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Aite Group Gives Highest Mark To The Oracle/Equisoft Stand-Alone Claims Solution

AITE Group Life Insurance Claims Vendor Report in North America Figure 3

Life Insurance Claims Vendors in North America: Evaluating Stand-Alone Systems

As more of a back-office function in comparison to front-office, customer-facing technologies and processes, claims has not yet been given much attention by life insurance carriers. As the U.S. life insurance industry starts to shift its focus to include back-office operations, claims is becoming a primary focus. The new attention to claims is occurring because of two main reasons, the first being operational cost.

Claims processes are old and very manual, driving up the cost of operations in this area for the life insurance carrier. The second key driver is the customer experience, or the beneficiary experience in the claims scenario. The very manual process of submitting a claim is driving a poor experience for the beneficiary and can impact the speed at which a claim is paid. Life insurance carriers are looking to develop more digital claims processes to support the beneficiary experience as well as to improve on the operational costs.

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The Oracle/Equisoft team supports not only basic reporting functions for business intelligence but also advanced analytics, such as predictive and prescriptive analytics. These analytical tools are used to support the claims experience and business processes as well as develop and maintain the rules engine. In addition, the Oracle/Equisoft solution supports predictive modeling for testing changes. These more advanced capabilities push Oracle/Equisoft into the lead and grant it the analytics award.

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