CONNECT CLAIMS. Kodak Info Insight Platform Automating property and casualty claims processing from initiation to completion

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1 Kodak Info Insight Platform Automating property and casualty claims processing from initiation to completion CONNECT CLAIMS How Artificial Intelligence makes property and casualty insurance claims processing more efficient, profitable, and customer-centric

2 Meet the challenges of automation, responsiveness, fraud prevention, streamlined workflow, and staff optimization Automate processes and workflows to become more efficient Today s complex claims environment can t be handled effectively without smart automation. Respond faster and more accurately to policyholders Policyholders expect comprehensive answers in hours, not days, and they want to reduce processing times as much as you do. They want to communicate via preferred means, which may involve several different devices and platforms related to one claim. Enhance your brand image, customer experience, and differentiation The Internet and shorter attention spans make today s customer more likely to look elsewhere after any experience that s perceived as less-than-ideal. Real-world performance must demonstrate that you are different and better to retain and grow your customer base. Detect and prevent fraud Fraudulent claims are on the rise and present a huge detriment to the profitability of insurance providers. Evolve from cost cutting to business growth Reducing claims-management costs is still imperative but, in order to be successful, more intelligent ways to move from cost-cutting to expanding the business must be found. How to harness an avalanche of diverse customer input to create flexible, effective, automated processes that optimize your people and workflows In today s claims processing environment, there are many challenges insurance providers face. Start with the explosion of structured and even more challenging unstructured information related to a single claim. A typical customer sequence may include a claim form completed online, a police report submitted through traditional mail, an accident photo sent via smart phone, a missing policy number ed, a complaint about sluggish claim procedures Tweeted, a VIN number corrected with a text, and a status check obtained via a landline phone call. Multiply this scenario by thousands of customers and claims and one can quickly see the huge challenges and grasp the great possibilities of automated, intelligent Information Management. Workflow Automation Policyholder Responsiveness Optimize Customer Experience Enhance Brand Image Differentiated Offers Fraud Prevention Workforce Optimization Business Growth

3 More insightful automation Challenges Today s claims processing involves a significant amount of manual effort including many repetitive tasks, such as checking inputs for a claim for completeness and requesting missing information, like an auto accident police report (as in our examples). Capturing input from some communication channels has been automated, but information sits in siloed workflows a huge hurdle for automation and cross communication and for establishing a comprehensive understanding of each claim. Most insurance providers describe their handling of the newer information channels as ad-hoc and, in many cases, chaotic. The handling of a claim still requires matching the request with customer information that resides in various systems and databases. Finding this data, such as policy holder status and associated entitlement to reimbursement, and automatically processing the claim accordingly is another big hurdle to achieving the goal of straight through processing. Industry Research and Statistics* Optimizing Straight Through Processing (STP) for even 50% to 70% of claims can drive improved efficiency within the bill review operation, and improved accuracy in adjudication and regulatory compliance. 1 Gartner s insurance analysts are also seeing strong interest in continuous improvement and in the adoption of new technologies by insurers that have implemented new core claims systems. Insurers are streamlining and speeding the claims process through additional process automation, and the integration of their core claims management modules with other systems. 2 Solution Identify manual process steps that present hurdles to the automation of your claims process, as even the automation of a portion of this process presents opportunities for huge cost savings due to immense claim volumes Identify and integrate inputs received from all different communication channels, including social media. This involves communications arriving in your mailroom, as well as your customer service center and other channels that are only handled ad-hoc Integrate information exchange with CRM and other systems for more seamless claims handling Achieve straight through processing via automation, streamlining the entire claims process from the first submission of the claim to completion, including responses back to the policy holder Cut transaction processing times and increase per-employee productivity to generate valuable cost savings and free up employee time to pursue new business opportunities Advantages With Info Insight With Info Insight, every piece of incoming, claim-related information from different sources (agent, customer), in multiple formats, and at various times is identified and seamlessly routed into a relevant workflow. Info Insight uses self-learning classification, extracts and enriches data through integration with existing systems, and proposes relevant responses back to the policy holder. Rekeying and other time-consuming manual activities are reduced significantly. Through insightful automation, processing times are markedly decreased from time of notification to reimbursement, and true end-to-end automation is achieved.

4 More insightful responsiveness Challenges Claims processing today bears little resemblance to the paradigm of years past. Customers expect far speedier responsiveness and more comprehensive answers. The more disjointed and manual processes that remain, the greater the gap between customer expectations and the level of customer experience delivered. Insurance customers no longer mail in a claim request, or are satisfied to receive a letter outlining proposed reimbursement weeks later. They expect a multitude of diverse inputs to be instantly considered in a claim request at electronic speed, and each service agent to be knowledgeable about every aspect of the claim when inquiring. Online, some policyholders want to quickly find answers to general questions on their own, while also expecting deeper, richer, and more specialized information to be available through the frequently asked questions, site search, or live chat with an agent. These elevated customer expectations set the bar high for claims handling and interaction with insurance provider representatives. Industry Research and Statistics* Insurance customers are more demanding, and they have higher expectations, especially for speedy transaction processing, multichannel interactions, improved customer service (including e-service) and more convenient channels. 2 One in three customers cited poor claims handling as a major factor in deciding to switch insurers. 2 By 2018, fewer than 25% of insurers operating in mature markets will have executed a customer-aligned digital business strategy. 3 Solution Follow the policy holder expectations for communication in the communication type they choose, and respond in the same hyper-fast and informed manner that customers have come to expect from online providers, text messaging, and social media Identify all policy holder inputs and associate with the relevant claim, even when arriving from different senders, in different formats, and at varying times for quick and comprehensive handling including interactions with policyholders during the process Offer policyholders the option for the interaction type of their choice including self service, Web chat, and comprehensive FAQs Free up claims agents from manual tasks so that they can focus on developing stronger relationships with existing customers, ensuring positive experiences, and reaching out to prospects visiting the Website Advantages With Info Insight Operating in a claims environment, Info Insight understands and integrates relevant data from virtually any communication related to a claim all of the varied, unstructured, and dynamic input outlined earlier into a single platform and process. Through the power of Artificial Intelligence that is always learning, Info Insight identifies customer issues using contextual understanding to ensure immediate, relevant processing of policy holder requests. Info Insight also provides the seamless connection between the processing of the claim and the policy holder interactions, by providing service center agents with a 360-degree view of the policy holder situation, including complete transparency in the claims process. Through constant learning from your experts, the system empowers your call center staff and self-service tools with comprehensive responses, ensuring critical positive customer experiences.

5 More insightful fraud prevention Challenges Fraud takes place in many different ways. It ranges from hard fraud, where someone deliberately fabricates a false claim or incident to soft fraud, as when an individual exaggerates damage or an injury. With a 10% overall increase in fraudulent claims since 2010, insurers are seeking smarter, more effective security and fraud prevention technologies. In most cases today, fraud analysis is being done after the fact, as opposed to while fraud is occurring and thus easier to stop or mitigate. Some insurers employ hundreds of specialists using innovative technologies and network analysis tools to help prevent fraud. A higher degree of automation is sometimes seen as opening the door for fraud, as fewer claims agents are handling the claim and may notice suspicious activities. Industry Research and Statistics* Fraudulent claims cost the insurance industry $30 billion annually. 4 In spite of dedicated efforts by insurers, fraud loss is involved in around 10% of claims payouts made each year, according to the National Insurance Crime Bureau. 5 A survey of 50 claims from one insurer found that 62% reported that they had recently seen an increase in exaggerated or potentilally fraudulent auto claims. 6 Solution Make fraud detection and prevention a strategic priority and aggressively pursue prosecution Use fraud analytics tools to create a competitive advantage by segmenting risk better than other insurance providers Implement advanced data mining and predictive modeling, supporting highly skilled employees for a comprehensive fraud detection framework Integrate fraud prevention technology with the robust security mechanisms required in applications using mobile devices Exchange data between insurance providers and collaborate on analytics to uncover hard fraud cases Advantages With Info Insight Info Insight turns its intelligent automation into an opportunity to flag potential fraudulent claims. Its contextual understanding capabilities, combined with the ability to connect with other systems, allows Info Insight to sift through vast quantities of information and monitor the complete communication history of each customer to quickly spot anomalies. Info Insight also serves as a key input source for comprehensive data mining efforts in a fraud detection program connecting internal and external data sources. Info Insight has the ability to close the door on fraud, through richer, deeper insight, pattern-spotting, and self learning.

6 More insightful workflows and workforce optimization Challenges Many insurers are struggling to leverage the experience of their current workforce and bring on new workers in a controlled, productive manner. Typically, the more senior claims experts are nearing retirement age, but it is difficult to predict when each individual will depart. It is not a viable strategy to hire replacement workers in volume, train them, and then retain only the top performers. Contact center employee turnover is high and the training effort for new agents presents significant challenges and costs. With increased customer experience expectations, empowering newer and less experienced contact center employees to provide consistent, comprehensive responses to policyholders and prospects is a struggle for service center managers. In order to leverage and preserve the expertise of the experienced claims experts, and enable the younger employees, it is mandatory to find a graceful way of transitioning employee knowledge, and retaining and growing knowledge bases. Industry Research and Statistics* To evaluate risk associated with policy applications, underwriters typically spend 20% to 25% of their time searching for subject matter experts in claims and sales, or for information in loss run reports and underwriting guidelines, to evaluate policy writing risk. 7 There is predicted to be a 3% shortage on claims adjusters in the next decade. 8 Managers are most concerned with the lack of incoming talent and with companies that aren t willing to spend money to attract and retain experienced employees. Retirements will leave a void of experience that is not being replaced, one manager said. 9 Solution Assign the most knowledgeable claims experts to demanding cases, taking advantage of their deep knowledge to keep employees motivated and ensure a positive customer experience Route exception handling to agents based on their area of specialty, age group compatibility and availability; and place newer personnel on less demanding cases Provide a comprehensive knowledge management tool that ensures consistent and comprehensive responses to all customer facing functions Respond immediately to the latest customer requests by updating knowledge databases dynamically Utilize senior personnel to handle complicated requests, escalations, and exceptions Advantages With Info Insight Info Insight provides service centers with comprehensive knowledge management solutions that acquire the expertise of long-time employees through self-learning capabilities, benefiting newer and younger employees. This solution creates a dynamic way to hand down valuable knowledge from one generation of employees to the next. Info Insight optimizes workflows for the handling of claims, so experts can be better matched with tasks and roles, and newer employees can get up to speed more quickly. The platform also powers knowledge management systems and self service tools through its self learning capabilities, ensuring comprehensive and up-to-date responses. As a result, customer and employee satisfaction is elevated.

7 A powerful new paradigm of insight, automation, and customer experience claims processing Info Insight provides significant advantages to insurance companies using the technology of today and tomorrow. Its benefits are most significant when driving smarter claims processing Handling all diverse input types and channels, structured and unstructured the new reality in claims processing via one integrated platform Significantly speeding up processing of claims from first customer notice to settlement Freeing up valuable service agent time by automating time-consuming manual tasks Providing comprehensive responses to customer inquiries by empowering the service center team with a 360-degree view and all the dynamic data relevant to each customer claim and status Applying Artificial Intelligence to create a flexible and scalable solution that automatically adapts to new business situations, and continuously learns to deliver smarter, more targeted, real-time information and answers TAME CONTENT. HARVEST INSIGHT. ACHIEVE INTELLIGENCE. Info Insight uniquely delivers both significant enhancements in process efficiency and customer experience through a single solution that allows an insurance provider to tame content, harvest insight, and achieve intelligence. Through an array of targeted solutions modules, Info Insight is able to tackle complex, formerly difficult-to-automate, high-volume applications and is therefore ideally suited for claims processing. Info Insight solutions modules Integration Platform Edition Mailroom Solution Response Solution Self Service Solution Knowledge Solution Web Scout Solution Virtual Agent (Optional Module) Phone Ticket (Optional Module) For automated input classification, data extraction and process automation of documents regardless of source and structure. Integrated work flow designer. Modular platform, can be integrated into e.g., CRM, ACD, DMS, and ERP systems, provides reporting and archiving, real-time system management and automatic workload distribution. Analyzes any type of documentation for claims (request forms, s, appraisal letters, photographs, text messages, Tweets, etc.) automatically feeds relevant content into predefined business processes, and enables managing response automation for any type of input. Analyzes incoming written claim correspondence / inquiries (e.g. , text messages, Twitter, Facebook), suggests possible answers, and intelligently routes them to available claims agents. Analyzes and learns questions and automatically suggests answers (FAQs). Captures and indexes relevant pieces of business information from documents, file systems, dialogs, and portals. Monitors the behavior of Website visitors, analyzes their relative value, and actively connects them to available reps via video chat, co-browsing, form-sharing, and page push. Automatically captures, validates, and transfers data to ERP/HOST environments, mimicking all steps a human operator would perform. Leads external and internal claims agents to shortest path to a solution for phone inquiries using a dynamic conversation guide.

8 About Kodak Alaris Document Imaging Division Kodak Alaris Document Imaging solutions enable customers to capture and consolidate data from digital and paper sources, understand and extract valuable insight from the contents, and deliver the right information to the right people at the right time. Our offerings include award-winning scanners, capture and information management software, an expanding range of professional services and industry-leading service and support. With customers ranging from small offices to global operations, Kodak Alaris delivers superior systems and solutions to automate business processes, enhance customer interactions and enable better business decisions. To learn more: Call Visit Kodak Alaris Inc Mt. Read Blvd. Rochester, NY USA Kodak Alaris Operations Canada Inc. Mississauga, Ontario, Canada L5R 1B *Sources: 1 Mitchell, Industry Trends Report, Q Gartner, Top 10 Business Trends Impacting Life and P&C Insurers in 2013, 27 March Gartner, Predicts 2014: Digitalization Will Force Insurers to Become More Agile, Nov 11, Insurance Information Institute Report: Why Mobility Matters to U.S. P&C Insurers, Cognizant 5 National Insurance Crime Bureau 6 Deloitte, Driving Operational Excellence in Claims Management 7 Based on Cognizant s experience in underwriting engagements for several life and P&C insurers 8 Deloitte: 2013 Property & Casualty Industry Outlook 9 Claims Journal 2013 Jobs & Salary Survey 2014 Kodak Alaris Inc. Kodak Alaris will be the Company s trade name for its global business. The Kodak trademark and trade dress are used by Kodak Alaris Inc. under license from Eastman Kodak Company. Specifications are subject to change without notice. 03/14