The document discusses improving the claims management process for insurance companies in India. It outlines issues with the current process such as high costs and poor customer satisfaction. An efficient claims system would use technology to streamline the process, reduce costs, speed up claims resolution, and improve customer satisfaction through features like automatic adjudication and fraud detection. Selecting a claims management system that meets requirements, is configurable, scalable, and supports standards would help insurance companies process claims more efficiently.

1. Claims Management - Edge through EfficiencyObjectiveThe objective of this paper is to talk about the current state of the claims process and how an efficient and ideal claims system should be. This document is most relevant for the Indian insurance industry.IntroductionAs Insurance companies are becoming more mature in age and volumes, the number of claims arising is also increasing. Claims management is one of the key business processes which have a direct impact on Customer Satisfaction and overall relationship with the carrier. Claims management accounts for approximately 40% of an insurer's administrative overhead. Based on various survey results, average customer satisfaction is ‘Poor’ after going through the claims process. This kind of resource-intensive function will result in such poor customer satisfaction.Requirements for a Claims Management SystemIn claims processing, the main goal of an organization is to decrease claim processing cost. The same can be achieved by reduction in the claims processing TAT (turnaround time) and improvement in their closure rate. This, in turn, will not only help the carriers reduce the operational claims expenses but also result in better customer satisfaction. However, this process is often dampened by several inefficiencies – Error prone human intervention

2. Too many handshakes between the stake holders

3. Manually intensive paperwork

4. Couriering the documents