Snapsheet’s 2023 Product Vision: Transforming the Insurance Industry | Snapsheet
Snapsheet’s 2023 Product Vision: Transforming the Insurance Industry
A Digital Claims Transformation for the Insurance Industry
The insurance industry is experiencing a significant technological revolution, and Snapsheet is at the forefront in driving this change. Through the leadership of Dan Colomb and Ryan Staudt, we’ve reimagined how technology can change the insurance landscape. Our contributions have been critical in ensuring the industry continues to grow and remain sustainable.
Dan and Ryan have been instrumental in building the right teams, processes, and long-term strategy to shape the future of Snapsheet's claims platform and put our technology on the map.
As our COO and CTO, Dan and Ryan are committed to delivering the next generation of innovative and reliable digital solutions to the insurance industry.
Under their guidance, we’ve been building and evolving our cutting-edge technology for nearly a decade, from virtual appraisals automation to a complete core claims platform supporting next-generation claims management for P&C insurance.
As our platform continues to gain traction, our internal technology transformation is poised to cement Snapsheet's position as an industry leader!
"We’re responsible for setting and driving the company’s strategic roadmap to ensure Snapsheet continues to lead the charge in claims management innovation"
- Dan Colomb, COO at Snapsheet.
Major Challenges in Insurance Claims Processing
The insurance industry must keep pace with the evolving digital landscape to meet customers’ evolving needs for convenient and efficient solutions. However, legacy systems and inadequate investment in new technologies make it challenging for many insurers to adapt.
Insurance customer data and insights show over 40% of policyholders consider switching providers due to dissatisfaction with their carrier's digital capabilities. To address this shift, Ryan Staudt, CTO at Snapsheet, stresses the importance of providing unparalleled capabilities to create the best customer claims experience and adapt quickly to evolving demands.
At Snapsheet, we recognize the significance of meeting customer demands and staying ahead of expectations in this ever-evolving industry. We continuously invest in technology and listen to customer feedback to ensure our claims management software scales effectively while maintaining quality, security, and experience across the board.
Snapsheet CEO Brad Weisberg emphasizes the company's customer-centric approach to innovation: "Our leadership's growth and expansion provide a unique opportunity to tailor our platform to precisely meet customer needs and anticipate the future of technology. By prioritizing customer demands, we strengthen our platform's capabilities and maintain a competitive edge in the Insurtech market."
By prioritizing technology and customer satisfaction, Snapsheet empowers insurance carriers to deliver a modern, convenient, and customer-friendly claims management process.
Future Benefits of Digital Technology for Insurance Claims Management
Advanced Open & Extendable Platform with Flexibility & Configuration
Snapsheet is an open platform that enables developers to build applications and services that extend the core product. Snapsheet is dedicated to providing innovative integration capabilities that are continually advancing, including:
Open APIs: Snapsheet’s insurance technology solutions provide standardized and scalable resource-based RESTful APIs that enable clients and partners to build on top of the same APIs our developers use internally.
Event Webhooks: Our architecture has been designed to drive automation from events generated from within the platform or external integrations. Event-based capabilities of the platform will continue to expand, with event webhooks for external integrations coming in late 2023.
Data Warehouse: Snapsheet is committed to delivering the industry’s most comprehensive and accurate data set. Our data warehouse offers clients instant access to a schema optimized for analytics, ultimately enabling them to gather insights quickly, helping make data-driven business decisions.
Third-Party UI Integration: With Snapsheet’s insurance software solution, clients can take advantage of integrations with a wide range of strategic partners offering a seamless experience for third-party integrations. Additionally, the platform is being updated to allow clients and partners to embed custom UI throughout the software, allowing further enhancement of the overall experience.
These improvements to Snapsheet’s insurance software will ultimately lead to an enhanced experience for both carriers and policyholders!
Seamless Integrations & Best-in-Class Partnerships
Seamless integrations allow dozens of 3rd parties to tie to workflow and communication tools that will allow for automation and next-generation capabilities not possible outside of Snapsheet.
We plan to integrate with even more service providers in 2023 & beyond, including but not limited to repair shops, data and analytics providers, regulation agencies, and fraud detection to ensure a smooth claims process from start to finish.
These partnerships will introduce new solutions within the platform, such as claim history, digital mailroom capabilities, cost-containment solutions, and more.
By partnering with these critical service providers, we can offer a more streamlined and simple claims process, ultimately benefiting insurers and customers. Specific examples include:
Repair Shops (Safelite): By integrating with Safelite, a leading auto glass repair and replacement company, Snapsheet can quickly and easily schedule repairs and replacements for customers who have filed glass damage related claims.
Data & Analytics Providers (LexisNexis): By integrating with LexisNexis, a data and analytics solutions provider, Snapsheet can access additional data sources to verify claims information and detect potential fraud.
Regulation Agencies (OFAC): By integrating with the Office of Foreign Assets Control (OFAC), a U.S. regulatory agency that enforces economic and trade sanctions, Snapsheet can ensure compliance with sanctions, laws, and regulations when companies are looking to pay a claim and control the payment if any potential issues arise.
Dan Colomb, emphasizing the value of investing in 3rd party integrations, says, "Our platform will be significantly enhanced, offering unmatched configurability and automation capabilities that no other cloud-based claims platform can match."
Scalable Data & Metrics Features Geared Toward Growth
The Snapsheet platform is built with automation at its core, allowing clients to automate tedious tasks, minimize manual errors, reduce costs, and enable users to focus on the most critical aspects of claims.
By providing users with the tools they need to measure and track their workflows, assignments, and financials, we are enabling carriers with the ability to optimize their processes and improve employee performance.
This will assist adjusters and administrators with their decision-making processes, making their jobs more streamlined. Some key features include:
Advanced Workflow Engine: Snapsheet provides a no-code workflow engine, allowing business users to configure automated actions based on events across claims.
Enhanced Assignment Capabilities: Snapsheet’s assignment engine ensures organizations can get the right work to the right person at the right time. New assignment enhancements recently released include hierarchy-based escalation, with additional features on the near-term horizon for implementation.
Extendable Data Model: The Snapsheet data model was architected to allow for easy expansion, and users will soon be able to add custom fields, claim types, exposure types, and loss types from a simple UI.
Custom Business Lines: With the extendable data model, clients can create custom or future business lines that can instantly leverage the full power of the platform automation.
Operationalized AI
Leveraging AI is at the top of everyone's mind across most industries, including insurance. The wave of AI advances will benefit the insurance claims sector by helping to automate and streamline various aspects of the claims process, leading to faster and more accurate claims processing. The challenging part of AI is figuring out how to operationalize it in a production environment, which is an area where Snapsheet insurance software solutions excel.
Built for Adaptation: The Snapsheet platform is built to adapt. As a cloud-based claims processing software with automated releases, clients are always on the latest and greatest version without any required upgrade process. As they are released, clients can instantly take advantage of new features, integrations, and partnerships. Adapting quickly is critical for taking advantage of the latest technology.
AI Models + Open APIs + Automation Engine => Operationalized AI: Cutting-edge AI models can be plugged into Snapsheet's Open APIs and be instantly operationalized by triggering automation with the Snapsheet workflow engine. For example, a document classification model can automatically detect when new documents are uploaded, run them through the model, apply a label for the document type, and then generate automated actions such as creating a specific task or sending an email.
Ecosystem and Marketplace: With Snapsheet insurance technology solutions, users can facilitate interactions with the ecosystem of claims customers, vendors, and partners. Users can expect our third-party marketplace to act as a one-stop shop for their claim integration and automation needs. Seamless integrations will allow dozens of 3rd parties to tie to workflow and communication tools, allowing for automation and next-generation capabilities not possible outside of the Snapsheet platform.
Future Proof Your Claims Management Process
As a company, we are committed to investing in the future of technology and talent that will help meet customers’ needs.
Ryan Staudt explains, “We're revolutionizing the insurance industry with a technology shift designed to meet the growing demands for our services and the ambitions of existing and future customers."
We encourage insurers to partner with us and experience the transformational power of our insurance technology solutions. Contact us to schedule a demo and discover how Snapsheet can fit into the future of your insurance claims management process.
Customer story
When we were evaluating whether to build or buy, Snapsheet stood out as the clear choice. It offered the capabilities we needed out of the box, but also the flexibility to create anything beyond that to best fit how we work.
Sam Rea
Chief Technology Officer, Aspire