News: Genus in Finans Watch - delivers KLP’s new insurance claims handling solution
22 March 2024. KLP Skadeforsikring has chosen Genus and no-code to modernize their claims handling processes for insurance claims
For insurance companies, it is crucial to have a good solution for settling claims. Now, KLP Skadeforsikring is modernizing its claims settlement system, aiming to implement a cloud-based solution from the filing of a claim to payment.
The new system seamlessly communicates with existing systems and meets, among other things, the needs of claims handlers related to case flow and support tools.
"Our partnership with Genus represents an important step in our ambition to offer our customers the most efficient and user-friendly claims settlement process. We are excited to embrace new and modern digital solutions to meet future expectations of the insurance industry," says Tore Tenold, CEO of KLP Skadeforsikring.
Rapid development and implementation Genus' no-code platform is specifically designed for larger enterprises and offers a combination of security, scalability, and flexibility, and is specially designed to meet complex needs. Genus is a Norwegian vendor with extensive experience in offering secure solutions to the insurance industry. The use of no-code enables rapid development and implementation, giving KLP Skadeforsikring the ability to maintain and further develop the solution in a cost-effective and sustainable manner.
The new solution will consist of:
Filing of claims
Question management of the filing forms
My page where customers can follow their case
Manual and automated claims processing
Document management
Reporting
Secure communication
Processing of health declaration forms
The project
After a successful test phase, a so-called "proof of concept," in 2023, the main project started in January 2024, with planned deliveries starting in the summer of 2024. The insurance products are gradually implemented in the new solution to quickly realize value and ensure a risk-free transition.
"We have extensive experience in delivering solutions to the insurance industry in the Nordics and are proud and humble to deliver KLP's new claims settlement system. The company's long history and purpose are admirable. We look forward to strengthening the partnership with KLP Skadeforsikring and assisting in their digital transformation with no-code," says Christophe Birkeland, CEO of Genus.
About KLP
KLP is Norway's largest life insurance company with management capital of approximately 1,000 billion kroner. KLP is a mutually owned company. Therefore, KLP's customers on public service pensions are also KLP's owners. The subsidiary KLP Property Insurance provides insurance to municipalities, county municipalities, businesses with public affiliation, and other selected groups. The company also offers private insurances, with special benefits for everyone who has a pension with KLP.
About Genus
Genus is a Norwegian software company that delivers solutions based on its own developed no-code platform. The company was founded in 1996 and offers secure solutions to, among others, companies within the finance industry.
About no-code
No-code platforms enable the rapid delivery of applications without the need for traditional programming. By using no-code, methods are employed where the solutions are designed using concepts closely related to the end users' understanding. This bridges the gap between IT and the business side, simplifying the collaboration around the development and delivery of solutions.
FinansWatch Norge has covered the story here (Norwegian): Link
