Newgen Insurance V1.1
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Newgen - Insurance
description
Newgen Vertical Solution for Insurance
Transcript of Newgen Insurance V1.1
Newgen - Insurance
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Representative Client
Life Insurance General Insurance
Insurance - Business Drivers
Operations Management – COO/ Director Operations• How to minimize the cost and time to process a claim • How can we ensure lower operational costs and improved productivity• How can we increase compliance and auditability of the processes• How can we measure our processes against SLA’s and pre defined TAT’s• How can we ensure that all transactions are executed quickly and with no errors• How can we ensure that management is provided with reports as and when required and
ensure data accuracy
IT Management/CIO• How can we serve our internal customers better• How can we achieve standardization in systems across various business processes• How can we empower the business to be able to model their own processes within our
systems• How can we ensure that all systems talk to each other to ensure seamless user experience
CEO / Business Heads• How to roll out more branches and acquire new customers with minimal costs• Quick roll out of innovative insurance products to market• How to improve the overall customer experience • Green Initiative – Paper less processing environment
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Claims Process Automation
CustomerCall Center Online Reg
3 Surveyor Assignment
Claim System
4 Inspection Damage
1 Claim Intimation
2 Claim Registration
Branch Office
5 In
timati
on &
Ass
essm
ent o
f Dam
age 6 Agreem
ent On The Estim
ated Claims
7 Send Docs to Branch Office• Signed Agreement• Estimated Cost• Driver Report• Images Captured• Copy RC Book, DL• Others Doc
8 Scan Docs & Images
Scan Station
9 Scrutinize & Verify Completeness Of Claims
Back Office Operation
10 Claims Disbursement
Solution Benefits
Organizational Benefits• High levels of customer service• compliance with statutory regulations• Improved security and quality• Better co-ordination among
employees• Easy data recovery and disaster
management• Elimination of file racks, storage areas
Operational Benefits• Lower costs of operation• Higher levels of productivity• Centralized Operations and hence
faster decision making• Reduction in Turn-around times• Real-time monitoring dashboards for
complete control
Customer Benefits
• Process fully transparent to
customer. He can see policy doc
before committing
• Reduced TAT for policy issuance
• Integrated with payment gateways
for instant payment realization
• Simple and Fast roll out of New
Products
• Online Policy servicing
• Audit log for all activities
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Benefits Analysis with ROI
Cost of the complete Solution
Return on Investment 135%
Reduction in TAT for processing and servicing: > 75%
Increase in volume of transactions handled per day: > 300%
Increase in Employee Productivity and efficiency: > 70%
Reduction in dependency on physical documents: 100%
Total Cost including hardware – USD 120000
Solution Cost- USD 50000
Hardware Cost- USD 70000
Source: Deloitte case study at one of our customersReduction in Operational Costs: ~ 50% and Improved customer service quality and satisfaction
Corporate OfficeNewgen Software Technologies LimitedA-6, Satsang Vihar MargQutab Institutional AreaNew Delhi -110 067INDIATel: +91-11-4077 0100 +91-11-2696 3571+91-11-2696 4733Fax: +91-11- 2685 6936
