Damco Insurance Industry Offerings

Business Process Optimization for Insurance

The challenges facing insurers – increased regulation, operational complexity, adapting to increasing customer-centric marketing – are greater than ever. In order to be competitive, insurers must continue to produce competitively priced new products, streamline underwriting and claims processes, and establish effective cross-sell strategies, while optimizing their business process without compromising efficiency, quality, and response time.

Damco’s Insurance Business Process Optimization experts perform intricate analysis and look for opportunities to fill the cracks in a company’s current processes, while optimizing existing workflows and suggesting new ways to increase operational effectiveness.

Service Offerings

Damco’s insurance process automation services provide highly strategic solutions that will assist you in streamlining processes, increasing customer loyalty, reducing claims operational costs, increasing savings, and ultimately creating an efficient and competitive company. Our optimization service enables insurance businesses to spend less on processes and focus on essential functions.

insurance business process optimization Business Process Automation

  • Analytical insights to improve decision-making, revenue growth, and profitability optimizing complete insurance processing.
  • Underwriting Support powered by Analytics.
  • Producer management commission processing.
  • Management and Statutory Reporting.
  • Claims Management support at the time of catastrophe.
  • Support for the following products: P&C, Life, Health, & Pensions.

insurance process automation Regulatory Compliance Management

  • Extensive experience working with leading life and annuity, health, and property & casualty insurers.
  • Assist Insurers with the assessment, design, and enhancement of compliance program and other regulatory compliance needs.
  • Help Insurers in bringing process efficiency by policy and procedure design and development, Compliance control effectiveness assessments & Regulatory required independent assessments.

insurance business process optimization Claims Transformation

  • Predictive analytics offerings to check fraud claims.
  • Manage Claim Leakage and improve processing time.
  • Help to reduce the process cycle time through a robust business process management framework and improved service delivery in areas like sales, underwriting & claims processing.
  • Claims Transformation improves productivity and reduces processing time by 20%.

insurance process automation Exception Management

  • Implementing Exception Management as a part of Secure Development Framework in all sizes of Insurance companies.
  • Develop supporting policies and procedures which formally document how to handle exceptions while doing transactions like applying UW rules, Claims handling, Premium adjustments or re-insurance application.
  • Designated process workflows to handle exceptions automatically and escalate based on rules.

insurance business process optimization Underwriting Process Optimization

  • Optimize online Policy Issuance Work-Flow.
  • Help create highly Configurable UW Rules.
  • Introduce Flexible Rating Engine to cut go to market time.
  • Utilize the strength of Predictive Analytics for Risk Scoring.
  • Reflexive Questionnaire to extend underwriting coverage.

insurance process automation Real-Time Transaction Trends

  • Reduce transaction costs, and increase revenue by monitoring and analyzing new initiatives.
  • Applying intelligence to underwriting and approval process to save man cost and increase revenues.

Blogs & Insights

Top 6 Challenges in Property
& Casualty Insurance

Supporting Caribbean
Insurers in the Wake of
Hurricane Irma

Damco Sponsors 38th
Annual Caribbean Insurance
Conference

Our Clients

Our Differentiators

insurance software

Dedicated Practice to deliver services and solutions for Insurance businesses.

insurance agency software

1100+ person years of experience in delivering Insurance technology services.

insurance software solutions

100+ Insurance projects delivered globally, 60+ Insurance Customers.

insurance management software

30+ installations of InsureEdge – a complete technology platform.

insurance agency management software

Strong experience in multiple lines of business covering Life, Health & General Insurance.

independent insurance agency software

Strong Technology Expertise on Microsoft, Open Source, Oracle, Salesforce, IBM, Cloud & Mobility.

insurance software

Capabilities in cutting-edge technologies – IoT, AI, Machine Learning.

insurance software companies

Global Presence with resource availability in USA, UK, Luxembourg, Australia & Caribbean islands.

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