Claims optimization must be a strategic priority for carriers
Loss Adjustment Expenses (LAEs) account for 9-12% of an insurer’s direct written premiums on an average. With claim severity and newly emerging risks on the rise, it is imperative that insurers scrutinize and optimize their claims processes..
Moreover, according to the World Insurance Report 2020, consumers of all ages are increasingly using digital channels insurance transactions. By offering omnichannel delivery and self-service capabilities through digital channels, insurers can meet customer needs and offer a superior customer claims experience during the critical moment of truth.
Capgemini’s Touchless Claims offering is designed to help carriers increase operational efficiency and meet customer needs by leveraging AI, automation, machine learning, data and a vast partner ecosystem.
The end-to-end umbrella offering consists of solutions that enable insurers to transform each stage of the claims value chain. These solutions include Digital FNOL, Cognitive Document Processing, Open Insurance Transformation and more.
By implementing Touchless Claims, carriers can:
- Improve loss ratios
- Reduce LAEs
- Reduce claim intake costs
- Improve claims cycle times
- Offer customers a differentiated claims experience
- Capgemini helps our clients become Inventive Insurers by approaching “digital” as an enterprise strategy across technology, operations, and business functions and bringing together an unparalleled breadth and depth of digital capabilities. This is underpinned with our deep insurance industry expertise and a leading Insurance Industry Solution Practice that enables us to solve our clients’ most complex business problems so that they can transform their business into a digital business.
- Capgemini’s unique Innovation ecosystem: Clients get access to a thriving ecosystem of startups, accelerators, partners and FinTechs to try out innovative products.
- Cutting edge tech from InsurTechs in the solution will provide great savings and a better customer experience.
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