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Group 4

New Functionality Insurance Domain
Claim Processing Suite Policy Admin


Enterprise System
New Biz Policy Admin Claims Processing

Claims Suite
Claim Suite available from SAP, Oracle etc Current Claims Functionality :
I. II. III. IV. Accepting the claims Segregating based on face amount Automatic processing for smaller face amounts Assigning claims adjuster in larger face amounts

Process Flow
Current System
Disaster Segregat e Process smaller risk Vehicle Inspectio n Decide Custome Claim Acknowl edge Assign Adjuster Verify Docume nts Payment

Average Cycle time is 10 days

New Functionality

Start processing

Recorded sensor transmission SMS claim ID

Sales Office

New System
Collision Detector Identify claim Process smaller risk Decide Claim system Notify Sales Office Vehicle Inspectio n


Average Cycle time 2-3 days

Accurate and Faster Service Reduced overhead for Customer Less Service time Greater customer satisfaction Other services like Rescue or First aid can be added
Tech Change : Sensors, Real time data Biz Change : Faster claim processing, In case of emergency required people can be
notified or even notifying the police

Biz Impact : Customer satisfaction, Increased margin

Policy Admin
New Biz Policy Admin Routine administration for existing policies

Enter policy
Underwriting Actuaries Print Policy

Motor Vehicle insurance are term insurance Underwriting on the drivers behavior is done only once Every year, premium is calculated based on the health of the vehicle There is no way to track the behavioral changes of the driver Disadvantage of this system is premium is calculated only once in the term

New Functionality
Motor Vehicle Record (MVR) is sent to the insurance company after each travel (engine on to off) Each record contains details like max speed, time of travel, average acceleration, duration of travel, etc Business analytics is used on the records to calculate the risk based on the driving pattern Insurance premium takes all the above parameters as inputs unlike the current system which takes only the age of the driver and car

This would reduce the risk on insurance company Premium charged is more accurate as its based on the driving conditions of each vehicle Accidents reduce due to monitoring Tech Change: Car monitoring and GPS tracking system, Business Analytics Biz Change: Detailed inputs for premium calculations Biz Impact: Better risk analysis, Safer driving pattern, Increased revenue