Why Claims Sharing? Innovating within the Business-to-Business Insurance Claims Handling Ecosystem
By Laimonas Stoncius
Founder and CEO, ClaimsControl
InsurTech disruption brings many positive changes into every aspect of the insurance industry including the insurance claims ecosystem. The claims sharing concept is based on digitizing the claims process through an automated exchange of insurance claims between Business-to-Business (B2B) customers, insurance service providers, and other claim process participants.
The necessity of integrating insurance claims data has always been on the minds of multiple claims process participants. The standardization of insurance data structure was successfully introduced by ACORD1 in the US and this approach could potentially ease the insurance data integration attempts. However, the difficulty of connecting a vast number of claims process participants remained, so the proper way to ease the full integration of insurance claims data became technically realistic when an independent hub structure was introduced.
The basis of the concept is an Open Application Programming Interface (API) hub, where any claims system can connect to exchange data with other systems. The hub can also send all claims details via automated emails to the claims process participants who are not connected to the hub.
The hub should also have a web platform for entering claims data directly. Where the companies do not have their own claims system, they could use the ...
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