Case Study - Claims Processing & Handling

The Client

Our client was a large multi-billion Dollar financial services group headquartered in North America.

The Business Challenge

The insurance claims process involves multiple players and is expensive to administer. Globally, claims average 6-8 weeks to process, with different companies and experts contributing to the complex paper based processes. Reports cost from 30%-40% of the overall claims handling fee and the size of the final claim payout is directly related to the time taken to process it. As delays mount, claimants are more likely to litigate and this directly increases the final cost of the claim.

The Solution

mi2g defined the strategy, planned the project, subcontracted the development work, managed client and supplier relationships, and rolled out real solutions.

RiskVault is based on Java 2 Platform, Enterprise Edition and thereby enabling solutions for developing, deploying, and managing multi-tier server-centric applications.

Business Value
· Reduced cost for legacy integration, training and roll-out via standard insurance processes
· Improved decision making via RiskVault's real time and historic management information
· RiskVault digitises the processes allowing participants to add, view and edit transactions, including payments, reserves and expenses
· Security - Insurers can make their claim accessible to other insurers and teams
· Costs reduction - RiskVault stops this paper based practices via a common file
· Major insurance cost savings from faster claims resolution and reduced litigation.

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