Crafting Bespoke Claims Handling System for a leading UK based Insurance brand to enhance Customer Retention
About the Brand
A leading UK-based Insurance brand dealing primarily in claims business, which specializes in employer's liability and third-party insurance coverages for over 100 years now.
Business Challenges
Inefficient claims management processes with financial leakages
- Needed new automated claims handling system to ensure correct payments/recoveries - every single time
- Set up an end-to-end control framework to optimize claims-related calculations & eradicate dependence on excel sheets
- Needed migration of Legacy technologies such 3 as COBOL, DB1 etc.
- Put a stop to financial leakages caused by incorrect manual payment/recoveries
Business Solution
Implementing a scalable cloud-based claims handling system
Cloud-Based Solutions
- Espire built an automated claims handling system
- Devised an integrated policy & reinsurance database to support coverage verification and reinsurance recoveries
- Implemented a fully configurable and comprehensive reporting system supported by PowerBI for better management of inbuilt system reports
- End-to-end claims management system was setup with automated calculations and a controlled payment process was put in place
Business Benefits
- Reduced financial leakage associated with excess/LOI
- Enhanced control frameworks & deployed a centralised claims handling system
- Fully automated claim estimation with exact apportionment/ valuation figures
- Faster TAT for generating accurate, real-time MI reports
- Remove dependency on manual efforts while ensuring faster time to market
- Fully automated digital claim allocation process & cheque/ BACS printing process
Tools & Technologies
- SharePoint
- MS Azure
- PowerBI
- Dot Net Core