Insurance companies are increasingly hampered by their aging processing systems and are compelled to investigate ways they can improve bottom-line performance, enhance customer service, and drive competitive advantage. A key obstacle is a fragmented claims ecosystem, characterized by multiple aging disparate claims applications and paper-based processing.
L&T Infotech's unique Claims Optimization services helps insurance organizations modernize their claims function while protecting existing investments. Instead of the conventional 'rip-and-replace' approach, we guarantee incremental improvements, lower initial spend and a quick payback. These services are delivered using a 'Claims Optimization Blueprint' that is backed by 'Claims Accelerator Toolkit'. L&T Infotech has developed a suite of reusable components using modern technologies that can seamlessly integrate and enhance your existing Claims system.
Claims Optimization Blueprint
L&T Infotech's Claims Optimization blueprint follows a four phased methodology.
The brief highlights of each phase of the blueprint are:
- Assess: Cognizance of existing investments for early ROI realization
- Define: 'Proof of Value' alignment of Business needs to optimization solution blueprint
- Execute: Redeploy componentized Business & Technical Architecture
- Improve: Continuous improvement and innovation
Claims Optimization Segments
The solution toolkit, an integral part of Claims Optimization Blueprint, is an assembly of Solution Accelerators. These ready to deploy components accelerate the transformation to the optimum level.
By leveraging the Solution Accelerators in the structured methodology, the Claims blueprint addresses the key Business Objectives namely,
- Reduce Claims Expense
- Improve Customer Experience
- Minimize Fraudulent Claims
- Reduce Cost of Compliance
By end to end implementation of:
- Claims Process Automation: Automate Manual touch points across the Claims Lifecycle to improve Claims Handling Turn-Around-Time
- Claims Content Management: Multiple paper based process touch points transformed into 'Electronic Claims Process'
- Claims Analytics: Capitalizing on existing wealth of Claims data to fuel future growth by decision support dashboard
- Claims Partner Collaboration: Third party Integrators for real time, online-offline processing using Business Process Management, Business Rules Engine
The solution toolkit, an integral part of Claims Optimization Blueprint, is an assembly of Solution Accelerators. These ready to deploy components accelerate the transformation to the optimum level. L&T Infotech's innovative approach in the claims optimization area ensures that the insurers are not left behind. The Claims Optimization services enables the insurers to gain competitive advantages through business process automation and flexibility, cost savings, and improved customer service and retention.
Business Benefits:
- Reduction in Claims Leakage by 4%
- Improved Claims Responsiveness by 25-40%
- Claims Expenses reduced by 10%
- Improved Customer Satisfaction & Retention
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