Property and casualty insurance

Straight-Through Processing (STP) is a mandate for property and casualty insurance. How prepared are you to compete?

The global property and casualty insurance industry is challenged by increasing claims costs, increased regulatory compliance requirements, competition from innovative new market entrants, and commoditization by new buyers such as millennials. This environment is further challenged by the need to transform legacy platforms and implement disruptive technologies to improve the overall customer experience in order to remain competitive.

Key technologies have disrupted the marketplace: Internet of Things (IoT), telematics, blockchain, artificial intelligence, and robotic process automation. Straight-through-processing (STP) is table stakes to keep costs aligned with the competition while increasing service capabilities. New innovative products such as usage-based and on-demand insurance are competing with traditional models.

Virtusa combines insurtech disruption with leading transformation expertise
Virtusa combines insurtech disruption with leading transformation expertise
  • Claims Management Suite
    An end-to-end claims management suite built using Pega Claims for Insurance (PCI) comprising consulting, technology transformation, support, and optimization services with a strategic focus to accelerate claims outcomes.
  • Claims Data and Analytics
    Virtusa helps dramatically improve claims data and analytics by helping you integrate structured and unstructured data to drive new understanding and develop deeper insights. We’ll help leverage powerful predictive models to put cloud-based, multi-dimensional data to work to enable business growth, improve operations and better prepare for what’s next. Whether it is addressing data lineage and data strategy, big data and analytics, business intelligence, data governance or building your enterprise data lake architecture, Virtusa is your partner. We have engineered many of the data management solutions in the industry and have expertise across all the leading and open-source tools.
  • Underwriter Work Bench
    Our pre-built automation integration with vUWB (Pega Underwriting for Insurance) helps underwriters resolve submissions efficiently, reduce losses, extract data from submissions, ensure consistency in scoring, and increase policy counts. Our solution provides you with the foundation to improve overall underwriting cycle duration by 10X and provides underwriters with instant analytics information.
  • Complaint Management System
    CMS for Insurance (CMSi) is a Pega-based solution that revolutionizes complaints processing by providing efficient workflows, platforms for collaboration, enabling regulatory compliance, and improving policy holder satisfaction.
  • Claims Automation bots
    Using bots is like hiring, training and operating a new virtual workforce. Bot not only does what a human does, but does it better and faster. Unlike humans, bot can successfully invoke system calls and exchange information in a secure way that reduces integration costs. Bot handles exceptions to deal with real business situations and it also maintains an audit trail of all files and actions. Bot enables managers to view the status of work any time and triggers proactive alerts for improved customer and staff experience.
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