 "Polaris Brings Standardised Claims Mgmt Solution For Health Insurers")
Polaris Software Lab, a financial technology company, has launched Intellect Claims, an ACORD standard compliant claim processing system specially designed for Indian health insurance companies. Intellect Claims solution will help insurance carriers enhance customer centricity, reduce claim processing cost and drive their claim philosophy for fast business growth.
The health insurance segment is an area of focus for most insurance companies in India now. Industry projections estimate that health insurance is the fastest growing segment in the insurance industry, with an average growth of 40 percent in the last three years. Claims management is a key business process that has a direct impact on customer satisfaction and overall relationship with the carrier and accounts for about 40 percent of an insurer’s operating overhead.
B D Banerjee, former member of the Consultative Committee of Insurance Regulatory and Development Authority (IRDA) and an Insurance industry expert, said, “Some of the key issues facing the insurance industry such as a large degree of manual processes and fraudulent claims arise due to the lack of standardised interaction among the various parties involved in the entire cycle of processing of claims. The result is a lack of transparency and customer angst. Technology can play a key enabler here by providing standardised formats for information exchange, set mechanisms to monitor claims and achieve faster turnaround times.”
Intellect Claims is built using SOA components and ACORD standards, arguably the only solution available in India that addresses the standardisation of claim data exchange between the TPAs, providers and insurers. Besides this, the other two key features are the ability to manage multiple policies by a subscriber and the Fraud Early Warning System (FEWS) module for controlling fraud and wrong claims.
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