Sean Duffy, EVP and Chief Claims Officer, Skyward SpecialtySean Duffy, EVP and Chief Claims Officer
Insurance processes are in the middle of a radical, digitally-infused shake-up. Business intelligence and automation tools are building smarter work flows to streamline traditionally disjointed claims management practices, resulting in faster processing and reduced claims cycle times.

However, it takes more than compiling state-of-the-art digital tools to bring successful digital claims transformation. A true digital redesign of claims processes is rooted in a value proposition derived from a proactive and collaborative mind set.

That’s where Skyward Specialty excels.

“We help insurance brokers and adjusters embrace digital claims solutions that use intuitive technology. Incorporating innovative technology into their processes enables adjusters to be proactive in managing their claims inventory and, in turn, effectuate timely and appropriate claims resolutions,” says Sean Duffy, EVP and chief claims officer of Skyward Specialty.

A prominent challenge Skyward Specialty tackles for its clients is the massive amount of bureaucracy and the use of antiquated technologies that make the claims process passive. The hyper-compartmentalization of activities often becomes counterproductive and adds to the rigidity of the work flow.It also leads to excessive siloed paperwork between teams, causing more miscoordination. Skyward Specialty’s digital approach aims to eliminate the intermediaries with automation. This way, clients can improve their claims processing speed, and start accounting for likely events and take proactive measures.

At the core of making this possible is Sky B.I., a single, comprehensive data inventory, which is the foundation for the company’s reporting, business intelligence, analytics, and other advanced data capabilities. It provides adjusters with real-time insights into claims resolution. Based on their behavior in claim outcomes, Skyward Specialty makes meaningful improvements in its processes.

Complementing this is SkyDrive, an underwriting and risk management portal used in Skyward Specialty’s regional trucking business. Combining real-time intelligence on driver and fleet history, safety, and performance using telematics exponentially increases the power of risk selection, underwriting, risk management, and claims decision-making.
Its risk scoring is based on wide-ranging insights on equipment maintenance, route selection, and traffic control adherence.

Skyward Specialty also leverages the advantages of third-party tools and technologies to offer quick turnaround times on claims. For instance, Skyward Specialty collaborates with Usher, an insurance tech company, to improve the First Notice of Loss (FNOL) through automation. The tool minimizes the manual task of assigning a claim to an adjuster and working on additional information to kickstart the process. It can assign an adjuster within minutes of getting the claim. The device also comes in handy while making decisions like assigning the task to additional adjusters to a claim if the need arises.

Its collaboration with cloud-native claims management tools like Snap sheet eliminates the physical process of checking damaged vehicles, facilitating its auto physical damage team to appraise damage claims virtually. Using Verisk’s Decision Net and ClaimSearch, adjusters can save time by accessing vital information within a single platform instead of searching various sources. This integrated workflow speeds up claim review, resolution, and investigations.

We help insurance brokers and adjusters embrace digital claims solutions that use intuitive technology. Incorporating innovative technology into theie processes enables adjusters to be proactive in managing their claims inventory and, in turn, effectuate timely and appropriate claims resolutions

In its regional trucking business, the company recently partnered with an insurance company facing the unavailability of accurate accident data. Often, the drivers did not report an accident on time, resulting in claims processing delays. Some incidents were severe or time-sensitive, needing immediate investigation. SkyDrive streamlined the process, helping the client with faster reporting and response to a claim and getting near-instantaneous insights into what happened, who was injured, and who was responsible.

These outcomes are possible because Skyward Specialty doesn’t just rely on technology but has a renewed outlook toward managing claims. In Duffy’s words, “We believe we are leading the way in collaboration between claims, actuary, and underwriting.” This coordination is the secret to Skyward Specialty’s continued success in tackling persistent issues and challenges.

In parallel, it is adding the benefits of AI and predictive analytics-driven claims processing competency under its belt. With this momentum, skyward Specialty is poised to elevate its position in the insurance claims industry.