Insurtech VCA Software Inc. announced the rollout of its new Carrier Solution Suite, better positioning insurers to contain losses while earning policyholder loyalty. With the VCA SaaS claims platform, insurers can facilitate a claims journey that is faster, more transparent, and more communicative than previously possible in the insurance industry.
The VCA Carrier Solution Suite revolves around a game-changing, policyholder app that is offered white labeled. Unlike other insurance apps, VCA’s InsuredConnect app is designed to transform the claims journey. It enables claimants to submit their First Notice of Loss (FNOL) instantly from the scene of the incident, along with supporting notes, and video/photo documentation.
Remarkably, within minutes of submitting the loss, the policy is validated, and the claimant receives the claim acknowledgement along with multi-channel contact information for the assigned file handler. Insurers can also populate the app with “What to Expect” information, timelines, and next steps for common claim types.
Throughout the life of the claim, policyholders can communicate with their file handlers via chat, text, email, or phone. Better yet, the need for active communication is reduced because claimants can check their claim’s progress and status anytime, right from their phones.
“There’s something wrong when a policyholder knows more about their Uber driver and their FedEx package than they do about the fire claim that has rendered their home uninhabitable,” says Lee Picano, Founder and Chief Product Officer at VCA Software. VCA has taken a policyholder-first approach to give claimants the instant information they crave. “It’s time for the insurance industry to catch up with the rest of the world,” Picano adds.
The initial claim triage and claim handler assignment is managed automatically by VCA’s ClaimsCore – a claims engine that accelerates time-to-close by automatically triaging claims, assigning a handler based on pre-established rules and notifying the insured – all within minutes of receiving a claim – a process that has traditionally taken 5 to 10 days.
VCA’s PolicyConnect provides a seamless, bi-directional integration framework connecting policy administration and underwriting systems to ClaimsCore so all systems receive real-time updates. This framework also provides data to facilitate advanced analytics so insurers can more easily identify loss trends and opportunities for improvement.
With VCA Digital Payments, insurers in North America can send payments in a little as 15 seconds in real time further accelerating time-to-close. Claimants can select their preferred payment method – virtual card, bank transfer or check.
Supply chain interruptions and labor shortages are wreaking havoc with both auto and property insurance claim cycle times – creating an urgent need for faster claim resolution and payment. With the VCA Carrier Solution Suite, insurers finally have a tool to help them take control. With proactive communication, full claim visibility and faster resolution, insurers can better contain losses and pre-empt litigation – all strategies to offset the higher costs of inflation in the quest to lower loss ratios.
About VCA Software:
With a claims engine as its core, VCA Software is a global SaaS platform focused on improving policyholder satisfaction and retention, while providing a next-generation ecosystem to improve intelligence and function for all stakeholders from insurance carriers to third party administrators, brokers, independent adjusters, captives and self-insured companies. The VCA platform simplifies and humanizes the claims journey – ultimately creating more customer lifetime value. Insurers can launch the VCA claims platform quickly at a mid-range price point, making it an ideal solution to support new product rollouts and insurtech initiatives. Visit https://vcasoftware.com/ to learn more.