Santéon for Insurance Industry
Improving insurance compliance and administrative burdens
Insurance companies today face numerous business hurdles that threaten their profitability, and in some cases even their viability.
To increase sales and profits, Insurance organizations must improve business processes supporting:
- 70% of P&C Claims require 4-6 handoffs; 48% take three weeks to process. (Forrester)
- Insurance companies could save 10-15% annually per policy by integrating the Internet into their sales and administrative processes. (Morgan Stanley Dean Witter)
- Reinsurance systems integration costs could be decreased by 60-70% using industry standards and shared services. (Baine)
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- Underwriting processing bottlenecks
- Allowing life insurers to reach new markets
- Supporting straight-through processing
- Developing dynamic and flexible relationships
Value for Insurance
Insurance Organizations still rely heavily on traditional paper based, highly manual business processes for handling of claims, new business, and customer service while faced with Government regulations that add further complexity and cost to daily operations. A common obstacle faced by insurance companies in surmounting these hurdles is the integration of business systems. Santéon's BPM solutions help insurance organizations:
- Reduced time and cost for processing claims
- Significantly reduce claim adjustment expenses
- Eliminate duplication of effort, claims errors and inconsistent claim handling practices
- Obtain quick investment payback by maximizing productivity and revenue through claim handling efficiency and without disruption to existing systems
- Shorten time to market for new products and improve customer service response
- Expand market opportunities and meet global needs through collaborative connectivity
- Improve communication between internal and external customers by providing users with current, concise, easily accessible claim data
- Expedite key claim management decisions with a streamlined communications source for coverage, liability and damages
- Improve accountability and audit trails
- Position for long-term viability through customization and better management controls
Insurance Solutions
Santéon offers Insurance companies the XIP Business Process Management platform suite of tools that integrates existing business systems while enhancing the company's infrastructure to add rich capabilities:
- A robust messaging service to handle communications with Insureds, Providers, Vendors, and Financial Institutions
- Off-the-shelf support for numerous insurance industry standard messaging formats including ACORD XML for Life and Automation Level 3 (AL3) for P&C and ANSI X12
- Automated routing and processing of incoming transactions based on a predefined set of business rules
- Validation of electronic transactions for structural integrity, completeness and compliance with corporate business rules
- Transformation of electronic message formats into legacy formats for import into existing business systems
- Full support for transaction status tracking, archiving, and audit trails
- Sharing of data with all of your trading partners consistently, accurately and in real-time
- A platform to link new trading partners as you enter new markets and expand your growth potential
- Leverage existing legacy systems investments
- A fully integrated claim lifecycle with existing insurer business data systems
Santéon offers solutions for the following insurance organizations:
- Life & Annuity
- Reinsurance
- Property and Casualty
- Health
To learn how Santéon can help you improve your insurance administration, please contact us at 1-866-Santeon or info@santeon.com.
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