Cloud-based insurance software for claims management
The client is a leading provider of cloud-based core system solutions and data analytics services for the world’s largest insurers, brokers, and MGAs. The top 15 Insurance companies in the world use these products engineered by Experion. They offer ready-to-use, fully configurable insurance process management solutions running in the cloud, enabling quick and easy deployment, at an affordable cost. Through their best-in-class digital platform, unrivaled industry experience and thought leadership, the client is uniquely positioned to deliver exceptional value.
They empower their clients to focus on their core businesses, optimize their operations, and provide superior customer experiences. With users worldwide and more cloud-based deployments than any other core system provider in the Insurtech space, the client is trusted by 15 of the top 25 property and casualty carriers in the US.
As a relatively new entrant in the insurance solution space, the client was focusing primarily on cloud-based product development. They were in the process of building their flagship solution which fully integrates with end-to-end policy, billing, and claims suite. With the product getting market-ready, they were on the lookout for a technology partner who could work collaboratively with their IT team, in addition to taking over the development and QA initiatives of the product. The solution was to be built on top of a customized platform, and the client lacked the necessary expertise and skillful resources to achieve that in a short timeframe.
The key requirement was to enable the client to scale quickly and cost-effectively for developing and maintaining the cloud-based product and implementing the platform across multiple customers, primarily mid-level insurance
After a stringent selection process, Experion was chosen as the development and implementation partner to support the client’s cloud-based product development, maintenance, and support initiatives. The evaluation was based on multiple criteria including technology competence, the team’s ability to scale, in addition to management, and project experience. Experion’s team underwent extensive knowledge transfer and training programs to gain an in-depth understanding of the client’s software development platform. Sessions with subject matter experts from the client side were also conducted. Additionally, a periodic evaluation was carried out internally to identify gaps.
A dedicated team comprising of Java developers, QA testers, Angular developers and business analysts was formulated. To ensure effective communication, the team conducted daily client calls and provided periodic updates to the client team. Open discussions and feedback provided during this phase helped in building the trust of the client. Our senior resources travelled to the client headquarters to understand the technical environment in detail, which resulted in closer interaction and better confidence of the client in overall engagement.
Upon successful completion of the knowledge transfer, team Experion started working on selected modules of the client’s product suite. We understood their business requirements and started the development of features and enhancements of a full-fledged policy and billing application, using Java as the primary programming technology. Our focus was on making the product configuration-driven rather than code-driven.
Once the policy and billing application was in place, the next target of the team was to build the claims enterprise suite. This end-to-end cloud-based SaaS product for policy, billing and claims management simplifies automated claims management, litigation management, insurance product management, policy administration, claim payments and recoveries, attorney/legal assistant/paralegal handling, claim settlements, and many more.
We implemented the following smart integrations, which made the product easily configurable for varied business needs:
- Claims Management: Xactware, Symbility
- Reporting: Hazard Hub, Lexis Nexis, Transunion, Millenium, Swiss Re, Maprisk, ISO, APlus
- Documents and Storage: DocuSign, Amazon S3, ImageRight, Excela, IVANS,
- Payments: Trust Commerce, Cybersource, BB&T, Bill2Pay
- Others: Melissa, Mandril, ARATerrain, Risk Meter
The team has been fully involved in implementing the developed application to the client’s various customers. The team has worked closely with the US counterparts in understanding their needs and making prompt delivery.
- Reduced the turnaround time for onboarding new insurance companies from 3-4 months to ~30-45 days
- The application can be customized and configured for specialized LOBs (Lines of Business) that include auto, homeowners, commercial, etc.
- The use of automation technique has notably reduced errors and improved efficiency
- Integrations with various third-party applications improved the speed and accuracy of information collected
1) Billing Product
- Similar tasks such as reminders for payments, late payment notifications, reminders for renewals etc. are bundled together by the tool for all applicable customers and executed in one shot
- Implemented a secure payment system for users with multiple payment options to choose from with pre-built integration with third-party service provider
- Increased billing efficiency due to real-time bill processing
2) Policy Product
- Improved the speed of purchase process with e-sign policy purchases
- Increased the efficiency of approval of customized policies and coverages for underwriters with prompt notifications and updates
- Simplified the management of agency and agent level operations, including commission payments
3) Claims Product
- 10-15% reduction in claim lifecycle due to efficiency improvements
- Automatic claims assignment to examiners by their skills, geography, availability, workload, affinity, etc. saved costs and time
- Faster claims adjudication by applying automation techniques for alerts, documentation, process,
- Improved efficiency and configurability of the product with third-party integrations (Xactware: Xactimate, Litigations)
- Improved customer experience due to transparency in claims process