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Property and Casualty:
Solution Accelerators
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Insurers are typically late to adopt technology, as evidenced by this press release excerpt:
“The company credited the increase in underwriting results to its pricing method, which allows it to better match prices with consumer risk levels. The pricing structure has become more sophisticated because of access to larger amounts of data about consumers, enabling it to better analyze risks.”
Studies show that 20 percent of insurers make decisions on data that is at least a week old, and 43 percent rely on day-old data. Incorrect/outdated data hinders business performance, delays course corrections, and eventually leads to customer dissatisfaction.
Carriers’ ability to adapt internal business policies, procedures, systems, and employee knowledge is not keeping pace with changing conditions. Consequently, management objectives do not align with an organization’s ability to achieve them. Typical objectives that are not reached due to execution gaps are:
- Net improvement in combined ratio of 3 to 6 percent over three years
- Incremental revenue growth of 3 to 5 percent, faster than the historical rate of growth
- Significant improvements in expense ratio
These gaps reveal external and internal factors that undermine carriers’ ability to assess, classify, and profitably price/service risks.
TO address these issues, Satyam has created the following solutions:
Smart BPM for Insurance: A Framework for Policy Management and Automated Underwriting:
This addresses the challenges inherent in the underwriting process, and its interplay with channel and policy administration.
To close the gaps and provide a comprehensive solution for measuring, modeling and accelerating implementation for underwriting changes, Satyam has designed an integrated underwriting framework comprising the following three components:
- Agent portal
- Automated underwriting
- Policy administration
Key Benefits
- Increased productivity by allowing rules to be used on lower risk policies, while underwriters concentrate manual analyses on high-value, high-risk transactions
- Streamlined processing through elimination of redundant data entry and needless paper chases
- Decisions made closer to point of sale
Key Benefits
- Increased productivity by allowing
rules to be used on lower risk policies,
while underwriters concentrate manual
analyses on high-value, high-risk transactions
- Streamlined processing through the
elimination of redundant data entry
and needless paper chases
- Decision-making closer to the point-of-sale
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Solution Sets
Specific business problems solved
in distribution, rating and claims
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Business Pain Areas (Illustrative)
- Long cycle-time of average
claim settlement yields in
high-loss ratios –FNOL
Solution
- Challenges caused due
to Disparate Data Sources
and complex business workflows
and inability to use information
for decision support –Data
Mart Solution
- Lack of process maps leading
to missing business functionalities –BASE™ Agency
Solution
- Workflow automation without
clearly defined business
process models may lead to
skewed BPM –BASE™ Agency
Solution
- Lack of integration between
claims system and disparate
adjacent modules results
in expanded time-cycles and
duplication of efforts
– BASE™ Claims Solution
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Achieve greater heights with Solution Accelerators.
For additional information, contact rfi@satyam.com.
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First Notice of Loss
Wrapper Solution, using XML
This ACORD-standard solution addresses key claims process pain areas by reducing the cycle time for claims notification via improved efficiency and lower operating costs.
This solution provides a comprehensive mechanism to interface with diverse media (fax, email, phone, etc.) to obtain and register a claim notice. The interface, in turn, feeds FNOL details into the appropriate systems and initiates the relevant claims process. Notification can be automated, and the solution acts as an accelerator by expediting the FNOL process.
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Claims Data Management
and Analysis Solution
This Data Warehousing and Business Intelligence Analytics Solution that focuses on auto insurance enables effective decision making by modeling data across various claims activities by extrapolating existing data. This facilitates report generation while enabling analysis of future trends.
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Data Mart Solution
- Agency Domain
This solution uses OLAP for summarizing/aggregating data for reports that support management decision-making. Other key benefits include:
- Ready-to-use methodology reduces due diligence efforts
- ETL development costs are reduced by 30 percent (ETL constitutes 50 percent of data mart implementation costs)
- Data modeling efforts are reduced by 30 to 40 percent.
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Service Oriented
Architecture – Claims
This solution designs and deploys a component model for claims. The model interrelates with different functional units—i.e., services—of the claims application, through well-defined interfaces and contracts.
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BASE™ Methodology
Work Products
These work products have been developed to capture business know-how through a proprietary methodology in the form of industry business context and process models. It features a repository of generic and readily reusable business requirements and rules. The work products can analyze shortcomings of processes and applications in areas such as:
- Agency business support
- Agency management
- Rate quote and underwriting
- Claims
- Workers compensation claims
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