Chennai, India, May 6, 2014: Polaris Financial Technology, a player in products that enable unprecedented operational productivity for the global financial services industry, announced the launch of Life Claims in the Cloud at the recently held annual Association for Cooperative Operations Research and Development (ACORD) LOMA Forum in Orlando, Florida.
According to Managing Director at Novarica Matthew Josefowicz said, “Understanding the value of cloud options and considering how they can be deployed effectively to solve existing business problems should be part of every insurers’ strategic plans”.
Life Claims in the Cloud helps life, annuity and health carriers harness the power of cloud computing to run a claims solution for as low as $10,000/month without any lead time to deploy.
This innovative offering allows claims managers to focus on processing claims quickly and enhancing the customer’s engagement experience instead of spending long cycles on limitations of the claims process and IT provisioning.
Key benefits to insurance carriers include:
- Better claims outcomes
- Simplified claims operations
- Elevated customer experience
- Regulatory compliance
- No up-front investment on technology
- Easy integration with backup and recovery functions
CEO of Polaris Insurance Pranav Pasricha said, “As carriers expand their in force policies for disability, critical illness and annuity products, they will experience an increased claim volume and an increased expectation from their customers about their interaction. That coupled with increased regulatory pressures will require carriers to invest in new solutions. Forward looking insurers will add a higher quality customer experience to their list of outcomes. Market leaders view quality customer experience as a means to demonstrate customer centricity and differentiate based on the strength of their brand promise. The challenge for carriers is to maintain profitability while remaining competitive and relevant to the needs of the market. With Life Claims in the Cloud, they can achieve their goal to elevate customer experience with easy and effective claims processing at a fraction of the cost and without having to worry about IT issues.”