The implementation of Straight Through Processing (STP) is recognised as the Gold Standard for Insurers and Claims Handlers to process claims especially across personal lines. But what is STP and how does it bring benefits for Customers and Insurers alike?
Traditionally claims handling has been a somewhat longwinded and time-consuming process incorporating multiple touch points that add little value to a claim whilst irritating customers who just want to get their lives back on track. The process was characterised by multiple phone calls and emails, long wait times and complicated procedures whilst the appropriate claim information was gathered, assessed and processed.
Enter STP. STP refers to the ability of Insurers to automate the claims process, to reduce the number of touch points and drastically shorten the time from claims lodgement through to settlement. This results in a Win-Win for Insurers and customers. Customers enjoy a more convenient and faster claims experience, whilst Insurers and their partners benefit from a consistent more efficient process and are able to free claims handlers to spend more time with vulnerable customers or on more complex claims.
In 2019 The BeGroup made the decision to invest in building a World Class STP system called Claim Companion. Today Claim Companion handles over 40,000 claims annually, reducing touch points by up to 80% and claim life by up to 50%. The system has been implemented across our electrical and household contents (BeValued) and jewellery (LMG Jewellery) portfolios, and soon to be launched across our floor coverings division (Home Options).