The client is a global claims management and outsourcing solutions leader, managing $18B+ insurance claims across 70 countries annually.
Multiple acquisitions by the leading claims management company led to disparate claims systems across various lines of business. Their existing environment had grown in complexity serving multiple lines of business and different time zones.
This disconnected application environment created fragmented business flows and increased turn-around time for claims processing and management. Siloed teams working in various time zones, led to cost-inefficient IT operations, and added maintenance overhead. The lack of a unified approach led to reduced productivity, delayed time-to-market and limited reporting capabilities.
The client needed a strategic partner to help them drive digital transformation and deliver best-in-class customer experience by developing a unified system. They partnered with Persistent who helped them deploy a collaborationfocused claims management system built on a unified data model.
The client’s digitization efforts also mandated Persistent to develop a mobile application that would allow the client to decrease the amount of time from expecting a situation damage (such as flooding) to deploying independent catastrophe adjusters on-site. This would help the client save time, effort, and money and provide the muchneeded agility to accelerate the claims management process.
Persistent’s solution also included risk assessment and a know your customer process with financial list screening and a mobile-first site assessment tool.
The new digital claims management platform helped the client realize many business benefits. With improved efficiencies, the client won $2 million in new business, and influenced $3 million in new annual revenue. The client reduced the response time to catastrophic events by 60% and expedited claims settlements through a highly efficient virtual workforce, well integrated with its claims management system.