Claim typically make up to 80% of insurance companies’ costs and is one of the most visible customer experiences. Analysts estimate fraudulent claims accounting for ~ 15% of all claims presented to insurers, costing billions of dollars to the industry globally.There is an imminent need to forecast loss reserves, reduce combined ratio, decrease loss-adjustment expenses, predict potential litigation and optimize processes, payments and recoveries.
Hexaware’s Offerings for Insurance Claims Management
Payoff from investing in our claims management solution comes from reduced expenditure on report generation and empowerment of analysts and quicker response to market trends.
Hexaware’s Claims Analytics Pack to Improve Your Claims Performance
The current analysis within most insurance companies is limited to information available in static operational reports – no slicing, dicing, pattern analysis, fraud analysis. However, there is now increased focus on collecting, storing, managing, and analyzing their data effectively.
The Key Features of Our Claims Analytics Pack
- Wide range of Reports, Metrics and dashboards – Easily identify your reporting / analytics needs
- Prebuilt extensible Data Models and Marts – Fast track your insurance warehouse initiative
- Key ratios (Combined, Loss, Expense, Settlement, Claim) to control costs and reserving accuracy
- Analysis Product, Region, Channel – Deep insight for improving operational efficiency, customer satisfaction and retention, process effectiveness and cycle time
- In-house accelerators & frameworks: Save ~25% cost / effort to build Insurance analytics solution