success story

Next-generation Claims Platform Facilitates Easier End-user Reach

Our client, one of the largest mutual life insurance companies in the US, was looking to reduce its time to market by optimizing claims and settlement processes. It also wanted to maximize global reach by quickly delivering insurance products to customers and deploying them in multiple languages.

 

 

The Challenge
  • Higher time to market for high-frequency, low complexity claims
  • Parallel and unoptimized claims process
  • Lack of multi-lingual support
The Solution
  • Virtusa's next-generation BPM platform
  • Pega PRPC 6.2 framework
  • Fraud scoring by including key fraud indicators
  • Resolution plan as per use case
  • Claims history feature
The Solution
The Benefit
  • Up to 30% reduction in claims handling time
  • More than 3% indemnity savings
  • Simpler and quicker processing of high frequency and low complexity claims
  • Reduction in operational costs for claims process
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