The Art of Claims—Breaking the Speed-Accuracy Conundrum

Why Claims Processing Defines Customer Experience

In insurance, claims are the “moment of truth.” All the promises about protection and service come down to how fast and accurately you settle a claim. Speed matters for loyalty Accenture reports that 94% of policyholders say fast claims settlement is a key expectation, and 83% of dissatisfied customers either switch or plan to switch providers.

But accuracy matters just as much. Even a 1% lapse can lead to significant financial loss and compliance risk. The challenge? Claims are inherently complex, involving diverse scenarios, multiple stakeholders, and extensive documentation. Traditional manual and paper-heavy processes make it difficult to achieve both speed and precision.

This whitepaper explores how insurers can break the speed-versus-accuracy conundrum by adopting intelligent automation, digital document management, and end-to-end claims orchestration.

Why Claims Get Stuck The Speed & Accuracy Problem

Barriers to Speed

• Manual Processes: Heavy reliance on paperwork and human effort slows everything down and drives up costs.
• Weak Third-Party Integration: Collaboration with garages, investigators, or service providers is often done through emails and offline communication, delaying resolution.
• Siloed Systems: Claims touch multiple departments, but disconnected platforms cause inefficiencies and lack of visibility.
• Unintegrated Digital Channels: Customers want to initiate and track claims via social or mobile, but most insurers can’t embed these channels effectively.

Barriers to Accuracy

• Limited Process Controls: Without smart routing, complex cases may be handled by the wrong teams, increasing errors.
• Poor Audit Strategy: Manual checks and weak rules management limit continuous improvement.
• Paper-Intensive Workflows: Lost or hard-to-retrieve documents hurt accuracy and cause rework.
• Data Gaps: Fragmented and manually entered data creates blind spots and inconsistencies.

Breaking the Conundrum A Digital-First Approach

To achieve both speed and accuracy, insurers must treat claims as a connected, paperless, and intelligent process rather than isolated tasks. Here’s how to get there:

1. Automate the Workflow

Create a connected claims journey from initiation to settlement with full visibility. Automation identifies bottlenecks, speeds hand-offs, and provides real-time status tracking.

2. Automate Rules & Decisions

Use a rules engine to handle routine, structured decisions and escalate only complex exceptions to human experts. This improves accuracy while speeding up straightforward claims.

3. Enable Straight-Through Processing (STP)

Integrate all underlying systems policy admin, billing, external partners to reduce manual data transfers. Build interfaces for garages, surveyors, and third parties to share documents in real-time.

4. Digitize Documents

Adopt a robust Enterprise Content Management (ECM) system to capture, tag, index, and store claim documents centrally. Dynamic checklists and digital records improve accessibility and compliance.

5. Embed Multi-Channel Communication

Let customers initiate claims via apps, social media, or web portals with photos, videos, or forms. Provide automated, multi-channel status updates to keep them engaged and reduce inbound calls.

6. Build Flexibility With Dynamic Case Management

Handle unique scenarios better by allowing ad-hoc routing, real-time collaboration, and exception handling without breaking the core automated flow.

7. Future-Proof With BPM & RPA

Use Business Process Management (BPM) to keep processes adaptable as business and regulations change. Layer Robotic Process Automation (RPA) for high-volume, rule-based tasks like data entry and claim validation.

Business Impact of Modern Claims Processing

Organizations that have adopted this digital-first approach report:

• Faster claim resolution times up to 50% improvement.
• Higher accuracy rates with fewer costly errors and rework.
• Improved customer satisfaction and retention due to timely, transparent updates.
• Lower operational costs by reducing manual effort and optimizing resources.
• Better compliance and audit readiness with digital records and end-to-end tracking.

How Newgen Powers Next-Gen Claims

Newgen’s AI-enabled Claims Processing Platform helps insurers master both speed and accuracy with:

• Unified digital workflow from FNOL (First Notice of Loss) to settlement.
• Smart decision automation with configurable business rules.
• Advanced document management and dynamic checklists.
• Seamless third-party and channel integration for frictionless collaboration.
• AI & RPA-powered processing to handle large volumes with consistency.

Trusted by global insurers, Newgen helps accelerate claims turnaround, control costs, and deliver experiences that build trust and loyalty.

Why Acting Now Matters

Insurtechs and digital-native players are already setting new benchmarks for speed, transparency, and customer delight. Legacy processes will not survive this shift. Insurers who digitize claims can reduce leakage, improve retention, and compete with agile disruptors.

Start Your Claims Transformation

If your claims process is slow, error-prone, or frustrating for customers, it’s time to modernize.

2. Whitepaper_ The ROI Myopia in Commercial Lending.pdf

Rethinking ROI in Commercial Lending A Holistic Approach

Why Traditional ROI Models Fail Lenders

For decades, banks have measured the ROI of their Commercial Loan Origination Systems (LOS) using narrow, cost-centric metrics focusing on turnaround time (TAT), operational efficiency, and IT cost savings. But this approach is dangerously short-sighted.

Digital lending is no longer optional yet only 11% of banks had digitized commercial lending as of the ABA’s “State of Digital Lending” study. Fintechs and alternative lenders, free from legacy burdens, are aggressively capturing market share with faster, seamless, digital-first lending. Traditional ROI models are leaving banks blind to the real value drivers of modern lending.

This whitepaper explains why lenders need to expand their ROI lens beyond technology cost and cycle time and consider the true business impact of loan origination systems.

The New Lending Reality Why Change Is Urgent

• Customer expectations have shifted: Borrowers want faster approvals, personalized offers, and omnichannel access.
• Competition is tougher: Digital-native fintechs are redefining speed and experience in commercial credit.
• Regulatory demands are higher: Basel III, Dodd-Frank, and AML/KYC regulations require robust auditability and risk management.
• Legacy silos are unsustainable: Fragmented systems slow growth and limit cross-product leverage.

Loan origination is no longer just a back-office process it’s the engine of the entire lending business. Choosing and measuring the success of an LOS must go beyond IT ROI.

Moving From ROI Myopia to Holistic Impact

Traditional ROI measures like reduced TAT and lower IT spend are still important but insufficient. A modern ROI framework for digital lending should cover five key dimensions:

1. Customer & Revenue Impact

• Wallet share expansion: Cross-sell multiple loan products on a unified platform.
• Higher engagement & satisfaction: Reduce abandonment, improve Net Promoter Score (NPS) and CSAT.
• Better digital experience: Omnichannel access, self-service applications, and faster approvals.
• Increased loan volume and revenue per loan: Faster cycle times lead to more throughput and improved topline.

2. Operational Efficiency

• Improved loan pull-through rate: Convert more applications into funded loans.
• Reduced rework and exceptions: First-time-right data capture and document management.
• Higher workforce productivity: Free relationship managers (RMs) and credit analysts from routine work with automation and RPA.
• Scalability: Handle more loans with the same headcount.

3. Risk & Compliance

• Stronger credit decisioning: Better data, rules engines, and real-time insights to reduce NPAs and credit losses.
• Compliance-ready audit trails: Lower penalties and faster regulatory reporting.
• Early fraud detection: AI models to flag anomalies and reduce leakage.

4. Agility & Innovation

• Faster time-to-market: Launch new lending products and channels quickly.
• Configurable workflows: Adapt to changing credit policies and regulatory norms without heavy IT intervention.
• Future-ready architecture: API-driven integration to work with fintech partners and emerging tech.

5. Human Empowerment

• Knowledge worker enablement: Equip underwriters, risk managers, and RMs with real-time data and smart routing.
• Self-service & low-touch processing: Reduce manual intervention where possible.
• Improved customer and employee experience: Omnichannel touchpoints, real-time updates, and mobile-first capabilities.

The ROI Equation for Digital Lending

Business strategist Ram Charan defines ROI simply:

ROI = Margin × Velocity

For lenders, this means maximizing profitability (margin) while speeding up the lending cycle (velocity). A modern LOS must improve both:

• Margin drivers: Increased revenue per loan, better risk control, lower cost of processing.
• Velocity drivers: Faster time to approve, fund, and renew loans.

By combining these factors with enhanced customer experience and compliance, lenders can achieve true ROI not just cost-cutting but growth and resilience.

The Cost of ROI Myopia

Lenders relying on outdated ROI models risk:

• Lost growth opportunities: Can’t cross-sell or expand wallet share effectively.
• Higher operational costs: Legacy LOS forces manual workarounds and rework.
• Increased regulatory penalties: Lack of built-in compliance and traceability.
• Poor customer retention: Slow and fragmented experiences drive borrowers to digital competitors.

How Newgen’s Approach Fixes the ROI Gap

Newgen’s Commercial Loan Origination Solution (CLOS) is designed to deliver holistic ROI by combining:

• Unified digital workflows: From origination to monitoring, eliminating silos.
• AI & RPA-driven automation: Faster, smarter processing and early risk detection.
• Low-code agility: Rapid product launches, configurable credit policies, and seamless core system integration.
• Enterprise content management (ECM): Centralized, secure, and easily accessible loan documents.
• Future-ready innovation: Open APIs and composable architecture to scale and integrate new technologies.

Recognized in the Gartner® Market Guide for Commercial Loan Origination, Newgen helps banks move beyond cost-focused ROI and measure real business transformation.

Measurable Business Impact

Banks adopting a holistic ROI approach with Newgen have achieved:

• 40–75% faster loan cycle time
• 50% improvement in pull-through rates
• 90–95% compliance accuracy
• Up to 50% lower operational costs
• Significant increase in customer retention and cross-sell opportunities

Why Acting Now Matters

Fintechs and digital-first banks are redefining lending. Traditional institutions that delay modernization risk losing both customers and profitability. Moving beyond ROI myopia isn’t just about better metrics it’s about staying competitive and future-ready.

Start Measuring ROI the Right Way

If your bank is still evaluating LOS performance using legacy ROI models, it’s time to shift your perspective.