ServiceNow debuts as a Leader in P&C Claims Management Systems report by independent research firm

Rhea-AI Summary

ServiceNow (NYSE: NOW), an AI-driven business transformation platform, has been recognized as a Leader in the Forrester Wave™: P&C Claims Management Systems, Q2 2024. This distinction highlights ServiceNow's Financial Services Operations for Insurance, which excels in strategy, analytics, and customer experience. The solution helps insurers optimize processes, improve efficiencies, and lower operational costs through automation and integrated data models. More than 450 insurance companies globally use ServiceNow's platform for digital transformation.

Positive

• ServiceNow named a Leader in Forrester Wave™: P&C Claims Management Systems, Q2 2024.
• Highest strategy category score among evaluated firms.
• Platform supports over 450 global insurance companies.
• Helps insurers optimize experiences and drive efficiencies.
• Automates and optimizes processes across the value chain.
• Improves transparency and reduces manual work in claims processing.
• Ensures faster claim resolution with end-to-end claims history.
• Offers real-time access to claims progress and status updates.
• Identifies trends and bottlenecks with performance analytics.
• Reduces claims fraud and improves process efficiency.

Negative

• The press release does not specify actual financial performance metrics or direct revenue impact.
• No mention of immediate financial gains from being named a Leader in the Forrester Wave™.
• Potential risks if the platform's performance does not meet customer expectations long-term.

ServiceNow recognized with the highest strategy category score of all firms evaluated with a vision for Financial Services Operations for Insurance to “be the agile backbone for insurance operations..."

SANTA CLARA, Calif.--(BUSINESS WIRE)-- ServiceNow (NYSE: NOW), the AI platform for business transformation, has been named a Leader in the Forrester Wave™: P&C Claims Management Systems, Q2 2024 for the first time. This rating recognizes ServiceNow’s Financial Services Operations for Insurance solution.

According to the report, “ServiceNow has entered the P&C claims management market with the strongest strategy of all the firms that Forrester evaluated. Its vision is to be the agile backbone for insurance operations that will enable insurers to deliver exceptional experiences for claimants.” It goes on to say, “ServiceNow Claims capabilities for claims communications and servicing, analytics, visualization, and reporting excelled in our demonstration and was mentioned by reference customers.”

“Complicated claims experiences threaten policyholder retention, distributor loyalty, and employee satisfaction because many insurers today rely on a sprawl of disconnected, legacy systems,” said Vidya Balakrishnan, vice president and general manager, Financial Services Industry, ServiceNow. “ServiceNow’s AI-powered platform for business transformation offers customers a unique advantage. Financial Services Operations offers one platform, one architecture, and one data model to help insurers optimize experiences, while driving efficiencies and organizational agility.”

ServiceNow’s Financial Services Operations for Insurance solution empowers carriers to deliver effortless experiences and helps lower operational costs by automating and optimizing processes across the value chain. More than 450 insurance companies globally use ServiceNow’s cloud-based platform and solutions to elevate performance and digitally transform customer experiences. This helps insurance companies modernize their employee engagements, risk management, security, and technology innovation.

With ServiceNow Financial Services Operations for Insurance, insurance carriers can:

• Resolve claims faster with end-to-end claims history in a single view and easily share claims details across teams.
• Offer complete transparency of the claims lifecycle with real-time access to claims progress, status updates, and policy details.
• Automate claims processing, reduce manual work, and identify trends and bottlenecks with process optimization, performance analytics, and AI.
• Expedite adjudication and proactively meet SLA compliance with embedded controls.
• Apply strategic, out-of-the-box integrations to counter claims fraud, reduce claims leakage, and streamline claims processes through omnichannel experiences, advanced work assignments, and more.
• Maximize the value of existing systems and recognize incremental benefits with an insurance industry data model, informed by ACORD standards.

Additional Information

• Visit ServiceNow’s Financial Services Operations page for more information on the products.
• Read a complimentary copy of the Forrester Wave™: P&C Claims Management Systems, Q2 2024 report.

About ServiceNow

ServiceNow (NYSE: NOW) is putting AI to work for people. We move with the pace of innovation to help customers transform organizations across every industry while upholding a trustworthy, human centered approach to deploying our products and services at scale. Our AI platform for business transformation connects people, processes, data, and devices to increase productivity and maximize business outcomes. For more information, visit: www.servicenow.com.

© 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240618825625/en/

Madison DaValle

847‑910‑8344

press@servicenow.com

Source: ServiceNow

FAQ

What recognition did ServiceNow receive in the Forrester Wave™ Q2 2024?

ServiceNow was named a Leader in the Forrester Wave™: P&C Claims Management Systems, Q2 2024.

What is ServiceNow's strategy for insurance operations?

ServiceNow aims to be the agile backbone for insurance operations, optimizing processes and delivering exceptional experiences for claimants.

How many insurance companies use ServiceNow's platform?

Over 450 insurance companies globally use ServiceNow's cloud-based platform and solutions.

What benefits does ServiceNow's Financial Services Operations for Insurance offer?

The solution improves efficiencies, lowers costs, automates processes, and provides real-time access to claims progress.

How does ServiceNow help in claims processing?

ServiceNow automates claims processing, reduces manual work, and offers end-to-end claims history in a single view.

What features contribute to ServiceNow's high strategy score?

ServiceNow excelled in claims communications, servicing, analytics, visualization, and reporting.

What is the significance of real-time access in ServiceNow's platform?

Real-time access allows complete transparency of the claims lifecycle, with immediate updates on progress and status.