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.
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.
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.
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.
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%.
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.
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.
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.
BEYOND COVID-19:Imperatives For The Insurance Industry For New HorizonDownload