Insurance

Insurance Industry

With continuously evolving market and flickering consumer preferences, insurers are recognizing that constant transformation has become the norm. To efficiently deliver in the brutally competitive environment, they must be able to respond to market opportunity; service customers effectively; and drive performance and compliance.

Evosys offers a streamlined solution for Insurance Industry based on the Oracle Siebel CRM suite. Evosys provide implementation, Training and Support services to the Insurer and to the Third Party Administrator.

 Major Issue in the Insurance Sector-

Legacy information systems in Insurance Industry fail to leverage current technology or provide an enterprise-wide view. Insurance sector is implementing comprehensive CRM solutions to effectively manage the information scattered across these data silos and delivers the much-needed 360-degree view.

Benefits of Implementing Siebel CRM solution for Insurance Industry

Evosys Generic Solutions for Insurance Industry-

1)    Managing Company (Accounts)

2)    Managing Contacts

3)    Managing Households

4)    Call Reports

5)    Claims Management

1)    Managing Company (Accounts)

Term companies refer to entities that are typically referred to as accounts in other Siebel applications. A company represents the relationship between your organization and companies or organizational entities (or structures) with which you do business.

Siebel Insurance has varied range of functions available when it comes to managing the Company information it can be:

Adding New Company

Create New Investors

View or modify existing Company Record

Company View can get answers to the questions like:

• What business is this company in?
• Who are the executives I should be calling on?
• What is this company's financial profile?
• What financial accounts and products does the company already own?
• What types of service issues has the company had?

1)    Managing Contacts

Contacts are entities or individuals with whom the company does business with or with whom it expects to do business with in the future. Contacts includes employees of other companies, independent consultants, vendors, or personal acquaintances

Managing Contacts Functionality Facilitates End Users to:

·         Enter and track information about contacts, which includes products bought, details of signed agreements or contracts, and products previously recommended to the customer.

• Document marketing campaigns and details of each customer’s response.
• Maintain a history of service requests, insurance claims, and product applications that the customer has made in the past.
• Analyze a customer’s financial health as well as a customer’s needs.
• Managing Contacts Functionality also enables users to:
• Add, Edit and Delete Contact Information
• Create categories for Contact Information
• Create notes about specific contact
• Manage contact referral information
• Create customer assessment
• Create and view contact summary
• Manage contact relationship hierarchy

2)    Managing Households

A household is a group of contacts generally sharing a common link or association. Households provide valuable segmentation information on the household as a whole, as well as a summary of information about the household member contacts. Users can use the Households screen for identifying and capturing demographic information about a household. They can also use the Households screen to review customer’s financial accounts, products, and contact information associated with that household. This information allows them to assess customers’ data

Grouping all of a customer’s accounts by household allows a service provider to identify a client’s real value to the organization and seek opportunities to cross-sell and up-sell additional products and services to them, such as homeowners insurance and loans for children’s education. In addition, the ability to view all of a customer's financial accounts and related portfolio information by household allows an organization to view the household’s overall financial position

Managing Contacts Functionality also enables users to:

• Add, Edit and Update households
• Set-up privacy options for the household
• Associate contacts with household
• Manage Household summary
• Managing household relationship hierarchy

3)    Call Reports

Call reportsare records of meetings and other conversations with clients, organizations, and individuals. Call reports are often required of employees because they:

• Are a means for new relationship managers to learn about the client and its history with the organization
• Allow senior managers and product specialists associated with a certain client to keep up with the developments in the client relationship, even if they do not meet with the client on a regular basis.
• Provide a record of important and informal agreements. In the event that a failed financing transaction results in legal proceedings, these reports are an important component of the legal process.

-Administrators use these procedures to view a chart of call reports and manage call report templates.

-End users use the Call Reports screen to add a new call report, create a call report distribution list, designate a report as private, and email or print call reports.

1) Claims Management

Oracle’s Siebel Insurance Claims delivers an enterprise wide claims platform to help carriers dramatically improve claims efficiency and lower claims adjusting costs while improving customer satisfaction. Oracle’s Siebel Insurance Claims cuts claims resolution times, improves adjuster productivity, ensures consistent claims adjusting and smoothes the hand-off between claims constituents

Claims Lifecycle Management

Siebel Insurance Claims provides holistic claim lifecycle management, from the initial claim report through settlement and claims analytics. With this single solution, organizations can manage all of the constituencies involved with a claim, capture the necessary data to settle the claim, and ensure that all adjustment activities such as reserving and payments are assigned and completed.

• Claims Assignment

Siebel Insurance Claims provides flexible claim assignment and scheduling capabilities. A claim can be divided into sub claims, by coverage, reserve layer, claimants, injury type or property type. Each of these sub claims can then be assigned to the appropriate adjusters, based on skills, location, and capacity. The Siebel Insurance Field Service Dispatch Board and Scheduling.

• Claims Reporting

Siebel Claims Reporting supports multiple channels, including the Call Center, Web Self-service Portals, standard forms, and electronic transmissions.

• Claim Processing

The Siebel platforms supports Straight Through Processing using multiple enterprise application integration (EAI)capabilities including SOA, to acquire key data from external systems, such as police and fire reports, which can be automatically requested and inserted into the electronic claim file based upon pre-configured rules or manual requests. Oracle Siebel Insurance Claims facilitates recovery and subrogation data tracking. Authorized claims personnel can enter and view claim recovery data. If a claim involves monetary recovery, adjusters are guided through a best practice business processes to handle salvage and subrogation.

• Claims Settlement

Claim settlement activities such as expense and indemnity payments, repeating payments and closeout of reserves are streamlined with Siebel Insurance Claims, which provides the ability to make claims payments and track them to the appropriate coverage, insured, claimant, service providers, or other involved parties

• Claims Insight and Predictive Analyses

Oracle Business Intelligence provides executives, managers, and claims personnel with powerful performance management capabilities and comprehensive analytic tools to deliver in-depth information on claim losses, the performance of individual adjusters or service provider partners, or the entire claims ecosystem.

Siebel Predictive Intelligence – Claims Management

Evosys Specific Solutions for Insurance Industry-

Health Insurance Policy Management

1.  Individual Health Insurance

• A sales representative of the Insurance Company can manage individual customer requests for Health Insurance-
• Generate customer quotes
• Add an applicant
• Perform a health risk assessment
• Convert a quote to an active policy
• Associate a policy coverage with an applicant
• Add a service request
• Set up a payment plan
• Add detailed payment information for a payment plan
• Administrator can add insurance products and products lines, associate rate band with the product
• End user can provide a quote for a new policy or changes the existing quote
• Accept new applications by-
• Adding applicants
• Performing health risk assessments
• Associating policy coverage with each applicant
• End users can also attach service requests to the Individual health policy

     2.    Group Health Insurance

• Siebel CRM provides an electronic mechanism for performing basic administrative tasks like –
•  “Adding Group Insurance Products and Product Lines”
• “Adding Group Insurance Rate Bands”
• “Defining Activity Plan Templates for Group Policies”
•  “Defining Proposal Templates for Group Policies
• “Adding Census Information in the Group Policies Screen”
•  “Adding Employee Classes for Group Policies”
•  “Designing Plans for Group Policies”
•  “Reconfiguring Customizable Products in Plan Design”
• “Generating Proposals for Group Policies”
•  “Managing Underwriting Information”
•  “Adding Eligible Members to Group Policies”
•  “Enrolling Members in Group Policies”
•  “Adding Beneficiaries to Group Policies”
•   “Setting Up Payment Plans for Group Policies”

Auto Insurance Policy Management

Auto Insurance policy Management by Evosys’ enables users to:

Life Insurance Policy Management

Life Insurance policy Management by Evosys’ enables users to:

Property Insurance Policy Management

Property Insurance policy Management by Evosys’ enables users to:

Retirement Insurance Policy Management

Retirement Insurance policy Management by Evosys’ enables users to: