MEDIA RELEASE PR38083
Polaris Software Brings Standardized Claims Management Solution for the Indian Health
Insurers
CHENNAI, Jan. 28 / PRNewswire - AsiaNet / --
- ...the Only ACORD Standard Compliant Solution Available in the Indian
Insurance Market
Polaris Software Lab Limited (POLS.BO), a leading Financial
Technology Company, launched Intellect(TM) Claims, the only ACORD standard
compliant and 'functionally rich' claim processing system specially designed
for Indian Health Insurance companies. Intellect(TM) Claims solution will
help insurance carriers enhance customer centricity, reduce claim processing
cost and drive their claim philosophy for the fastest growing health
insurance companies in India.
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% 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% of an
insurer's operating overhead. Given this scenario, the Indian insurance
companies are dependent on Third Party Administrators (TPA) for processing of
claims or are dependent on silo based, inflexible IT applications with rigid
processes.
Commenting on the industry trends, B D Banerjee, former Member
of the Consultative Committee of Insurance Regulatory and Development
Authority (IRDA) and Insurance industry expert, said, "Some of the key issues
facing the insurance industry such as large degree of manual processes and
fraudulent claims arises due to the lack of standardized interaction between
various parties involved in the entire cycle of processing of claims. The
result is lack of transparency and customer angst. Technology can play a key
enabler here by providing standardized formats for information exchange, set
mechanisms to monitor claims and achieve faster turnaround times."
One of the leading health insurers in India chose to process
claims in-house in order to service their customers better and Polaris
enabled the same by building a complete Health Claims Solution that helped
them achieve better response time, faster TATs and implement industry
standards.
Intellect claims is built using SOA components and ACORD
standards, arguably the only solution available in India that addresses the
standardization of claim data exchange between the TPAs, providers and
insurers. Besides this, the other two key features are ability to manage
multiple policies by a subscriber and the Fraud Early Warning System (FEWS)
module for controlling fraud and wrong claims.
Speaking about Intellect Claims, S R Ramaswami, Partner
Polaris Software Lab and CEO Intellect SEEC Inc., said, "We are glad to bring
Intellect Claims for the Indian market, a solution that is ACORD compliant
and built on the foundation of proven library of Business component Services.
This product is designed keeping in mind the needs of the Insurance industry
in India. The solution will enable insurance companies to achieve '6
dimensional' benefits in their business operations viz. the ease of
operation, reduced cost of processing claim & delays, decision support using
analytics, early warning with fraud detection, flexibility of technology and
enhanced customer satisfaction."
About Polaris Software Lab
Polaris Software Lab (POLS.BO) is a leading Financial Technology company,
with its comprehensive portfolio of products, services and consulting.
Polaris has a talent strength of over 9,000 solution architects, domain and
technology experts. The company owns the largest set of Intellectual
Properties in the form of a comprehensive product suite, Intellect Global
Universal Banking (GUB) 10.0. IntellectTM is the first pure play SOA based
application suite for Retail, Corporate, Investment banking and Insurance.
Polaris is headquartered in Chennai and has offices in all
global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India,
Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New
York, Chicago, Fremont, Pittsburgh and Chile. For more information, please
For more information, please contact:
Shailesh Dhawla
Polaris Software Lab
Tel: +91-99620-23124
Email: shailesh.d@polaris.co.in
SOURCE: Polaris Software Lab
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