Claims cost 80% of the premium income. By efficient claims processing, insurers can reduce their operational costs and improve customer satisfaction significantly. Reducing the claims cost by 1% is equivalent to a premium income growth of 25% (Source: McKinsey). Hence there is a need for an integrated solution to manage enterprise-wide claims processing operations. The solution must overcome the challenges of manual and inconsistent processes, fraudulent claims, and lack of integration with core systems to improve productivity and customer experience.
Some of the largest global claims systems for insurers across multiple lines of businesses have been engineered by VirtusaPolaris. A single claims platform was developed to deliver enhanced claims services across the globe for all product lines. Designed to meet regulatory, compliance, region-specific security and data privacy requirements unique to each country, the claims platform helped streamline claims process significantly. The solution also provided localization feature. VirtusaPolaris has customized its best-suited Accelerated Solution Design (ASD) methodology combined with Pega DCO to structure the solution design workshops to rapidly design and prototype solutions. The expertise of doing it again and again successfully has empowered VirtusaPolaris with a complete claims transformation suite with artifacts for all stages of the development lifecycle. These artifacts and solution accelerators reduce the effort significantly and help insurers succeed in the complex transformational program.