For property and casualty insurance companies · 2019-01-31 · For property and casualty insurance...
Transcript of For property and casualty insurance companies · 2019-01-31 · For property and casualty insurance...
For property and casualty insurance companies
Flexibility, scalability, configurability
DXC Insurance RISKMASTER™ for fast, flexible claims processingIn a highly competitive market, insurers worldwide face many similar business
challenges.
Growing premiums and maintaining policyholder retention levels are essential for any
insurer to thrive. Yet retention rates are falling in several segments including personal
lines, as consumers expect the same levels of service they receive from providers in
other service industries such as retail and mobile phone providers.
Insurers must resolve claims swiftly and seamlessly in order to ensure high retention
rates; customers who have positive claims experiences tend to stay with their
existing provider, but those who are dissatisfied with the service they receive can
easily switch insurers.
Fast and efficient claims resolution has other benefits too. Earlier claims settlement
also results in reduced claims expenses and lower payouts. With around 70% of
premium income spent by insurers on settling claims, it makes good business sense to
resolve claims quickly.
In reality, however, operational efficiency and business agility are a continuous battle
for many carriers, as they struggle with multiple IT systems operating on disparate
platforms, with no central point for storing or accessing data. Outdated, complex,
and often home-grown software can be costly to maintain and hard to configure.
And many insurers still rely on manual processes, which inevitably delay claims
processing times and increase costs.
To remain competitive, organizations like yours must raise the bar on customer service
— companies that don’t do so will fall behind. But how can you achieve this?
You need a system that empowers you to improve efficiency and meet consumer
expectations by enabling swifter, more accurate claims resolution — a fully
functional, enterprise-wide claims processing solution that is easy to integrate and
that delivers flexibility, scalability and configurability.
Automate and streamline
claims processes for:
• Increased speed
• Improved consistency
• Fewer errors
• Higher customer retention rates
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DXC Insurance RISKMASTERImprove service | Reduce costs |
Compete effectively
You need end-to-end claims processing capabilities, just-in-time tools and improved
data access to allow accurate settlements, together with a user interface that
extends core functionality to mobile users, a full complement of business analytics
and reporting tools, and multiple deployment and pricing options.
You need Insurance RISKMASTER.
Insurance RISKMASTER helps insurers large and small, operating anywhere in the
world, meet claims business and operational challenges through its exceptional end-
to-end functionality, which includes powerful, just-in-time analytical tools for legal
expense management, fraud detection and bodily injury estimation.
Stay ahead of the game
Insurance RISKMASTER automates and streamlines the claims processing system.
Our Web-based software delivers a single solution for managing all risk and
claims processes, from first notice of loss to payout. Fully configurable, Insurance
RISKMASTER gives users the flexibility to customize the system and add modules to
meet specific requirements.
With Insurance RISKMASTER, your workflows and processes will be more consistent
and fully integrated with claims tools, accounts payable solutions and other
management systems, helping you remain competitive and keeping you ahead of
the game.
Increased control through automation
Claims management can be an onerous process for insurers still relying on aged,
homegrown systems. Insurance RISKMASTER automates functions, improving claims
processing speed and accuracy. Unlike other similar products, Insurance RISKMASTER
lets users manage data configurations, imports, exports and conversions, for more
control and better management of costs.
One system fits all
Insurance RISKMASTER seamlessly integrates policy, mobile devices, litigation
management, fraud evaluation, bodily injury evaluation and medical review systems,
allowing users to manage their entire claims settlement process within a single
solution, enabling greater speed and accuracy.
Putting more power at your fingertips
Insurance RISKMASTER provides a wide range of capabilities unparalleled in the
insurance industry.
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Insurance RISKMASTER:
• Best-of-breed claims
management system
• Currently used by almost 500
clients in North America
• Has an extensive customer base
made up of insurance carriers
and a variety of corporate
entities
DXC Insurance RISKMASTERImprove service | Reduce costs |
Compete effectively
DXC Legal Solutions Suite™
Insurance RISKMASTER also supports activities conducted with external law firms.
The system helps you work strategically with outside counsel to manage legal
expenses and optimize outcomes, while ensuring efficiency and consistency. Web-
based modules in the integrated litigation management component include law
firm evaluation and benchmarking, electronic case assignments, legal e-billing,
automated legal bill review, guideline monitoring, budgeting, planning, results
tracking, document management and reporting.
Knowledge is power
Improve management insight and make better business decisions with Business
Analytics, an integrated query, reporting and analytical tool. Business Analytics uses
SAP BusinessObjects to view and report on the information stored in your Insurance
RISKMASTER database, while the Business Analytics’ drag-and-drop capability lets
you readily create the reports.
Dashboard viewer
View your data in an easy-to-access, readable way.
Insurance RISKMASTER uses BusinessObjects Dashboards to generate dynamic graphical
representations of your data. Using breakthrough technology, the Insurance RISKMASTER
Dashboard bridges the gap between data analysis and visual presentation, allowing users
to create interactive reports and applications that clearly communicate data in a visually
appealing style. And there’s no need for users to learn arcane programming languages —
simply point and click to create rich, interactive presentations.
Automation is the name of the game
Insurance RISKMASTER Data Analytics tools and templates completely automate
self-insurance import/export extract processing, bringing together several standalone
modules in a single location. Use Data Analytics to easily explore, extract, transform
and deliver data anywhere and at any frequency. Ensure the integrity of your data,
maximize productivity and accelerate performance of day-to-day operations.
On top of all this, DXC’s extensive Big Data and Analytics portfolio means we can
help you further maximize your data analytics capabilities.
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DXC Insurance RISKMASTERImprove service | Reduce costs |
Compete effectively
Mobility, community, streamlined processing: one system gives you all this ... and more
New mobile capabilities
Now you can get the power of Insurance RISKMASTER via a mobile app. The Insurance
RISKMASTER Mobile Adjuster app allows claims processing staff to view claims,
events, notes and payment information.
Co-developed by DXC and Microsoft, Insurance RISKMASTER Mobile Adjuster
combines strong functionality with the robust capabilities of Microsoft Windows 8.1
and other mobile devices. The app delivers back-office capabilities anywhere,
anytime to key stakeholders in the claims ecosystem, with users able to access
photographs, videos, audio files and textual entries. This can help you reduce the
time it takes to adjust and settle claims.
Streamline your claims process, increase efficiency
Successful claims processing is essential for P&C insurance companies. Yet claims
personnel must navigate a multitude of processes to successfully close claims.
Insurance RISKMASTER provides a comprehensive system to streamline your entire
claims environment, including:
• First notice of loss
• Coverage verification
• Claims handling and adjuster notes
• Bodily injury evaluation
• Fraud detection
• Litigation management
• Vendor management
• Mobile claims services
• Medicare reporting
• Negotiation and settlement
• Final payment
Unmatched flexibility
No other claims processing product on the market today integrates so many
functions from the same vendor and on one platform. Insurance RISKMASTER is
designed to accommodate your current and future needs and comply with ever-
changing industry standards. The system can be tailored to suit individual business
processes without modification. The advanced service-oriented architecture (SOA)
also eases integration with other related systems.
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DXC Insurance RISKMASTERImprove service | Reduce costs |
Compete effectively
Research highlight: P&C companies
seek to upgrade aging systems
Insurance industry company Novarica
reports that P&C companies are
increasingly looking to replace aging
claims administration systems. Older
systems are expensive to maintain,and
employees with skills in oldercode
are retiring. For 2014, 29% of large
carriers and 25% of small carriers
say that claims system replacement
is one of the top three projects they
are focusing on. (Property/Casualty
Claims Systems, a Novarica Market
Navigator report, 2013)
Choose from the core processing functions of Insurance RISKMASTER or seamlessly
add components for additional business value. And select the deployment
method that best suits your needs — in-house implementation, DXC hosting, or a
combination.
Connect with our customer community
When you choose Insurance RISKMASTER, you are connected around the clock to
an online community of thousands of users from P&C insurance companies and DXC
developers across the globe, while virtual events, meetings and annual conferences
keep you informed and aware.
You also have access to an extensive and knowledgeable team of DXC experts,
dedicated to claims products and services. DXC has worked with hundreds of
companies to help them get the most out of Insurance RISKMASTER and to resolve
their claims processing issues. Let us do the same for you.
Why DXC?
Insurance RISKMASTER’s ease of use, flexibility and scalability make it the claims
processing system of choice for many companies. Exceptional technical architecture
provides industry-leading features such as detailed business analytics reporting and
robust database security.
Close to 500 active customers use the Insurance RISKMASTER platform every day.
Learn more about how Insurance RISKMASTER can help you control costs, improve
operational efficiency and deliver superior service.
www.dxc.technology/RISKMASTER
Industry perspective: claims
officers seek automation and
best practices
“As companies have revised
claim processes and modified
job functions, maintaining high
levels of claim performance has
become more complicated. But
CCOs also report a number of
benefits from claim technology
innovation, chief of which are
leveraging automation to revise
claim processes and improving
execution of best practices.”
Property & Casualty Claim
Officer Survey #8
Towers Watson, 2013
About DXCDXC Technology (DXC: NYSE) is the world’s leading independent, end-to-end IT services company, serving nearly 6,000 private and public-sector clients from a diverse array of industries across 70 countries. The company’s technology independence, global talent and extensive partner network deliver transformative digital offerings and solutions that help clients harness the power of innovation to thrive on change. DXC Technology is recognized among the best corporate citizens globally. For more information, visit dxc.technology.
© 2018 DXC Technology Company. All rights reserved. DXC_CSC-517. August 2018www.dxc.technology