Insurers are struggling to achieve operational efficiency and pure loss expenditure optimization to consistently deliver excellent claims service to their customers. They need to reinvent themselves from mere administrators to managers of claims by modernizing their technology and deploying effective analytics.
HCL's Claims Transformation integrates best-of-breed products, proprietary insights, tools, methodologies, and service competencies. They combine to deliver a distinctive tailor-made solution that translates into tangible business outcomes – reduced claims’ cycle time, improved loss ratios, enhanced customer retention and advocacy, and heightened staff productivity.
The claims management solutions incorporate package implementation, claims consulting, business case development, transformation road maps, solution optioning, and claims analytics. Assets that are leveraged include iSPARC (HCL's proprietary claims benchmarking framework), iSPOC (a repository of industry-leading claims business processes built on ARIS), iPAS (a proprietary tool for process capability assessment), and — most importantly — HCL's partnerships with some of the world leaders in claims transformation. The solutions span all phases in the claims management value chain: FNOL, allocation, assessment, settlement, and recovery.
Our solutions include
- Effectively predicting fraud and maintaining a history for reference
- Providing industry-leading business process maps that help enhance processes and reduce costs via iSPARC
- Enabling integrated workflow management with Adjuster app
HCL has delivered significant value to customers in the financial services industry by helping them transform their business operations across enterprise IT initiatives. In particular, we have reduced claims cost, claims operation cost, and shortened customer handling hours through digital channels. Additionally, our efforts have been successful in bringing down the cycle time by 20 minutes per claim in auto insurance and by 10 minutes per claim disbursement, and increased the ratio of STP to non-STP claims as well. There has also been a reduction in the average temporary total disability (TTD) duration by 30%.