Sequel Claims update brings further efficiency to the claims process
News -- 08 September 2020
Author: Sequel Marketing
Sequel has launched an upgraded version of its Sequel Claims system including key updates to its Electronic Claims File Write-Back (ECF WB) functionality.
ECF WB is a key component of London’s modernisation drive, allowing carriers to view broker data, market responses and interact in near-real time from within their own system, build their own claim file, using both data and documents, and respond directly via the market’s central system, enhancing the claims agreement process.
Among ECF WB’s benefits are enriched data and management information, greater flexibility in managing claims with near real-time claim notification and response. ECF WB allows carriers and adjusters to tailor how they view claims data within their systems and analyse that data to better understand loss factors. It also gives them more time to focus on adjusting and paying claims. This all helps reduce the length of the claim life-cycle and helps carriers offer a faster, more efficient service to their customers.
What does the latest Sequel Claims solution offer?
Sequel Claims brings market, internal claims and document management systems into one intuitive system and automates many manual steps; reducing duplication and driving efficiencies in the claims process. In the latest version the user experience has been enhanced, sophisticated document management capabilities introduced, message processing simplified and errors and rejections reduced through improved monitoring and validation.
The latest system offers greater granularity on operational financials; enhanced workflow, communication and validation for London International Insurance and Reinsurance Market Association (LIRMA) companies; greater responsiveness in the authorisation process; faster and more seamless processing of messages and the ability to author claims narratives of up to 10,000 words.
A new auto-erosion function allows users to calculate reserves and automatically erode outstanding amounts when payments are made on new movements on non-bureau claims. Updates have also been made to relationship management, authorisation and escalation processes, bulk transitions and limits validations/warnings functions.
Future updates will further improve the claims handling process by offering enhanced performance and analysis capabilities while facilitating increased third-party integration and the transition from traditional bordereau, among other improvements.
Why is this important?
Digital transformation demands a market-wide cultural shift. The uptake of ECF WB in the company market has been mixed since it went live in 2015. However, with digitisation, efficiency, performance and customer experience at the heart of the Future at Lloyd’s blueprint, seamless integration with ECF WB will eventually be a prerequisite for any competitive insurer.
Improved speed and workflows, the reduction of duplication and errors and enhanced opportunities to analyse claims data and performance can only lead to better claims service, benefiting carriers and their customers.
"Sequel Claims brings market, internal claims and document management systems into one intuitive system and automates many manual steps."
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