Claims Processing: A Challenge and an Opportunity
Claims payments form the single largest expenditure for Insurance companies. By eliminating claims overpayments, frauds and inefficiencies in the administration process, organisations can save significant costs and achieve operational efficiency and effectiveness. Regardless of the size and geography of the insurer, inefficient and disjointed processes can cause inaccurate and delayed settlements.
By taking a step back to assess the business processes and infrastructure, insurance companies can build a strategy to address these challenges and eliminate inefficiencies.
PRS Consulting's Claims Transformation Services
Our years of experience working not only with insurance carriers, but also with the leading claims processing platform providers, has helped us build a uniquely qualified consulting team ready to help you transform and optimize your claims processes.
Claims Transformation Benefits
- Cost containment
- Claims handling efficiency and effectivenss
- Fast and accurate settlement
- Regulatory compliance
Infoagin's end-to-end approach to the claims transformation process includes:
Claims Consulting & Assessment Services
PRS Consulting has been in the consulting space for the last two decades and has been part of modernization and transformational journey of various insurers. As part of consulting and assessment services, we leverage our mature and time-tested Assessment Methodology to help insurers achieve their operational and financial goals.
Our claims assessments deliver high value and enable insurers to make the right business and technology decisions and help generate stronger ROI as well as greater efficiencies. Our overall approach comprises:
- Business & Technology Objectives Definition
- State & Gap Analysis
- Platform, Tools & Application Evaluation
- Roadmap & Engagement Model
PRS Consulting has helped industry leading businesses build the roadmap and execute IT portfolio transformation through implementation of modern technology and best industry practices. These programs have resulted in proactive business technology initiatives and optimized organizational assets.
Claims Application Services
PRS Consulting's end to end Claims Application Services help customers automate the entire claims process, starting from first notice of loss (FNOL), dispatch and appraisal assignment, estimations, claims review, Total Loss/Salvage to medical bill review and settlement.
Process automation helps reduce claims handling times. Enterprise and partner integration enables seamless processes using business process management and business rules engines.
PRS Consulting's claims application services include:
- Custom Application Development
- Application Optimization
- SOA-based Integration
- Package Implementation & Configuration
Claims Support Services
Our Insurance Practice works in lock-step with leading providers of claims processing software solutions not only to develop, optimize and maintain its solutions, but also to provide ongoing support. We have developed deep skills and best practices for delivering application maintenance and support solutions that maximize availability, scalability and business advantage while minimizing user impact and business interruption.
PRS Consulting's Claims Support Services leverage our established ITSM-based approach to manage pro-actively applications and assets in order to give our clients SLR-based service excellence. Our claims support services include:
- Proactive Application Management
- Application Upgrades
- 24x7 Ongoing SLR-based Support
Benefits of PRS Consulting's Claims Transformation Services
In working with PRS Consulting, our insurance clients find a partner who can help them modernize their application infrastructure to gain competive advantage. The benefits of our claims transformation services inlcude:
- Efficiency and effectiveness in claims administration through internal and external integration and synergies
- Efficient and proactive risk management mechanism to reduce the overall impact on pure losses
- Customer retention through consistent and empirically correct settlements
- Customer acquisitions and new business growth resultant of experience based product pricing and value added features
- Accuracy and speed in claims estimates across the claim portfolio help strengthen capital adequacy and efficiency
- Identification of transformation needs in claims administration with the help of PRS Consulting proprietary toolbox
- Demonstrable, predictable and sustainable strategic, tactical and financial value
- State-of-the-art claims administration infrastructure
By leveraging PRS Consulting's expertise in handling claims processes, Insurers can capture all necessary data, manage all the constituencies involved with a claim, and ensure that all adjustment activities such as reserving and payments are assigned and completed in the best possible and most efficient way.
Contact us today to let help you transform your claims processes for competitive advantage.
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