Transforming claims management: From a cost center to a growth enabler
Is your claims system efficient enough to help achieve a competitive advantage?
Claims management is the bedrock of your insurance business. It constitutes the largest cost to your company and is extremely crucial to ensuring customer satisfaction and loyalty. Poor claims systems would lead to significant leakages because of undetected fraud and higher loss exposure. Further, you might often deal with disparate claims administration systems, making it difficult to improve speed and accuracy on claims settlements. This results in higher costs, reduced efficiency, and customer dissatisfaction. In fact, each year, carriers lose millions of dollars on claims leakages as a result of process and payment inefficiencies.
How do you transform your claims management to deliver intelligent results?
Present-day claims systems do not provide enough insights into your claims performance. Improving them will not only help you get better visibility on cost of claims but will also help overcome multiple process bottlenecks and improve customer loyalty. A complex claims landscape requires greater focus on business processes, workflow redesign and business rule management. To enhance claims efficiency you need a holistic approach that ensures operational excellence by helping you innovate and implement your claims system for the future.
Improve efficiency through accurate insights into your claims operations
Our comprehensive claims offerings provide a strategic roadmap to consolidate and transform your legacy claims management systems. We will help you systematically analyze your needs and recommend build, buy, or reuse solutions for your existing system. Leveraging our deep knowledge of the insurance business and proven technical expertise, we develop business components that span the entire lifecycle of a claim – from notification to processing to payment – to foster efficiency and agility.
We also have extensive experience in commercial off-the-shelf claims products. Our centers of excellence (CoEs) provide innovative solutions and services around claims strategy and implementation road map, core claims processing, claims analytics, advance fraud detection, mobility, and enterprise integration services.
Infosys Claims Transformation offerings
Our experts have wide-ranging expertise in data mining and analytics to dig deep into data lying in historical systems and the public domain, including social media. This ensures that the right information flows down to the right individual at the right time, thereby providing knowledge to automate predictive claims, prevent frauds, and empower adjusters. This provides for confident and smoother claims handling. Data analytics improves claims efficiency, providing information on redundant business processes and claim types, thus reducing cost and saving time. As a result, you can gain better visibility into your claims operations to help minimize claims leakages and losses.
We can also enable a mobile claims application to help you speed your claims handling process and improve customer satisfaction. Not only do we help you integrate and consolidate multiple claim channels with traditional systems (via an enterprise hub), but we also ensure your new systems comply with industry standards.
Our in-depth expertise in claims transformation drives increased business growth
With vast experience in claims transformation, we can customize our solution to help you simplify claims processing, support product complexity, seamlessly manage product rollouts, and leverage resources effortlessly.
- Provides a platform to meet future challenges and needs
- Improves customer satisfaction levels
- Reduces claims processing time and costs
- Streamlines processes and optimizes resource allocation
- Delivers a de-risked migration aided by a well-defined cloud landscape
- Ensures adherence to prevailing standards and regulations
- Enables all stakeholders to work as a cohesive unit
Transforming claims processing