Swiss Re and Des Moines-based insurtech Benekiva are jointly developing a platform for end-to-end digital claims management they say will improve the speed and consistency of claims decisions at life and health insurers.

Benekiva’s configurable rules-driven claims administration system will be combined with Swiss Re's Claims Automated Rules Engine and risk management expertise. 

Founder and CEO Brent Williams says Benekiva can reduce claims cycle and processing times by up to 75% and the Swiss Re partnership will boost that even further. 

"Beneficiaries, like all modern consumers, expect an Amazon-like experience even when it comes to initiating claims,” he said. 

The platform supports digital claims intake, workflow, correspondence, and document management, claims-risk scoring and triaging, and built-in payout and audit capabilities. 

More investment has focused on underwriting and distribution than claims management, Swiss Re says, but this is “changing rapidly”. 

Paying a claim is the “ultimate demonstration” of why the insurance industry exists, and insurers who are focusing on providing a better, faster claims experience are starting to see the payoffs, it says. Claims teams can work more effectively with better allocation of resources which improves the experience for claimants and builds trust and brand loyalty. 

The flexible and scalable solution will allow insurers to choose the version of the platform that best fits their needs.  

Benekiva says its no code/low code technology gives claimants and claims associates convenient device accessibility so claims can be managed efficiently, conveniently and securely, turning claims from an “expense into a growth-supporting operation”. 

"We understand the importance of making it easy to file a claim, have it processed and receive payment quickly," Swiss Re Global Head L&H Solutions Carl Christensen said. "We're thrilled to partner with Benekiva to offer a holistic, digital claims processing solution that can free up claims staff.”