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The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) has integrated Swiss Re's Claims Automated Rules Engine (CARE) to simplify claims resolution.
CARE, a solution developed by Swiss Re, utilises “intelligent automation” to assist insurers in making accurate, quick and auditable claims decisions.
Swiss Re's CARE system is designed to support insurers with configurable risk-based rules to improve claim assessments.
SBLI is already using Swiss Re's Automated Claims Experience (ACE) to expedite many of its claim settlements in less than ten days, the company said.
For simpler claims, like those below $100,000 with a verified beneficiary, payments can be processed in as little as a day, stated SBLI.
Swiss Re global product development for life & health claims solutions head Timothy Quick said: “Swiss Re’s CARE engine is designed to help insurers deliver fast, consistent outcomes for their policyholders’ beneficiaries, especially at one of life’s most critical moments. We are proud to support SBLI’s continued investment in innovative, customer-first, simplified service.”
SBLI chief operating officer Rose Conneely stated: “For over a century, policyholders have trusted SBLI to fulfil the promises they have made to their loved ones. With the addition of the CARE engine, we can make the claims process faster and more transparent, giving our team greater confidence in supporting beneficiaries during difficult times and ensuring we uphold those promises.”
In January, SBLI collaborated with Swiss Re to improve its life underwriting process through the Swiss Re Underwriting Ease solution.
This solution integrates into current workflows and connects with Swiss Re's Life Guide.
"SBLI integrates Swiss Re’s CARE system to aid claims decisions " was originally created and published by Life Insurance International, a GlobalData owned brand.
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