Digital. Dynamic. Dependable.
Personalize Claims Management for Life and Annuity Insurance
Ensure efficient and hassle-free settlements for life insurance policyholders with automated adjudication.
“Newgen’s Smart Claims Management Solution helped us significantly reduce claims leakage and minimize fraudulent cases. Built on a low-code platform, it accelerated deployment and change management. We can now focus better on customer engagement.”
VP – Life & Annuity Claims, Leading Annuities Insurer in the US
Learn What Newgen’s AI-powered Claims Automation Solution Can Do For You
Multichannel Initiation and Claims Handling
Allow customers to initiate claims from a self-service portal, website, and social channels. Automate first notice of loss, document intake, and integrations with ecosystem partners. Handle claims against individual as well as group policies with ease. Enable different claims journeys, including death claims, maturity, critical illness, permanent total disability, temporary total disability, and involuntary loss of employment.
Intelligent Claims Assessment
Auto-classify claims as “fast track” or “non-fast track” and identify admissible/non-admissible claims with built-in rules. Perform product-based calculation rules for reserve, death benefit, disability benefit, critical illness, and final payable, and generate a claim summary sheet. Leverage investigation portals and mobile apps for quick resolution and easy access. Detect fraud, mitigating risks and financial losses with AI/ML algorithms.
Operational Insight and Monitoring
Monitor and measure user efficiency with defined KPIs to address gaps. Ensure transparent and timely life insurance claims processing with an escalation matrix and effectively track claims processing across departments.
Automated Claim Payout and Settlement
Reduce manual efforts and minimize errors with the help of rules-based payout determination. Streamline the process with complexity-based claims triaging and assignment. Process the claim amount after the claimant has confirmed it.
Multichannel Initiation and Claims Handling
Allow customers to initiate claims from a self-service portal, website, and social channels. Automate first notice of loss, document intake, and integrations with ecosystem partners. Handle claims against individual as well as group policies with ease. Enable different claims journeys, including death claims, maturity, critical illness, permanent total disability, temporary total disability, and involuntary loss of employment.
Intelligent Claims Assessment
Auto-classify claims as “fast track” or “non-fast track” and identify admissible/non-admissible claims with built-in rules. Perform product-based calculation rules for reserve, death benefit, disability benefit, critical illness, and final payable, and generate a claim summary sheet. Leverage investigation portals and mobile apps for quick resolution and easy access. Detect fraud, mitigating risks and financial losses with AI/ML algorithms.
Operational Insight and Monitoring
Monitor and measure user efficiency with defined KPIs to address gaps. Ensure transparent and timely life insurance claims processing with an escalation matrix and effectively track claims processing across departments.
Automated Claim Payout and Settlement
Reduce manual efforts and minimize errors with the help of rules-based payout determination. Streamline the process with complexity-based claims triaging and assignment. Process the claim amount after the claimant has confirmed it.
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Frequently Asked Questions
According to a 2021 Deloitte report, claims processing represents 70% of an insurance company’s expenses. Today’s life insurance providers need an artificial intelligence (AI)-powered, fully automated solution that extends across the entire journey for handling claims.
Newgen’s Digital transformation approach empowers organizations to optimize your loss ratio, employing digitization to curb the losses incurred due to paid claims as a percentage of premiums earned, through simplified verification and lowered instances of fraud.
The Claims Automation Solution powered by NewgenONE, the low-code platform, empowers life insurers with the automation and insights they need to boost efficiency-and provide a frictionless, customer-centric experience to policyholders.
The Multichannel Initiation and Claims Handling is flexible and efficient, it handles claims against individual as well as group policies with ease. Organizations can align the solution to support a variety of different claims journeys, including death claims, maturity, critical illness, permanent total disability, temporary total disability, and involuntary loss of employment.
Newgen’s Claims Automation solution auto-classifies claims as “fast track” or “non-fast track” and identifies admissible and non-admissible claims with built-in rules. . It performs product-based calculation rules for reserve, death benefit, disability benefit, critical illness, and final payable, and generate a claim summary sheet.
Using Newgen’s Claims Automation solution, Agents can leverage investigation portals and mobile apps for quick resolution and easy access. AI/ML algorithms enhance and accelerate fraud detection, mitigating risks and financial losses.
Newgen’s Digital transformation approach empowers organizations to accelerate process integrity by automatically validating bank account details provided by insured, for secure, accurate fund transfers during claim settlements.
Rules-based payout determination helps organizations reduce manual efforts and minimize errors. The solution streamlines processes and speeds resolution with complexity-based claims triaging and assignment.
The Newgen Claims Automation Solution ensures transparent and timely life insurance claims processing with an escalation matrix and effectively track claims processing.
The implementation of Newgen’s AI-powered solutions enabled the Life Insurer to accelerate claims processing, improve underwriting decisions, reduce fraudulent claims, and ensure compliance with regulatory requirements. It also helped the organization achieve 35% faster claim settlement along with 15% reduction in underwriting discrepancies.
