The largest national multiline insurance had built a repository of Insurance policies (P&C and Life Insurance) on Microfilm and Microfiche in early 90ís, as a preservation strategy. They were grappling with issues as this technology became outdated over time:
ē Risk of losing their only source of data for Insurance policies and corresponding communication, need to improve data availability and speed of claims evaluation
ē Compliance issues, need of a WORM (write once read many) storage compliant with FINRA regulations, where data should be encrypted when at rest
ē Total cost for digitization compared to 10-12 years of support left to maintain insurance policies was not very encouraging
ē Required a low cost, cloud-based, FINRA-compliant document management solution which could provide quick access to stored data
Download complete case study to know how LTIís e-Office sDownload full case study to know how LTIís e-Office solution enabled 50% TCO for Largest national Multiline Insurance.
Published By: Teradata
Published Date: Jul 30, 2013
This paper examines the obstacles that make interactive customer management a challenge for many insurance carriers. It describes how they can create a more customer-centric business by using a sophisticated analytics platform to uncover valuable insights into their business and provides concrete examples of specific areas where insurers gain value. The adoption of a customer-centric approach need not be accomplished all at once. Rather, it can be managed and self-funded by following a roadmap that delivers incremental capabilities and revenue.
Published By: Datarobot
Published Date: May 14, 2018
Founded in 2000, Trupanion is a Seattle-based company that provides allinclusive medical insurance policies for pet owners. A challenge for insurance companies is the need to quickly process claims to determine whether a claim should be paid automatically. In the comparatively small world of medical insurance for cats and dogs, however, only about 1% of pet owners hold insurance policies. Most veterinarians expect pet owners to cover the full bill for their petsí treatment, making the insurance claims process a manual and time-consuming effort.
"71% of consumers do some digital research before buying an insurance policy, and 26% of those surveyed had purchased their policies online.
Insurance companies are investing in interactive websites, mobile apps, and analytics software to help them optimize their processes, increase sales, improve customer service, and boost their financial standing. But is this enough to keep up?
As technology continues to advance, leading insurance companies are already looking ahead to the next big advance that will transform the industry: cognitive computing."
Published By: Imprivata
Published Date: Aug 21, 2009
When the U.S. Congress passed the Health Insurance Portability and Accountability Act (HIPAA) of 1996, among the law's many provisions was the establishment of formal regulations designed to protect the confidentiality and security of patient information. In addition to mandating new policies and procedures, the HIPAA security regulations require mechanisms for controlling access to patient data on healthcare providers' information technology (IT) systems.
Contact centers have long played a vital role in the insurance industry. Prospects and customers use them to get product information and quotes and then submit applications. Insurance agents and advisors rely on contact centers to tap into expertise and handle business and technical issues. Policyholders and members make inquiries or changes to their policies, or conduct financial transactions. Claimants call in to report accidents and check on the status of their claims. The list could go on, but the meaning is clear. Contact centers are major contributors to many key parts of the insurance business, especially the parts that require direct interaction with customers or agents. As a result, contact centers now play a critical role in an insurerís journey toward becoming more customer-centric.
Often, the insurance underwriters stay late that last day of the month to enter new policies. This means that IT staff have a very small window to execute the applications critical to successful and error-free closing of the accounting books. IT staff had to run and baby sit the applications – one application requiring manual operation took over three hours to complete, another that uploads premium and claim information to the data warehouse took up to six hours.
Insurance fraud has existed wherever insurance policies are written, taking different forms to suit the economic times. Today the magnitude of insurance fraud is not only startling but increasing. Recent studies by the US National Insurance Crime Bureau (NICB) reported a 24 percent rise in questionable claims for the period 2011 to 2013. The full scale of insurance fraud is not known. And if fraudulent behavior is not discovered at the time the claim is submitted, the insurer may never know it occurred. Consequently, an uninvestigated claim canít be labeled as fraudulent to investigate.