Storebrand cut insurance claims processing time by 50%
Storebrand, a leading insurance company in the Nordics, wanted to save time by cutting the majority of their manual case handling and improving their customer journey.
They wanted to speed up their operational efficiency. Both customers and employees were happy with a new one-fits-all-solution that enabled straight through processing and made claims handling easier and faster – all in a matter of months.
The Storebrand Group is one of the leading insurance and long-term savings companies in the Nordics. They are the largest asset manager in Norway, managing close to a trillion NOK invested in 3.000 companies globally. They have been in the industry for over 250 years
Manual handling was too time-consuming
Expecting the number of submitted claims to grow daily, Storebrand needed an automated claims handling system. While customers expected quick settlements, simple claims were processed manually.
Claim handlers used many systems, which made manual handling time-consuming. Storebrand’s main goal was to increase customer satisfaction. But they did not have the right tools.
“We needed a system that gathered and structured the customer input, customer details, insurance details, etc. Regardless of insurance product, complexity, level of automation – we needed a dynamic one-fits-all solution that could handle any claim accordingly.”
- Patrick Røhne, Product Manager Storebrand
A tailored system up and running in less than 6 months
Storebrand’s IT team explored commercially off-the-shelf solutions, also known as COTS, and other in-house alternatives. They needed to build a scalable enterprise solution and found their answer in the Genus platform.
Why Storebrand chose Genus:
- Proven track record at Storebrand
- Satisfied all requirements for an end solution
- Easily adaptable to future needs
Storebrand automated their case handling of Property and Casualty insurance claims with straight through processing, also known as STP. The claim process was step by step automated from start to finish. This was done by streamlining information in claims with structured data in an online form. Automation made the customer journey smoother and cut the number of phone calls and emails.
At first, the system handled claims of only one type, but through iteration, Storebrand added every type of claim within the first year.
“The implementation of the system was an iterative process which enabled flexibility and fast-paced deliveries. With Genus and no-code we got a platform that could fulfill our range of functional requirements and adapt to our changing needs along the way. Genus also had a proven track record at Storebrand from previous deliveries of systems within the insurance domain.”
- Marius Gundersen, Head of Quality and Systems.
Partial automation became important for Storebrand early in the process. Initially the goal was enabling straight through processing. However, Storebrand quickly discovered the power of partial automation. Much of the same benefit could be gained by automating as many steps in the claim process as possible. This way, even the most complex, non-STP claims became subject to automation.
Cut handling time by 50%
Storebrand has cut the claim processing time by 50%. Workflows have been optimized with new functionality and processes. Every process is continually developed.
Storebrand made their caseworkers happy when they gathered all aspects of claims handling in one system. Claim handlers process a greater number of claims in a shorter amount of time.
After a proof-of-concept, a tailor-made system was up and running in less than 6 months. The system is sustainable and flexible. Storebrand can always onboard new products. They can also easily change the parameters for the automatic processing of claims.
“We saw results with regards to our goals from day one after launch. Our claim process became not only more efficient but also more enjoyable. With automated processing steps for all types of claims, we saw gains in every department. We now have a system that can easily handle any claim we throw at it today – automated or not. It’s also future proof; we are confident that the flexibility of the Genus platform will allow us to overcome the changes and challenges that lie ahead, whether it’s adapting to new insurance products or tailoring new work processes,” said Patrick Røhne, Product Manager.