Impacts to Insurers due to Claims Leakage
Higher Operational Costs.
Higher turnaround time for claim payments.
Losses due to interest on late payments and penalties imposed by regulators.
The Insurance Industry in India is currently grappling with several challenges. Apart from the regulars like competing with traditional as well as new age digital-only providers, finding niche market segments to design and position newer products, and generating a single view of the customer across the enterprise to increase total lifetime value, there is an increasing focus on reducing losses and improving operational efficiencies. In order to achieve these aims, insurers are looking to leverage new-age technology offerings viz. Artificial Intelligence, Robotic Process Automation, and Analytics, but are frequently struggling to identify the right use cases.
The Claims Function in most insurance companies is usually the laggard when compared to the usual revenue centers like Sales & Marketing when it comes to implementing new-age technologies. However, the significant numbers for losses made by insurers due to Claims Leakage and Claims Frauds should provide a solid Business Case to look at Claims as a relevant use case.
In this whitepaper you will learn about:
- What Causes Claim Leakage?
- Steps to Reduce Claims Leakage
- How Insurers can Evaluate their Processes to Explore Solutions for Claims Leakage Reduction
- How Pega Case Management Helps Plug Claims Leakages Better?
- How Insurers can Benefit with Pega Claims for Insurance Solution