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Maximize the Value Of IT

Insurance Companies today, in an attempt to grow and maintain their profitability, are ready to transform their businesses & operating models to enter new market segments & create new market positions. In this process, they have become intrinsic towards their product and services and more significantly, the distribution channels.

Increased involvement & pressures from customers, new regulations and legacy systems has led investments towards improving operational efficiency and reducing costs. Additionally, the executives are particularly focused on improving the core operations, including policy administration, claims management, and billing.

Also the Global Slowdown has led Insurance companies to redefine their business strategies and the focus right now is on three areas:

a)      To have Efficient Systems & Processes

b)      To Maximize Wallet Share

c)      To Manage Risk and be Compliant

Birlasoft understands these Industry Dynamics and Technology Imperatives and devised a Value Added Consulting Offering that enables Insurance Companies to derive a workable and an executable model.

Post Financial Crisis, it’s been the most worthwhile and an optimum time for innovation. Organizational transformation and realignment is the need of the hour, and in a competitive environment, the industry is faced with the challenges to achieve the business benefits by increasing the revenue, decreasing the costs and creating a value to shareholders / policy holders.

Birlasoft is an industry recognized leader that enables insurance companies to successfully navigate the difficult choices available in the technology space. It offers customized niche insurance solutions and services to leverage the insurer’s existing IT investments through legacy modernization, Integration, SOA, analytics, Portal & Internet Technologies and other differentiated offerings.

Insurers should look for a partner that offers not only a technology capability but one that goes beyond and encompasses a competitive business “right sourcing” model, a realistic executable plan and an optimized maintenance solution. We believe in working with customer priorities, understand the vision of the customer organization, key industry business trends, implications, and deliver the best possible solutions.



Fraud Insurance

Fraud Detection and Mitigation Is a major area of concern in Insurance and Insurers world over are trying to tackle it. 

Did you know that ‘In UK alone undetected general insurance claims fraud total £1.9billion a year adding on average £44 to the annual costs individual policyholders face, on average, each year’. 

Fraud in the insurance world includes Exaggeration, Forged documents and Fraudulent Information during proposal/application filing. Experts say that insurance fraud is rising during this recession. In the second half of 2008, auto fire insurance claims rose by 6% after years of little change, according to State Farm Insurance. Dennis Schulkins with State Farm’s special investigations unit told The Kiplinger Letter that “Indiana, Michigan and New York are hot spots, with burned car claims spiking 13% to 18%.” 

Business Intelligence can be leveraged to deal successfully with fraud mitigation using technology by applying a combination of several methods - including the typical red flag approach, predictive modeling, neural networks, profiling, claims databases and identity matching. In fact, behavioral analytics is a key part of Fraud Detection and Mitigation, pretty much like one used in detecting passenger data while by International Flight Carriers. 

Data Protection and Privacy are also a gaining ground to manage this and EU has now declared a limited list of certain White Labeled countries and regions where data can be stored. 

January 12 2011
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