Insurance - Cost Optimization

Cost Optimization

In the insurance industry, costs crop up in a variety of ways. From the costs involved in maintaining large workforces and infrastructures to the ones that arise from inefficient processes and untrustworthy data, enterprises must continually look for new ways to keep costs under control. Technology contributes to improving core metrics, enhancing the quality of data and analytics, and driving competitive advantages that keep costs down.

How We Help

Prolifics works with financial services enterprises to support new business initiatives, including…

New Business Models Case Study

Modernized Insurance Claims

Prolifics modernizes an insurer’s claims adjudication application, increasing employee efficiency and delivering a projected $2 million in business and IT efficiencies.

Email or call us +1 (800) 458-3313

 

 

Prolifics' Capabilities

Process Accuracy >> 

Mature, out-of-date processes (like estimating, modeling, valuation, reporting, and analytics) can burden your organization...

Mature, out-of-date processes (like estimating, modeling, valuation, reporting, and analytics) can burden your organization with difficulties surrounding these critical business operations. Enterprises often rely on inefficient systems that require extensive manual involvement, rely on untrustworthy, limited, or siloed data, or have aged coding systems. These factors, when altered, can introduce errors that impact overall accuracy and can lead to regulatory penalties.

Prolifics provides remedies for organizations utilizing cutting-edge analytics, modeling, and valuation technologies. We provide approaches to capturing, managing, and, more importantly, maintaining an organization’s business assets. Our experts can assist your business in building powerful data management dashboards and master data management approaches, as well as intelligent workflows and business decision capabilities that enable scenario prediction and trend and shock analysis, transforming your data into insight. The Prolifics team can show you how to tie new business solutions into existing infrastructure to allow your organization to implement your business strategy without replacing the complete environment.

Competitors’ Cost Pressures >> 

As competition grows, cost pressures surrounding labor are building up throughout the industry, driving insurers to search...

As competition grows, cost pressures surrounding labor are building up throughout the industry, driving insurers to search for new ways to control the cost of doing business. When it comes to core organizational processes and customer interaction channels, enterprises can live up to customer expectations while containing costs with a digitized workforce by replacing manual, repetitive work with digitized solutions. Digital-native insuretech startups are often ahead of the curve on this initiative when compared to traditional insurance organizations. Enterprises must keep pace to remain competitive in an ever-changing market.

Redesigning your systems to create a digital-focused environment is the first step toward success. Prolifics helps automate your business processes and introduces cutting-edge user experience technologies to create a superior level of customer engagement, all while managing the costs involved.

Enterprise Agility >> 

As the insurance market changes in response to industry pressures, regulatory updates, and new entrants...

As the insurance market changes in response to industry pressures, regulatory updates, and new entrants into insurance, it impacts the profitability of traditional insurance offerings as well as organization’s overall growth potential. By re-focusing your business strategies and approaches, your enterprise can prepare for an uncertain future by building flexibility and agility into product offerings and customer engagement.

Partner with Prolifics to elevate your business strategy and implement the latest and greatest technologies for recalibrating your enterprise. This digital business automation, analytics and decision modeling, and integration between all your systems and lines of business.

Improving Metrics >> 

Insurers demonstrate success by their ability to meet key industry metrics. These include average cost per claim...

Insurers demonstrate success by their ability to meet key industry metrics. These include average cost per claim, time to claim settlement, return on surplus, expense and loss ratios, components of claim costs, and other metrics that are crucial priorities at which organizations must excel. Remaining at the forefront of the crowded insurance space means improving on these metrics—and improving on these metrics requires the adoption of dynamic technologies, both meeting today’s needs and positioning your organization for the future.

Prolifics can help businesses embrace the tools and solutions necessary to further enhance their core operations. Our experts leverage robotic process automation, digital business automation, and digital transformation to speed and streamline business functions, as well as analytics to understand and improve on business rules, decisions, and processes.

Data Quality >> 

Data is a key asset to all insurance organizations. Volumes of data are constantly growing, creating...

Data is a key asset to all insurance organizations. Volumes of data are constantly growing, creating new revenue opportunities powered by informed decision-making—but also leading to a higher incidence of data issues and errors that can impact business. The ability to have data when and where you need it from a centralized location is key to success. By leveraging big data with confidence that it is trustworthy and fit for use, your enterprise can capitalize on the possibilities it has to offer and reduce the costs associated with errors and inefficiencies.

Prolifics’ experts are leaders in data management, analytics, and other disciplines that help you manage the information tide. We introduce data modeling, data cleansing, and processing of unstructured data sources to help you gather the greatest possible repository of information and transform it into business opportunities.

Technology Makes it Possible

Prolifics' expertise across multiple specialties enables us to create unique, comprehensive solutions for your innovative new business models. Technologies we typically leverage for these types of initiatives include: