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

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