New Expense Management Features Extend Vlocity Claims Capabilities, Enhancing Vlocity’s End-to-end Digital Insurance Platform
According to research by Ernst & Young, 87 percent of policyholders believe the claims experience impacts their decision to remain with insurers. With such significant influence on customer loyalty, Vlocity, Inc., has unveiled new digital claims features in the Vlocity Insurance Spring ‘19 release. These features, which are available June 14, 2019, enable insurers to deliver faster and more transparent claims processing on the Salesforce platform.
These additions bolster Vlocity’s insurance applications are used by dozens of customers globally including New York Life, Hagerty and Farmer’s Insurance. Vlocity’s digital claims product now includes end-to-end management of insurance claims for policyholders, agents and claims handlers, and enables dynamic, digital claims interactions from any device.
Key enhancements from the Spring release focus on expense management. Claims adjusters can now manage all expense activity and financial transactions from the claims adjuster desktop, including:
- Setting up claims line items by category, with associated coverage, payees, inputs, and approval/denial reason codes
- Splitting claims into multiple line items with different payment calculations, available inputs, reserve amounts, and resolutions
- Verifying coverages and calculate benefit or payment amounts based on product attributes
- Managing expenses, accepted losses, pending losses, and remaining reserves for each line item and tracking status through a financial summary dashboard
- Leveraging guided reserve management and payment approval workflows
FNOL and Auto-Adjudication
Vlocity’s existing claims solution includes a guided, omnichannel “First Notice of Loss” experience with real-time coverage verification and peril-specific question sets. It also includes provider- or claimant-initiated auto-adjudication, leveraging pre-configured peril or product rules for fast processing of simple claims. Native and additive to the Salesforce platform, Vlocity seamlessly integrates the customer’s claims journey into their broader CRM relationship, and easily connects to a huge ecosystem of AI and other technology solutions.
Vlocity Insurance Core Platform
With the addition of automated claims management, Vlocity now has a robust core platform to support each stage of the policy lifecycle. Vlocity customers such as Azur and Zurich UK are using Vlocity and Salesforce together to run their entire business in the cloud - from quoting and policy administration to service and claims. And they are reaping the benefits of an agile, digital platform, including faster speed to value and lower cost of ownership versus traditional core system providers.
The Vlocity Spring ‘19 release features will be presented at a webinar on June 13, 2019 at 8:30 AM PT / 11:30 AM ET (register here). To learn more about Vlocity Insurance and our digital claims solution visit insurance.vlocity.com.