Business Challenge

The Insurance industry continually faces many challenges in supporting existing customer claims and gaining new customers. When the dynamics of the industry and wide customer base are combined with the variances and complexities of claims and policies, it becomes difficult for an organization to “neatly” define the processes that they have to follow. Traditional approaches aren’t able to account for the wide variety of activities and requests required in supporting customers.

Insurers are looking for solutions that are both flexible and well-defined where it makes sense.  There is no such thing as a standard underwriting policy or completely straightforward claim, each customer and each claim is unique and requires a specialized approach that still applies structured and automated processes in the areas that make sense.

Responsiveness and personal attention is key to servicing and retaining customers. However, many organizations lack immediate access to client documents and information, policies, claims and a full 360-degree view of the client relationship to resolve requests quickly and escalate client requests as is needed. Paper-based processes stifle information exchange, collaboration, productivity, and make it difficult to reallocate work between staff members or operations centers. Management visibility into overall performance and traceability (history and audit) of transactions is arduous at best.

To integrate Underwriting and Claims content, activities, data and current systems of record, institutions need a common platform that is able to provide complete support whether standing alone or part of current line-of-business applications.

Solution

The Pyramid Insurance eXpeditor for Underwriting and Claims helps insurance providers grow their business by improving responsiveness to current customers and simplifying the intake of new customers. Leveraging industry-leading technology from IBM, PIX complements a company’s Claim’s management system and Underwriting system.

Pyramid Insurance eXpeditor achieves these goals by:

• Digitizing, classifying and extracting key fields from client documents using advanced capture technology.
• Providing the Claim and Underwriting Knowledge workers the ability to control their case by identifying and managing the tasks that are needed to bring the case to close.
• Automating routine and repeatable tasks allow knowledge workers to focus on more complex and variable activities.
• Task based workflow processes delivering task details to the appropriate support personnel.
• Providing a 360-view of the claim/policy documents and tasks requests for all roles associated with the item.
• Enhancing management visibility via comprehensive operational dashboards, which enable management to take action when service level agreement deadlines are at risk.
• Offering a flexible and agile business solution to meet the ever changing regulatory and competitive landscape.

Value Proposition

Pyramid Solutions helps insurance providers to provide exceptional client service, on-board client policies faster and accelerate processing of claims. As a result, insurance providers able to acquire and retain long-term and loyal clients in the competitive insurance market.

Pyramid Insurance eXpeditor enables organizations to:

• Quickly identify priority requests and adjust workloads to improve client service, which is vital for all clients..
• Provide sales and client service functions with instant access to the entire client case file. Since the status of all tasks and documentation are readily available, client service teams can reduce repeat documentation requests and quickly resolve claims and issues associated with clients.
• Adapt operational processes to be compliant with the changing regulations and industry trends.
• Additionally, organizations leveraging the Pyramid Insurance eXpeditor can achieve a 50 percent reduction in handoffs between knowledge workers, and a 30 percent reduction in cycle time for claim processing.