The Situation Today
At a global level, insurers struggle to achieve operational efficiency, optimize pure loss expenditures, and consistently deliver excellent claims service to their customers. To provide a positive experience for customers — and to gain a competitive advantage — insurers must try to manage their claims process more efficiently and effectively through claims management solutions or insurance claims management systems to become efficient. The need of the hour is for insurers to transform themselves from mere administrators to managers of claims and transform into claims management companies. Achieving this requires them to modernize their technology and deploy effective analytics.
How HCL Can Help
HCL's Claims Transformation integrates best-of-breed products, proprietary insights, tools, methodologies, and service competencies to deliver a distinctive tailor-made solution that translates into tangible business outcomes.
The claims management solutions combine package implementation, claims consulting, business case development, transformation road maps, solution optioning, and claims analytics. It also leverages assets such as 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 — perhaps most important — HCL's partnerships with some of the world leaders in claims transformation.
What You Can Expect
HCL's Claims Transformation helps insurers reduce claims' cycle time, thereby increasing efficiency, improving loss ratios, enhancing customer retention and advocacy, and enriching staff productivity and engagement.
This insurance claims processing software solution or insurance claims management software solution spans all phases in the claims management value chain: FNOL, allocation, assessment, settlement, and recovery.
|Typical Challenges||HCL's Solution|
The table above highlights the key value drivers for the HCL Claims Processing software solution. HCL’s differentiation is evident in its predictive fraud solution service with historical data for reference. HCL also offers industry leading frameworks for workflow management and process capability assessment.
What We've Done For Others
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 by 3%, reduced claims operations cost by 15%, and shortened customer handling times through the Internet and phone channels for one of the largest P&C insurers in Europe
- reduced 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 (from 4:96 to 50:50) for a large, Netherlands-based financial services company
- reduced the average temporary total disability (TTD) duration by 30% (from 43.5 weeks to 29.6 weeks), enabled Web-based access to policyholders and external service providers, and reduced claims cycle time for a U.S.-based workers’ compensation carrier