Customer expectations are evolving, and these demands will only increase over time.
With data increasing exponentially and more variables coming into play, it is becoming a tough job for insurance adjusting firms to increase their ability to execute, keep an eye on the pulse of the customer’s expectations, and prevent fraud. When claims handling relies solely on manual processes, it demands a high level of adjuster experience – be it in the form of managing customer experiences or vendor networks. This becomes even more challenging for catastrophe claims.
In the event of a natural disaster, insurance companies reach out to insurance adjusting firms to meet the surge in demand for claims processing. Licensed adjusters supplement the insurance companies’ workforce by working on the disaster site inspecting and then filing the claims report.
- A heavy dependency on manual processes can lead to high operational costs caused by claims leakage, erroneous payments, etc.
- Delays and disruptions in the claims process also add to the operational expenses.
- A lack of insight into data or incorrect data entry caused by manual processes can impede decision-making capabilities and impact reporting transparency.
What can such insurance adjusting firms do? The answer lies in a robust revenue management platform.
One of our clients, Pilot Catastrophe Services, Inc. (Pilot), an independent insurance adjusting firm, reached out to us to alleviate the issues that emerged from manual processes and a legacy platform that impacted their claims management and billing process.
Manual data entry and a 30-year-old highly customized system running on the IBM AS/400 platform posed many challenges for the company such as –
- Difficulty in improving its operations
- Streamlining its business processes
- Making reporting transparent and error-free,
- Having a platform to scale to meet the needs of the growing organization
To solve these issues, we implemented the Oracle Financial Services Revenue Management and Billing platform solution for Pilot.
With this solution, Pilot was able to:
- Implement a standardized billing process
- Create a single source of data and ensure data accuracy
- Meet the unique billing and reporting requirements for each of the insurers using their services
- Generate invoices rapidly by enabling adjusters input claims data in the field
- Bill insurers, pay commission to adjusters and settle accounts from one platform
- Increase confidence in calculating commissions and improve their capacity to provide billing information in seconds, regardless of the number of adjusters
- Build a data lake for corporate reporting and analytics
- Improve their capacity to onboard new clients faster
- Develop greater confidence in their ability to handle a surge in transaction volume during catastrophic events without more administrative staff power
Why RIA?
After a rigorous evaluation of multiple vendors, Pilot selected RIA Advisory as their ORMB implementation partner. Some of the things that helped us design the perfect solution for Pilot came from:
Domain expertise: Our domain expertise in the realm of UHC and M&R made it easy for us to understand the dynamics of the client’s industry, their pain points, and the expected output. With deep domain knowledge in insurance pricing and billing, we were able to design a solution for our client that addressed each of their needs from an industry-specific manner.
Technology expertise: The shelf life of technologies getting shorter and new technologies emerging every day. With a workforce of solution providers with deep technical and domain knowledge, we were able to come up with a creative solution to help the client navigate the challenges of their business. Our technical expertise not only made it possible for us to give them the best possible solution but also made sure that we could customize it for them.
Our team of highly qualified and experienced individuals acted as partners to the client to achieve their business transformation goals with speed and ease. This expertise also helped us direct the customer and make them aware of all challenges that could emerge during the implementation process such as technical issues related to integration, data migration, batch, and real-time performance issues for very large user/data volumes and several other IT dependencies. We were able to make sure that none of these became issues.
Tools and accelerators: The core team of RIA comprises people instrumental in developing the ORMB solution. They have successfully developed and launched ORMB in various verticals such as Banking, Capital Markets, Payment Services, and Healthcare and have in-depth knowledge of the domain and the application. We also have successfully led a plethora of ORMB applications and are Strategic Oracle Gold Partners.
With this experience, we have gone ahead and built the tools and accelerators to manage complex ORMB implementations and build more capabilities over these implementations. This expertise enables us to enhance, extend, and implement Pricing, Billing and Revenue Management systems in a manner that increases efficiencies while continuously working to improve processes and help our clients succeed in this era of disruptive change.
In conclusion
Today organizations have to be on the path of continuous improvement. That is perhaps the only way to ensure a durable competitive advantage and high performance.
Pilot employed a customized ORMB solution to solve the challenges that came from using an aging platform and errors that came from manual processes. But today, they are planning on scaling this solution and applying it to new business models. They are confident that it will help them improve their capability to respond to industry changes, gain the capability to diversify their services portfolio, and consequently increase their competitive advantage. As their trusted partner, we are committed to support their aspirations!
