Claims for P&C
Leading-Edge P&C Claims Management Software
Claims is the moment of truth for insurers. It is a balance between managing customer service and mitigating financial exposure, potential long tail costs, and emerging risk management focused on claim prevention and mitigation. In today’s increasing risk environment, claims management is increasingly complex. While historically claims operations focused on costs and efficiencies, today they must take a holistic customer view including prevention and mitigation, customer engagement and the settlement process.
An effective claims operation influences profitability but is increasingly the cornerstone for customer satisfaction, loyalty, and retention. Claims for P&C provides insurers with the capabilities to meet these opportunities using a highly configurable rules-based engine that enables the entire claims process, across all P&C lines of business.
Comprehensive Claims Capabilities
Claims for P&C support the entire claims process and settlement cycle with all-encompassing functionality including FNOL setup, claims setup, processing, and settlement with straight-through processing and support for all lines of insurance. Tie-ins to multiple data sources and advanced capabilities through our ecosystem, early identification of claim complexity, and determination of the likelihood of litigation help to better assess risks and drive operational effectiveness.
Ultimate Configuration Agility
Configuration tools provide both business and IT users with unrivaled rules-based functionality to bring a new level of autonomy to the claims administration process. Business rules, payment plans, templates and forms are accessible through a modern architecture built on open standards.
Stay ahead of the competition and customer expectations with innovative technologies like AI, ML, drones, IoT, virtual reality, and more with our robust partner ecosystem. Pre-configured mapping of metadata, standard reports, and dashboards provide quick-to-value, cost-effective business intelligence, along with dashboards and reporting tools to manage the entire claims handling process.
Transform the Customer Experience
Claims for P&C is designed to process exceptionally high volumes of claims, especially during periods of claims inflation or catastrophic events. Managing customer service during such trying times can make or break an insurer’s reputation and Claims for P&C rises to the challenge with enhanced functionality including the tracking of catastrophes and the affected insured properties, as well as routing mobile claims appraisers.
Powerful and Proven P&C Solutions
A market-leading, comprehensive, and advanced policy management system that provides full lifecycle processing capabilities for all lines of P&C insurance, including new innovative products.
The most widely adopted, award winning solution that enables insurers to support risk products and award-winning service to enhance customer experience, improve cash flow, reduce daily sales outstanding, and increase operational efficiencies.
Smart Risk Assessment by Design
Tie-ins to multiple data sources, early identification of claim complexity, and determination of litigation likelihood enable better risk assessment and management.
- Achieve operational optimization with automation of routine tasks, integrated business rules and robust work management.
- Enhance underwriting quality, effectiveness and decision-making with business rules that quickly analyze claims history.
- Accelerate innovation using new technologies, business capabilities and data sources from our robust ecosystem.
Process exceptionally high volumes of claims during periods of claims inflation.
- Reduce claims management costs through streamlined processes that shorten the claims lifecycle.
- Enrich customer experience and brand loyalty with self-service capabilities to accelerate claims settlement times during a catastrophe.
- Strengthen your brand reputation and customer retention by exceeding customer expectations during times they need you most.
Armed with Real-Time Data and Information
Pre-configured mapping of metadata, standard reports, reporting tools and dashboards provide quick-to-value business intelligence to proactively manage the entire claims process.
- Integrations with multiple data sources, including social media, private records, public information, and claims history, to assess the authenticity of a claim and flag exceptions.
- Improve underwriting quality and decision-making with business rules that analyze claims history.
- Reduce claims management operational costs with better processing and a shortened claims lifecycle.
“NYPIUA serves a unique segment of the New York market with our FAIR plan to those who are high-risk and are denied insurance. Our transformation initiative is a step to reaffirm our commitment to our customers and our agents. Majesco’s portfolio of solutions will replace our legacy technology to help us become even more nimble, responsive, process and cost efficient. Because of the high-risk nature of our insured’s properties, enhancing our catastrophe claims processing is critical to meeting their needs and expectations. We look forward to collaborating with Majesco on this transformation and developing a long-term partnership.”
Dane Austin, President, NYPIUA
Look around at your claims department, and ask yourself; do you employ Risk Managers or Task Managers? If you measure the productivity of your claim analysts based on the number of tasks they can complete in a specific period, the answer is likely Task Managers. Before joining ClaimVantage, I worked in the disability insurance space…
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With Claims for P&C, insurers can adapt their workflow and business processes to innovate and enhance their business while reducing costs, shortening the claims cycle, improving loss ratios, reducing leakage, and delivering an enhanced customer experience, essential for retaining existing customers.
The deep functionality and proven processes in Claims for P&C, including its ability to incorporate emerging technologies like drones, internet of things, and virtual reality, give insurance providers complete control of their claims management today and in the future. The combination of high-level and detail-specific visibility gives business and IT users a better overview of the business and reduces loss exposure.
Claims for P&C helps carriers consolidate all claims operations onto a single platform, empower Business and IT users with agility, get access to ready reports with real-time data and advanced analytics, and enhance customer experience and retention.