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HCL Odyssey: Claims Transformation as a Service

Challenges we address

The insurance industry is facing a constant challenge to manage claims costs and improve customer experience. Stiff competition, constant changes to the regulatory environment, and dynamic consumer behaviour make it difficult for Insurers to manage costs and enhance customer satisfaction.

HCL’s research indicates that key concerns for the Insurers are:

  • Improving customer experience in the face of unprecedented changes in consumer habits and technology advancement
  • High risk exposure to uncontrollable losses and Loss Adjustment Expenses
  • Exposure to operational risk including included waste, errors, poor data management, fraud, service risk and reputation damage
  • Increased Compliance Reporting/ Audit requirements
  • Multiple, disconnected, labor intensive legacy systems
  • Pressure for more cost efficient processes for standardization and faster integration with new acquisitions or product launches
  • Leverage operational data pool with Big Data to provide meaningful insights to differentiate in the dynamic marketplace

What we can do for you

There is a lack of solution in the marketplace which offer business value and cost flexibility. With the launch of Odyssey, HCL is attempting to fill that void. In the true spirit of HCL’s Relationship Beyond the Contract (RBtC), Odyssey will let our customers determine the business value they seek with the solution, while HCL will help structure the flexibility in cost and provide a roadmap to those benefits. Key components in Odyssey include:

Claims Platform

  • End-to-end Claims Center Implementation hosted and managed by HCL
  • Systems Integration
  • Platform Maintenance
  • Data Migration & Warehousing

BPR & Continuous Process Improvement

  • Process Automation
  • Process Optimization
  • Sig Sigma/ Kaizen/ Lean Programs
  • Offshore/near shore/ outsource through our Integrated Global Delivery Model (IGDM) of non licensed or back office work

Business Intelligence (BI) Toolsets & Analytics

  • BI & Big Data Solutions
  • Enterprise Information Management
  • Integrating Small Data & Big Data
  • Standard Dashboards & Advanced Data Visualizations
  • Descriptive & Predictive Analytics

Risk Reduction Lab: Calypso

  • Proactive toolsets & accelerators for Platform, Services, Data & Development
  • Regulatory Information Management
  • Regulatory Submissions
  • Quality Assurance Process Management

Outcome Based Flexible Pricing Construct

  • Customer determined pay per use pricing constructs
  • Flexible pricing with no capital expenditure
  • Skin in the game constructs to ensure value for both parties

Why should you consider HCL?

  • Comprehensive industry experience: Five of the top ten global companies in the financial service sector have trusted HCL for nearly a decade to help develop affordable, value-based business methodologies. HCL has the experience and expertise to offer entire range of Insurance transactions support, ranging from low-complexity jobs like Data Entry to high-end, Knowledge Processes including Claims Administration,  Actuarial & Investment Management, Distribution Management, Policy Administration, and Pension & Annuity Administration services.
  • Dedicated Insurance practice spanning 6000+ man-years of experience providing business transformation solutions to various customers in Life, Pensions and Property & Casualty customers across the Globe.
  • Expertise: Strong domain knowledge clubbed with years of experience  managing unique engagements for global financial institutions
  • Experience: Knowledge gained by working on 150+ processes with industry leaders in complex services such as Claims processing
  • Strong Customer Focus: HCL tops Forrester WAVE Customer Satisfaction two years in a row
  • Operational Excellence: Committed to deliver the highest quality by following Six Sigma procedures and highly empowered work teams
  • Innovative Business Models: Exceptionally good at structuring and successfully nurturing diverse and innovative models of engagement
  • Pioneered blended-shore operations among Indian BPO service providers
  • Robust Transition Methodology: HCL’s ASSETTM transition methodology ensures smooth and risk free transition. ASSETTM is an integrated, end to end transition methodology framework that covers the entire transition lifecycle.

Business Values to our Customers

Comprehensive End-to-End Solution:

  • A Partnership approach to  platform based solution, with HCL owning end-to-end accountability across platform and key service performance
  • Deep understanding of the integration points, enabling better insight into consolidation of information, and effective handling of exceptions
  • Knowledge of underlying data structures enabling better understanding of data transactions
  • IT support to version upgrades with a well-defined roadmap, enabled by support from the operations organization.
  • Operational optimization enabled by the experience of process definition & configuration for multiple insurers/business lines
  • IT enabled optimizations enabled through the dedicated CoE, maintaining multiple installations of the platform

Improved Customer Service:

  • Significantly reduced turnaround time through enhanced automation, and intelligent services delivery
  • Increased accuracy in processing (current HCL operations consistently operate at over 97% accuracy)
  • Enhanced operational control with HCL’s real time operational dashboards

Cost Optimization:

  • Up to 30% reduction in cost of claims servicing
  • Up to 40% reduction in the overall cost of claims administration by moving to a price per claim model
  • 50% savings in the transition cost by leveraging existing platform expertise within HCL

 

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