Spiraling claims costs, increasing cases of inconsistent payments, overpayments and unknown claims leakages impinge on the bottom line. Customers are sensitive to ongoing cost of insurance premiums, but it is the quality and experience of claims servicing which policyholders, producers and third-party claimants remember the most. While insurance companies want to make accurate claims payment, customers are put off by the long timelines to process claims.
Mastek’s Claims Management Solution provides an intuitive and consolidated user view into claims processing by offering a truly browser-based, one-system solution for claims management, bill review, policy underwriting, case management, billing and events management.
The key features of the Claims Management Solution include:
- A unified single claims engine supporting multiple payout options
- Straight Through Processing (STP) that improves the effectiveness and efficiency of the claims
- Single consolidated view of the customer and the household through the Claims Workbench
- Workflow backbone facilitating easier adaptation of business rules
- Electronic reserving extracts and automated transaction processing with full audit trail
- Real-time access to electronic claim filed by adjudicators
- Tracking and validation of the life claim against policy specifications
- Decision support for adjudication of life claims
- Seamless integration with third party applications and existing legacy systems
- Reduction in claims turnaround time
- Increased operational efficiency
- Effective claims payout processing
- Enhanced customer service
- Reduction in claims processing costs
