SCOR Expands Digital Claims Solutions
SCOR is advancing its digital claims management capabilities through its Claims Rules Engine (CRE) and a new partnership with Snapsheet. The collaboration provides clients with access to an end-to-end claims platform, including digital payments and virtual assessments. The initiative aims to reduce friction in the claims process and allow human assessors to focus on more complex cases.
- The partnership is a key component of SCOR's "Quantum Leap" strategic plan, which aims to accelerate the use of new technologies like AI, big data, and blockchain to increase efficiency. This plan includes a €250 million investment in technology to innovate and expand its product and service offerings for the benefit of its clients. - Will Thorne, who leads SCOR's P&C Ventures, and Brad Weisberg, the founder and CEO of Snapsheet, were instrumental in forming this collaboration. The partnership provides SCOR's clients with special access to Snapsheet's comprehensive claims management platform. - SCOR's Claims Rules Engine (CRE) is specifically designed for the life and health insurance sectors, utilizing a "Smart Catalogue" with thousands of medical conditions to automate and triage claims. This digital solution aims to reduce decision times by over 50% and allows for 24/7 claim submissions. - Snapsheet's platform is a cloud-native, no-code solution that can be implemented in as little as a few weeks to 90 days. It is designed to handle the entire claims process, from digital intake to final payment, and can reduce operational costs by up to 15%. - Snapsheet has a significant footprint in the insurance industry, working with over 140 carriers, including 15 of the top 20 P&C insurers in the US. The company has processed over 4.3 million claims, amounting to $15.3 billion in indemnity. - The broader trend in insurtech is toward intelligent automation for claims processing, with a focus on reducing manual tasks and improving accuracy. Recent partnerships, like Snapsheet's collaboration with AI-powered document generation provider Kyber, highlight the industry's move toward more streamlined and automated workflows.
