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EY Simplified Beneficiary Claims
Financial institutions face growing pressure to modernize beneficiary claims processing amid rising volumes and heightened oversight expectations. EY Simplified Beneficiary Claims facilitates detailed workflow orchestration, real-time visibility and structured governance to reduce delays, improve transparency and strengthen client retention during generational wealth transitions.
What EY can do for you
An estimated $84 trillion is projected to transfer from Baby Boomers to younger generations over the coming decades. At the same time, research shows that 70% to 80% of heirs change financial advisors within 12 months of inheritance, often citing dissatisfaction with the experience rather than investment performance.
For financial institutions, beneficiary claims processing is no longer a back-office transaction. It is a defining retention moment.
Yet many organizations still rely on manual workflows, email-based coordination and fragmented systems to manage beneficiary claims. Manual claims processes can take 45 to 90 days to resolve. In modernized environments, structured and automated workflows can reduce resolution time to under seven days.
The difference is not just operational efficiency. It directly impacts:
- Asset retention during generational wealth transfer
- Regulatory and service-level exposure
- Client trust at a vulnerable moment
- Long-term growth opportunities
Modernizing beneficiary claims processing
EY and ServiceNow help financial institutions redesign beneficiary claims processing through structured workflow orchestration, centralized case management and real-time performance visibility.
Together, EY and ServiceNow facilitate:
Detailed workflow automation
Standardized beneficiary claims workflows that reduce manual handoffs and improve consistency.
Centralized case management
A unified view of the claims lifecycle, improving accountability and operational transparency.
Real-time service-level monitoring
Dashboards and alerts that help enable proactive escalation before service commitments are breached.
Governance and audit readiness
Embedded controls and reporting capabilities that support regulatory oversight and risk management.
Intelligent case support
Automation that helps accelerate document review, case summarization and task prioritization.
By aligning operational discipline with digital workflow capabilities, EY and ServiceNow help institutions reduce delays, mitigate risk and strengthen beneficiary experience in financial services.
Why EY Simplified Beneficiary Claims
Beneficiary claims processing sits at the intersection of operations, regulation and client experience. It requires more than technology deployment. It requires sector expertise and structured governance design.
EY Simplified Beneficiary Claims combines:
- Deep financial services domain knowledge across wealth, asset management and banking
- Experience modernizing complex, regulated operational environments
- A governance-first design framework
- Proven ServiceNow workflow capabilities
Rather than treating beneficiary claims as an isolated transaction, EY and ServiceNow help institutions reposition beneficiary claims processing as a strategic asset retention lever during the Great Wealth Transfer.
This integrated approach supports:
- Faster claims resolution
- Improved transparency for beneficiaries
- Stronger regulatory confidence
- Greater asset retention outcomes