Polaris brings claims management soln for insurers

CHENNAI, INDIA: Polaris Software Lab Limited, a provider in financial technology, today announced the launch of IntellectTM Claims, an ACORD standard compliant and ‘functionally rich’ claim processing system specially designed for Indian Health Insurance companies.

IntellectTM Claims solution would help insurance carriers enhance customer centricity, reduce claim processing cost and drive their claim philosophy for the fastest growing health insurance companies in India, said a press release.

The Health insurance segment is an area of focus for most insurance companies in India now. Industry projections estimate that health insurance is the fastest growing segment in the insurance industry, with an average growth of 40 per cent in the last three years. Claims management is a key business process that has a direct impact on Customer Satisfaction and overall relationship with the carrier and accounts for about 40 per cent of an insurer's operating overhead.

Given this scenario, the Indian insurance companies are dependent on Third Party Administrators (TPA) for processing of claims or are dependent on silo based, inflexible IT applications with rigid processes.

Commenting on the industry trends, B D Banerjee, former Member of the Consultative Committee of Insurance Regulatory and Development Authority (IRDA) and Insurance industry expert, said, "Some of the key issues facing the insurance industry such as large degree of manual processes and fraudulent claims arises due to the lack of standardized interaction between various parties involved in the entire cycle of processing of claims. The result is lack of transparency and customer angst.”

He added that technology can play a key enabler here by providing standardized formats for information exchange, set mechanisms to monitor claims and achieve faster turnaround times.

S R Ramaswami, Partner Polaris Software Lab and CEO Intellect SEEC Inc., said, “ This product is designed keeping in mind the needs of the Insurance industry in India. The solution will enable insurance companies to achieve ‘6 dimensional’ benefits in their business operations viz. the ease of operation, reduced cost of processing claim and delays,  decision support using analytics, early warning with fraud detection, flexibility of technology and enhanced customer satisfaction.”