In the fast-paced world of property and casualty (P&C) insurance, Tokio Marine & Nichido Fire, one of Japan’s largest carriers, has set a new standard in customer service and operational excellence for others in the industry to aspire to.
With a commitment to being a ‘Good Company,’ defined by a balance of strong products, services, and a deep commitment to customer trust, they wanted to create a better claims experience for everyone involved.
Their innovations would not only improve their customer experience at a critical moment for customer loyalty, but also lead to substantial annual savings in the millions!
The Challenge: A Call for Innovation
The insurance giant faced mounting challenges with its claims process, with escalating call center costs and inefficiencies from outdated but embedded data management practices.
Each claim required cumbersome manual follow-ups, leading to customer frustration and increased fraud risk. The need for a solution was clear: Tokio Marine & Nichido Fire wanted to streamline data collection and management, boost call center efficiency, and improve the overall customer journey.
The Solution: EIS ClaimSmart to the Rescue
ClaimSmart™, a future-focused claims management solution from EIS contains two key solutions that Tokio Marine & Nichodo Fire made use of in their claims revolution: ClaimGuard™ and ClaimPulse™.
Whether working together or separately, these solutions revolutionize the claims experience for both customers and employees, with the strong ability to reduce expenses in both fraud-related losses and loss adjustment expenses (LAE).
ClaimPulse: This component offers a seamless, omni-channel claims experience that makes everything feel smooth and straight-forward for customers and carriers alike, and it’s the tool that can drastically reduce an insurer’s LAE.
Through an enhanced, dynamic digital experience, it gave Tokio Marine & Nichido Fire 24/7 access for customers to file claims digitally, helped them capture detailed and extensive loss information at FNOL, and enabled digital uploads of photos and documentation, leading to a more efficient use of time and downstream data use.
ClaimGuard: On the fraud detection front, ClaimGuard provides a sophisticated machine learning (ML) risk scoring model that automatically monitors all claims continuously, both new and mature claims, detects complex fraud patterns, and integrates crucial data into existing systems without disrupting workflows. Risk tolerances can be automatically adjusted as the ML model trains itself over time to be more accurate, even detecting fraud that may go unseen to the human eye — helping its users stay ahead of smart fraudsters.
“We’re proud to be one of ClaimSmart’s first users,” said Atsushi Wada, Claim Dept. Team Manager, Tokio Marine & Nichido Fire. “It’s helping to revolutionise our claims management process for both customers and employees. Inefficient and costly systems and process have been transformed, delivering faster resolutions, increased customer satisfaction, and large-scale operational savings.”
The Outcome: A Win-Win for Everyone
The results were remarkable.
With ClaimSmart, Tokio Marine & Nichido Fire reduced fraud risks, significantly improved the claims experience for both customers and staff, and saved millions of dollars.
– Enhanced Customer Experience: The seamless claims experience facilitated by ClaimPulse saw a notable increase in customer satisfaction, as reflected by a spike in the Net Promoter Score (NPS).
– Major Fraud Detection & Financial Savings: The introduction of ClaimGuard’s advanced, automated fraud detection led to the identification of five times more instances of attempted fraud, translating to considerable savings. Not to mention how much back-and-forth customer communication time (and resources) were saved because of better FNOL data collection and downstream efficiencies created as a result. The combination of decreased fraud-related losses, time savings on fraud detection, and LAE savings from better data management meant the company saved millions annually.
See Tokio Marine’s ClaimSmart Case Study
A Future-Proof Blueprint for All Ambitious Insurers
Tokio Marine & Nichido Fire’s adoption of ClaimSmart is more than a testament to their commitment to innovation — it’s a blueprint for ambitious insurers at large.
By embracing future-proof technology, they not only achieved significant operational savings, but also set a new benchmark in customer satisfaction.
This case study is a compelling example of how making the right technology choices can transform common insurance challenges into opportunities for growth, efficiency, and unparalleled customer service.
See Tokio Marine’s Case Study Now
