Eight years ago, we made a strategic business decision to differentiate ClaimVantage* from our competitors in the market.
This overhaul was a two-step process: First, legacy software is rampant in the global insurance industry, so our development team set about rebuilding the core product on the Salesforce platform. Insurers were skeptical about the cloud and data security in 2008, but the benefits of cloud-based technology soon became apparent in the industry.
Secondly, rather than building expensive, legacy systems for each customer, we set about developing one core global product that would meet at least 80% of a customer’s needs. Offering an MVP (Minimum Viable Product) gives customers not only a best-in-class system at a lower cost, it enables customers to avail themselves of any R&D investment we make into our core product. If they require additional functionality after the MVP implementation, it can be built using custom code on the Salesforce platform to seamlessly integrate with the core.
What is the Salesforce Platform?
Salesforce recently changed the name of their development platform from Force.com to the Lightning Platform. This change reflects updates they have made to their platform in recent years.
The Lightning Platform allows developers to create and deploy cloud applications, with built-in features that are native to the platform, such as mobile functionality, business processes, reporting, and search functionality.
Why did ClaimVantage choose the Salesforce Platform?
There are many reasons why we chose to build our applications on Salesforce.
Starting at the beginning, in 2007, Salesforce launched Force.com, one of the first platform-as-a-service (PaaS) offerings, along with introducing the world’s first cloud-based CRM database. This enabled us to build applications on an already established platform and focus on our own solution architecture rather than the underlying architecture.
Two records are particularly relevant to build a claim system- the Contact and Account records. These fields are built into the Salesforce CRM, which meant any insurance carrier using the Salesforce platform for CRM could easily integrate ClaimVantage to more efficiently process claims for their policyholders. Soon afterward, the Salesforce AppExchange was introduced, meaning any available application could integrate with ClaimVantage.
Building the ClaimVantage solution on the Salesforce platform has allowed us to leverage other features of their platform over the years; including their reporting framework, tasks and workflow processes, and more recently Salesforce Einstein to introduce analytics and AI into the claims process.
Data Security & Protection:
As ClaimVantage customers are insurance carriers, Third-Party Administrators (TPAs), and employers, we understand that data security and protection are vital to you and your business. Although ClaimVantage builds applications to allow you to process this sensitive data, we never have access to your data.
Our partnership with Salesforce ensures your data is indemnified. The ClaimVantage applications are native to the Lightning Platform, and therefore all customer data is hosted by Salesforce in a secure data center. Salesforce has data centers in the US, Germany, the UK, France, and Japan. For Salesforce customers outside of these locations, Salesforce has a global partnership with AWS which allows them to host all international customers’ data in-country.
All of the benefits of Cloud-based Technology:
There are many benefits to implementing cloud-based technology, including but not limited to, cost-savings, quicker deployment to production, less internal responsibility, reduced need for hardware, and anywhere, anytime access.
Do I need Salesforce to use ClaimVantage applications?
Yes. ClaimVantage has built multiple applications on the Salesforce Lightning Platform. Our customers must have an active Salesforce license before installing a ClaimVantage application. Luckily, ClaimVantage is a Gold ISV partner, which means we have established relationships with Salesforce sales representatives around the world so we can assist you in purchasing these licenses as part of the sales process.
Integrating ClaimVantage into your existing system architecture is an important consideration of any claim system overhaul, and there are many different API’s available. This whitepaper will enable you and your team to decipher the needs of your system and how this integration might be best placed within your existing system architecture based on a number of considerations.
*ClaimVantage was acquired by Majesco in January 2021. For more information visit https://www.majesco.com/press/majesco-acquires-claimvantage-to-strengthen-and-scale-the-la-and-group-business/