Last week, I had the pleasure of chatting with Phil Ostberg from Salesforce Industries. Phil is the Senior Product Manager overseeing Vlocity Claims functionality and we discussed the power of combining FSC Insurance and Vlocity Claims.
FSC’s strength is managing the overall claims process with tools such as dashboards to monitor overall status, workflow for case routing, and other engagement tools. Vlocity adds to these tools to manage each individual claim, such as rule-based claim adjudication. Additionally, by becoming part of Salesforce, Vlocity now has greater access to the ISV ecosystem to leverage more integrations to data sources to enable things like telematics, fraud detection, and picture recognition.
Shift in Carrier Priorities due to COVID
Even prior to COVID, McKinsey reported that many carriers were enabling more than 90% of their workers to work remotely. This trend is only increasing due to the pandemic. Although there are many advantages to the increased flexibility and safety of working from home, there are many additional risks carriers must consider such as technology bandwidth limitations, impacts to collaboration, and decreases in workforce productivity. This reinforces the urgency for insurers to accelerate product innovation and digital transformation. Many Vlocity customers are accelerating digital transformation programs to provide end-to-end digital processes and automation to employees, producers, and customers.
Delivering on Claimant Experience
The shift to remote work must also take into account claims processing from the claimant’s perspective. While the idea of ‘touchless claims’ has been around for a while, with COVID it has taken on a new meaning. Previously, the main drivers were increased speed, operational efficiencies, and reduced cost by eliminating manual steps and field resources. Now there are additional priorities to reduce or eliminate physical exposure for covered parties that are in a vulnerable health situation.
How Vlocity Fits
Vlocity provides a rich feature set to support the claims process, including:
- Robust First Notice of Loss (FNOL) workflow
- Adjudication rules based on underlying product rules that enable straight through processing
- Financial Controls to enforce policy terms so automated adjudication can be done with confidence
Addressing the changing priorities and opportunities presented in the current environment is key for carriers that want to remain competitive. Silverline is proud of our ongoing partnership with Vlocity as they carry on their role as leaders in Insurance Digital Transformation while transitioning to become Salesforce Industries.