A leading motor insurance carrier built a modern, secure end-to-end claims management solution that centralized and automated the entire claim settlement process – from claim notification to claim closure for motor own damage claims. It is seamlessly integrated with multiple internal and external systems, reducing turnaround time for claims settlement by 50% and enhancing customer experience.
Business Need
The carrier’s legacy process of handling motor own-damage (OD) insurance claims was tedious, requiring frequent manual intervention, which made it error-prone. They needed an end-to-end automated solution that could be seamlessly integrated with their core processes like policy admin, billing, and payments. The carrier also wanted to use the solution to identify fraudulent claims early, thereby protect their customers against any undue premiums.
Tools and Technology
The carrier closely worked with ValueMomentum’s digital team and built a comprehensive solution for the efficient processing of motor OD claims. The team implemented DROOLs for rules based automated claims processing, and EJB/POJOs for business logic. Leveraging APIs, the solution was made to easily integrate with internal and external systems facilitating flow of data which is essential for efficient claims processing. The system also uses Liferay Portal Tech. Struts 2, JQuery, Ajax, and Web Services for the user interface and JDBC/Oracle, JPA for its database.
Success Factors
The real-time, seamless integration feature of ICMS with the carrier’s internal and external systems was the key for the success of the project. It enabled them to automate the entire claims settlement process, deliver a frictionless settlement experience to the customers and employees. It also helped the carrier enhance customer service by allowing them to provide the details of claim notification and status across the web, mobile, and SMS.
Impact
The automated claims processing through ICMS has empowered the carrier to cut the turnaround time by half. Its fraud detection capability has minimized loss arising out of fraudulent claims and its scalable architecture has enabled the carrier to easily add new functionalities, vastly improve business agility and customer experience.
Leveraging APIs, the solution was made to easily integrate with internal and external systems facilitating flow of data which is essential for efficient claims processing.
