mia-Platform to build its own smart claims settlement solution to cover end-to-end the whole claims process from the First Notice of Loss (FNOL) to the damage assessment and compensation.

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Main Benefits

Final Customer

• Enjoy a Frictionless Claim Journey
• Provide Easy Access to Value-added Services
• Enable Real-time Collaboration and Tracking
• Guarantee Transparency and Trust

Insurance Distributor

• Ensure Value-added Collaboration Streams
• Provide Real-time Dashboard
• Offer a Shared Customer Support Role

Insurance Carrier

• Enable Smooth Claim Ecosystem Integration
• Secure Process and Roles Orchestration
• Reduce Claims Platform Management Budget
• Facilitate RPA and Data-Driven Workflows

About the customer

The company holds a prominent position as a leading insurance provider in the Italian market. With an extensive network of thousands of agencies spread across the territory, it offers a diverse portfolio of insurance and financial solutions to millions of policyholders.

The Challenges

The company’s customer base was experiencing a poor claims experience when interacting with the company. As a result, there was a growing sense of mistrust regarding the timeliness and effectiveness of the settlement process. Insufficient guidance and a lack of empathy were evident in the support provided to customers when filing a claim.

Furthermore, the company’s partner distributors were expending a significant amount of resources on time-consuming and unproductive activities, lacking the capability to effectively monitor their actions due to the absence of comprehensive dashboards.

The Goal

Consequently, the company opted to address these issues by focusing on the following initiatives:

• Establish an omnichannel claims management approach, enabling customers to handle their claims through their preferred traditional and digital channels.
• Enhance the claims customer experience, assisting users during the accident reporting phase to simplify the assessment procedures.
• Improve customer satisfaction, supporting policyholders in effectively managing their claims, a critical phase in the customer-company relationship.
• Enhance brand perception, delivering an integrated and innovative service that encompasses the entire claims process, thereby adding value to the user.
• Build value-added collaboration streams with partner distributors, providing real-time monitoring dashboards to establish a shared customer support role;
• Streamline time and costs associated with claims management, improving efficiency to expedite processes and reduce the time investment required for claims administration.

The Solution

The company relied on Mia-Platform to create its own Smart Claims Platform on which to integrate its existing systems or third-party systems to address the claims settlement processes that guarantee the objectives mentioned above.

Leveraging a microservices architecture powered by Kubernetes, the platform operates as a cloud-native integration environment for the whole claims management process. It facilitates the development of intelligent workflows by seamlessly integrating legacy, core, and third-party systems. This integration is made possible through Mia-Platform Fast Data, which enables comprehensive management of claims data, encompassing input collection, preparation, and analysis. Additionally, Mia-Platform Flow Manager allows for the orchestration and evolution of these workflows in a low-code manner.

How it works

The creation of the company Smart Claims Platform involved various essential aspects:

• Providing customers with an instant communication facility either during or after an accident;
• Efficiently collecting and integrating digital photos at any stage of the claims adjustment process;
• Coordinating a personalized notification and tracking system that seamlessly operates across multiple communication channels;
• Instantly identifying and suggesting nearby support services to assist the customer in real-time;
• Initiating, guiding, and concluding the settlement process through a customized, secure, and well-regulated workflow.

Results

With the Smart Claims Platform, the company can now digitally create and orchestrate all phases of the claims management process, from FNOL to damage assessment and compensation. This allows the entire process to be configured using a composable approach, enabling the interaction of heterogeneous services and systems, simplifying integration, and reducing costs and implementation times

Mia-Platform Fast Data

Mia-Platform Fast Data is a set of ready-to-use microservices that optimise data management and interoperability to make updated data available to the company in real-time, 24/7.

In particular, Mia-Platform Fast Data allows you to:

• Collect data from existing internal and external systems of the company, and organize them according to specific business logics in Business Single Views;
• Keep data updated in real-time in a high-performance database;
• Make data available in real-time and 24/7 to all company services, channels, and applications;
• Create your own Digital Integration Hub, building an event architecture across a data management layer that decouples Systems of Records from external channels.

Mia-Platform Flow Manager

Mia-Platform Flow Manager is a significant component available in Mia-Platform Marketplace that manages the sagas following the flow imposed by an event-driven finite-state machine, where transactions are triggered by messages. These messages are event-based and are asynchronously exchanged with a Message-broker.

Mia-Platform Flow Manager allows configuring the saga in a few simple steps, saving time compared to the development of a custom solution. It also offers huge benefits in terms of business logic management, debugging, and flexibility in case of an evolution of the requirements.