success story

A global insurance giant saved $3.2 million in daily losses

Virtusa implemented a multi-country claims modernization program for its client to save huge losses.

The client was grappling with inefficient and inconsistent small claims handling capability without a segmented delivery model. Virtusa implemented a multi-country claims modernization program and cloud migration with end-to-end execution. Through this collaboration, the client engaged 9000+ global users to process 4+ million financial transactions yearly, amounting to $12 billion in financial transactions annually.

The Challenge

The client’s regional business units used fifty-three different claims systems and databases with inconsistent data structures and data capture, resulting in inefficient small claims handling capability.

The client also suffered from a duplicative, non-standard service for claims administration and claims support across regions and businesses. Moreover, with manual and paper-intensive processes informing claims decisions, the client’s current claims management system was monolithic and inflexible with overlapping functionality, heterogeneous stacks, substantial rework, and a high cost of ownership.

The Solution

Virtusa as a strategic business partner, leveraged our accelerated solution design methodology in combination with our deep platforming expertise to modernize clients’ claims management. We ran straight-through processing for high-frequency, low-complexity claims through design thinking and multi-dimensional program management capabilities.

Our business consulting team designed a business engagement approach that ensured instant buy-in against high-quality design deliverables, redesigned the architecture to cater to the global lines of businesses (LOBs) in a unified manner across the country.

Our franchise model country rollout leveraged high reuse of global core to increase implementation efficiency, enabling new country rollouts in sixteen weeks while managing global stakeholders.

Our build once and deploy many times implementation approach was modular and adaptable across different dimensions. We also set up a 24X7 global command center to handle the application support and maintenance to enhance user experience.

Multi-country Claims Modernization Solution for a Global Insurance Giant
The Benefit

The key value proposition delivered included:

  • 500k claims processed yearly
  • Stopped $3.2 million in daily losses
  • 30% reduction in claims handling time
  • Enhanced customer experience
  • Reduced cost of handling claims Enabled easy cloudification
Empowering business differentiation and exceptional experiences

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