Raghu Aithal, Vice President and Head of Claims at ValueMomentum

When you look at a claims department right the key few outcomes that are important: one is reduction of cycle time, reduction of claims handling expense, improving the claims accuracy by reducing leakage.

If you look at efficiencies there’s a big play for automation. For example document management — the amount of documents that the claim handlers deals within their workflow day-to-day. When you look at their workflow it’s pretty outdated. So document management is one such that it’s a big opportunity to increase effectiveness and efficiency.

When it comes to effectiveness, many of the insurance companies they come to know about fraud towards the end of the life cycle. Is there a way to proactively say that hey this claim has a propensity of being a fraudulent claim and then can you change your workflow accordingly to do little more research or assign to the SIU up front so that you can take an informed decision versus being reactive on it.

But also in terms of your workflow management, in terms of your capacity management when it comes to CAT — if you are proactive you can save a lot more money and reduce leakage in that function as well. So there are a huge number of opportunities.

When it comes to experience, omni channel is a big deal. Our customers today want to operate in a way that they feel right — be digital, be an app, be a text message, be a phone. All of these things they should be able to interchangeably use and not lose context between these channels. They expect the conversations to be transparent. The customer knows what exactly is happening with that claim and what is the process, where is it today and when can we expect a check.

So those kinds of things are all huge opportunities we believe and if applied it can transform claims.