How to address new FCA pricing practices

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Evolving through Straight Through Processing

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COVID-19 is forcing insurance companies to review their processes and operational performance.

The frequency of claims has changed and now, it is difficult to anticipate them. One thing is for sure: traditional claims processes are not able to cope with a significant number of claims at the same time. This leaves the insurers unable to cope with their service level agreement and risks damage to their brand.

Process automation ensures the best ROI and increases operational resilience making Straight-Through Processing (STP) one of the most effective solutions for tackling insurance claims.


What exactly is STP

As per Paystand:

Straight Through Processing (STP) is a process that financial companies use to speed up their transaction processing time for claims without the need of manual intervention. The main point of STP is to allow companies to have the same information be streamlined through a process across multiple points.

Let’s see an example of how STP applies to the claims process.


How Claims and STP mingle

In a good percentage of personal insurance claims- especially within the P&C- the adjudication is very obvious and simple. Hence, the claims- especially those with a low value (e.g. < £1,000)- can be automated.

For these claims (and for bigger ones even), if an insurer doesn’t want to go for a straight-through processing, they can automate the whole adjudication process using conversational process automation (CPA). At the end, they can set up a manual review of the decision wherein the insurer is provided with a summary of the claim along with the adjudication suggested by the machine. Based on this review, the final payout is either confirmed or rejected.

Mastering the STP is allocating 20% of effort to design a new claims process that is able to absorb 80% of claims. Processing 80% of the claims in a lean way will drive significant operational value leaving more time to deal with complex claims which will result in even more efficiency.



When combined with conversational interfaces, STP can optimise business performances while enhancing customer experience. To bring the power of both these worlds, Spixii has partnered with other technology providers to offer straight-through processing for claims and quote & buy transactions. The resultant offerings include: Duck Creek for Claims and Blue Prism for Quote & Buy. Read about them and then request a demo at the bottom of the page to get started on an exciting and transformative STP journey.

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Discover Conversational Process Automation

CPA allows end-to-end processing through chatbots and leverages advanced analytics to continuously improve both the underlying process and the conversation with the end-user.

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