There are a number of operations within insurance that would benefit from the type of automation that Trident offers, for all types of insurance including health, car, home, commercial, and others. These include:
- Claims Settlement and their payments
- Premium refunds and cancellations
- Payment of commission to intermediaries
- Processes within specialised insurance
- Bank Integration
The claims settlement approval and the automation of the bank payment process are two areas that consistently deliver measurable results and are usually the first steps in automation ventured by insurance organisations.
Often these processes are predominately manual and/or based on siloed legacy systems. This leads to processes which are inefficient, expensive to run and risk-laden, leading to potential errors and related reputational damage, missed deadlines, and issues which may arise from a lack of compliance visibility.
The pitfalls involved are directly the result of processes that include multiple touchpoints, and the array of decisions which would need to be made at every one of these points. This is also compounded by the stringent compliance required from insurance regulators as well as reporting requirements.
The Trident Suite provides a number of solutions which could bring significant improvements and cost reductions to such processes within the organisation.
Sitting in between your internal insurance application/s and the banks, our tools provide the necessary workflows and approval ‘gates’ required to automate this process.
It goes without saying that while insurers, which still do not have the right technology for the claims settlement approval process, are facing many disadvantages, automating the claims settlement process can be a real differentiator and source of competitive advantage.
Trident Connect delivers lower transactional costs, faster settlement, potentially cheaper bank charges and a more streamlined and enforced process, directly leading to an improvement in customer satisfaction and retention as well as an improvement in the company’s bottom line.