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INSURANCE

Digital Equips Insurer to Be Ready When Disaster Strikes

The Challenge

In times of natural disasters, some of the unsung heroes are the insurance companies that help customers recover when they’ve lost everything. A major U.S. insurance carrier recognized that its largely manual catastrophe claims response process was riddled with challenges. This not only negatively impacted its operations but also led to a suboptimal customer experience. 

With multiple disparate teams managing operations, the company struggled with inefficiencies, low customer satisfaction and no consolidated visual view of catastrophic response operations. The carrier engaged Cognizant to help overhaul its claims response process.

Our Approach

Cognizant held a five-day workshop with the carrier’s team members across various functions. Tapping design-thinking principles, we developed a storyboard-style process map using customer journey mapping. Ultimately, we guided the insurer in implementing our Interactive Exposure Map™.

With business intelligence and precise Google Maps-driven geocoding, an extensive location database and integrated weather-related data can be used to predict catastrophic events. We helped the insurer implement workload balancing, adjuster deployment and route optimization, as well as technologies such as drones, 3-D imaging and Internet of Things (IoT) devices to help automate underwriting and claims adjustment.

 

Digital Puts the Focus on Response in Times of Catastrophe

Because catastrophic events are seasonal, Cognizant’s solution-as-a-service option is ideal for this carrier; it’s priced based on usage. The company can scale services, and the resulting costs, as needed in response to weather-related events. Plus, the streamlined and automated claims process is improving both customer and employee satisfaction.

30%

improvement in claims processing efficiency

$300,000+

reduction in annual operations costs

Improved

customer satisfaction and optimized field adjuster utilization

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