Reinsurance Claims Management How to become …83f8ef89-c752-4dea-9b95...Reinsurance Claims...

Reinsurance Claims ManagementHow to become Digital Future Ready!Swiss Re EMEA Claims Conference

Pascal LehmannHead Enabling P&C Business Management

Sven ScandellaHead IT P&C Business Management

Swiss Re EMEA Claims Conference | How to become Digital Future Ready | Sven Scandella, Pascal Lehmann

Swiss Re EMEA Claims Conference | How to become Digital Future Ready | Sven Scandella, Pascal Lehmann 2

In this session you will find out how Swiss Re is transforming its value proposition for Claims Management by leveraging

new technologies. We will showcase to you how we systematically develop key insights out of the vast

information landscape by deploying document intelligence. At the same we also outline how we automate and accelerate

claims processing through smart operations in order to improve the claims payment turnaround time and free up

capacity for more value adding activities.



Agenda

01Strategic positioning

02 Document IntelligenceKnowledge Differentiation in Action

03 Smart OperationsHow we transform the industry

04 Q&A



Strategic positioning

4


Digital shift A radical change of the business scenario presenting new opportunities and challenges


High

Low

HighLow

Digital Collaboration

Transactional view

InformationCapitalization

Pro

ce

ss c

om

ple

xity

Information complexity

Cognitive Assist & Smart Analytics

Unjustified ClaimsLoss prevention services

New value services for clients

Faster decisionsSmooth executionSkill orchestration

Digest large amount of dataNo-touch processing

No client burden

KnowledgeDifferentiation

2007-2015

BPM & Work Integration

Digitization & Automation

The digital transformation of our industry Our aspirations to transform the value proposition for RI Claims Management


Smart

Operations

Machine intelligence and digitization for process

automation and optimization

Information Extraction and Classification

Document

Intelligence

Information extraction and smart search on internal &

external documents Information Retrieval, Data

Insights and “Smart Search”Early

Warnings

Machine intelligence for signal extraction in large amounts of unstructured

data

Information Capitalization

Knowledge Differentiation

Advisor

Seamlessly connect digital capabilities integrated into a

highly efficient operating model

Business Process Management and Work Integration

Digital Collaboration

How to become Digital Future Ready in RI Claims Management?Leveraging Swiss Re’s digital capabilities to achieve our aspirations

7


Document Intelligence

Knowledge Differentiation in Action

8


Business Management Pathfinder Claims to Contract matching

Live Demo - Login Live Demo – Login & Samples

Systematically develop key insights out of our vast information landscape for portfolio management and loss control. Transform insights into business steering and value added services for our clients.

Knowledge DifferentiationLive Demo – BM Pathfinder & Claims to Contract matching

Sm

art A

na

lytics &

Co

gn

itive A

ssist

Providing support in finding & matching relevant pieces of information in both initial claim notification and associated contract document

Making it easier for the P&C BM Community to search and retrieve relevant information from the vast amount of client documents received (~15m)

https://wbmi.swissre.com/search

http://c2c-poc.swissre.com/c2c-web/#!/app/home

https://shp.swissre.com/sites/bmandrn/Shared Documents/BM Kundenevent 2017/Foliensätze


Smart Operations

How we transform the industry

10


ACORD – an integral part of Swiss Re’s digital strategyThe standard in action

11

2018

2001Focus for next year: Continue digitization journey

for unstructured documents Operationalize Placement and

Post Placement message exchange with AonB

ACORD 2016.10 message upgrade

[2008]:Implementation of TA

and FA automation capabilities for straight-through processing &

validation in Swiss Re’sOperating Platform

[2001]:Launch of Swiss

Re’s message gateway for TA and

FA message exchange

[2007]:Founding of Ruschlikon group

with a common vision for reducing back office frictional

costs and streamlining processes for the

(re)insurance sector by implementing global ACORD data standards together with

an agreed set of business processes and rules

[2010]:Implementation of

CM message exchange including

straight through processing capabilities

[2015]:Rollout of ACORD

message exchange for the LPC

(London Processing Centre)

[2016]:Initiation of digitized data capturing and

validation of unstructured

documents (e.g. PDF’s) by leveraging the ACORD standard

[2017]:Launch of Post-placement and

Placement collaboration with

AonB

[2013]:Implementation of

eMessagingcapabilities allowing

fully-automatic validation and processing of

ACORD messages

[2001-2007]:Continuous launch

with additional partners


Key messages

Swiss Re leading the industryRuschlikon KPIs (electronic administration – global P&C TA only)

12

8,0%

33,0%

15,0%

4,0%

32,0%

16,0%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

Munich Re Swiss Re SCOR

% electronically administered vs. manually administered (% of messages; global P&C TA only)

% electronically administered vs. manually administered (% of premium; global P&C TA only)

Electronic administration (2017 statistics)

• Swiss Re is leading the industry for ACORD based messaging

• In 2017 33% of claims and technical accounting transactions are sourced and processed digital representing 32% of booked premium (P&C Reinsurance)

• Major contribution comes from Rüschlikonbased ACORD traffic with 19 partners

Ruschlikon Partners (#)

4 19 7

for Swiss Re internal use only


10

3

10 10

11

5

9

12

6

5

8

5

2

1 1

3

0

2

4

6

8

10

12

14

Turnaround Time - Sender TA - toReceiver TA acknowledge

Turnaround Time - Sender FA - toReceiver FA acknowledge

Turnaround Time - Sender Claims- to Receiver Claims acknowledge

Turnaround Time - AccountReceived and Account Booked

(TA)

Munich Re SCOR Swiss Re Swiss Re (median TAT)

13

Average Turnaround Time (in days) for electronical messaging – 2017 statistics

Sender TA Receiver TA acknowledge

Sender FA Receiver FA acknowledge

Sender Claims Claims acknowledge

Account received and Account booked

TAT

Key messages

• Significant and tangible benefits are delivered through ACORD messaging

• Efficiency gain for Swiss Re up to 60%

• Typically message turnaround time within 1 to 3 working days

• Accelerated cash flow (daily)

ACORD messaging makes a difference to our clientsRuschlikon KPIs – We are not Lemonade but also achieve a median TAT of 1 day

for Swiss Re internal use only


Legal notice

16

©2018 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivative works of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re.

The information and opinions contained in the presentation are provided as at the date of the presentation and are subject to change without notice. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the details given. All liability for the accuracy and completeness thereof or for any damage or loss resulting from the use of the information contained in this presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group companies be liable for any financial or consequential loss relating to this presentation.

Reinsurance Claims Management How to become …83f8ef89-c752-4dea-9b95...Reinsurance Claims...

Documents

Transcript of Reinsurance Claims Management How to become …83f8ef89-c752-4dea-9b95...Reinsurance Claims...