Insly Adds Claims Management To Its Modular Suite

Insly, the no/low-code software provider, has launched a claims management tool as part of its modular product suite, following high demand from customers. The claims product can be used either stand-alone, integrated to a legacy system, or alongside other Insly modules, which span the entire insurance value chain.

Research shows that claims management is still highly manual and inefficient across the insurance industry, despite making up the majority of an insurer’s costs. A recent survey found that 47% of insurance customers are looking to switch providers, with six in ten citing poor claims management processes as the primary reason they are looking elsewhere. Currently, only 4% of insurance brands offer a fully-automated, self-service claims service.

“Claims management is the most common touch point for customers and the cornerstone of a successful insurance brand,” comments Risto Rossar, Founder and CEO of Insly. “Yet, for most insurers, the process is labour-intensive, inefficient, and over reliant on human input, opening it up to error, while also impacting productivity. Furthermore, it isn’t unusual for MGAs and insurers to have separate systems for different countries or lines of business, significantly increasing running costs.”

The Insly system streamlines all elements of the claims process, from FNOL to policy and event validation, payment handling and reporting. A multiclient and multicurrency system, it enables MGAs and insurers to serve all their clients from one platform, while also handling all the main reports built in and tackling fraudulent claims through fraud alarms.

Insly’s low/no-code modular setup can be scaled easily with the help of microservices, allowing non-IT professionals to make changes, without extensive IT development time or specialist skills. It is also designed to integrate seamlessly with existing IT systems, so teams only need enter claims details once and apply them to all relevant documents automatically. Integration with finance software ensures regulatory compliance, maintaining a flawless audit trail.