Insurance

The insurance industry has become increasingly competitive over the past decade. Increased government regulations, shrinking premiums and the need for excellent customer service has created the need for many insurance companies to explore all of their options in order to stay competitive. Viveo Consulting’s insurance management services enable our clients to optimize, standardize, and automate the business processes and infrastructure that supports your organization. We can help your organization operate efficiently, reduce costs, and improve customer service through leverage of a more sophist acted IT infrastructure and process enhancements.

Services Offered:

Claims Processing

• Substantial Service Improvement
• Reduced IT Costs
• Up to 15 percent reduction in settlement costs
• A 20 to 30 percent reduction in the cost of claims management

Services for Life and Annuity Insurers

• 20 to 40 percent decrease in overall policy management costs
• Modify existing product features in weeks instead of months
• Reduce new product development costs by nearly 60 percent
• A one-third reduction in the cost of policy management errors while improving service request turnaround time

IT Outsourcing (Insurance Modernization)

• Decrease operational Costs by optimizing processes and use of technologies
• Increase product flexibility / speed to market due to improved underlying technology
• Greater integration and interoperability
• Improves the business value of your modernization initiative and the longevity of change through better-aligned business and technical architectures

Claims Processing:

Claims processing plays a major role in overall customer satisfaction within any insurance company. However, this area is almost always lacking in more than one area causing poor performance and resulting in customer dissatisfaction. This is usually due to poor allocation of tasks to skilled personnel, an inability to deal effectively with intricate, diverse insurance products, the growing burden of regulatory compliance and an overly complex and therefore inefficient processing platform.

VIVEO CONSULTING has the expertise to help our clients reach the optimal levels of accuracy and efficiency when it comes to claims processing. We focus on three key areas -- loss cost containment, expense control and service enhancement—to ensure customers' expectations are met, growth is supported and costs are minimized. VIVEO CONSULTING can also recommend the best claims software to suit our clients’ needs.

Services

• Claims processing and adjudication
• Payment Processing / Denial Management

Claim Management Services

• Claim intimation/registration
• Policy verification
• Claim documentation
• Claim assessment
• Approval and disbursement

Services for Life and Annuity Insurers:

VIVEO CONSULTING can help life and annuity carriers reach their maximum potential in the face of ever growing competition and Government regulations. The inability of overly complex technology environments to support innovation makes it difficult for carriers to develop competitive new products while containing cost. By optimizing your operations and leveraging the benefits of offshore outsourcing we will show you how to effectively gain this performance and sustain it over time.

VIVEO CONSULTING offers expertise, toolkits, software and services to help life insurers consolidate their systems, make sense of their operations, and simplify the overall process. With many insurers using aging policy administration systems…they have come to the experts at VIVEO CONSULTING to turn these systems into an easy to use, flexible and intuitive system. Everything from underwriting, vendor distribution channels to customized insurance products are easier to manage and more efficient with our expert services.

These improved metrics allow for our clients not only to realize greater profitability, but also understand what needs to be done in order to create a successful model for any new product or service that may be introduced into the market.

- Services

• New Business Acquisition (Application, registration, verification, quotes, etc)
• Enrollment Services
• Underwriting
• Policy Administration and maintenance (Doc Issuance, change requests, cancellation, renewal tracking, etc)

IT Outsourcing (Insurance Modernization)

Because most insurance companies are using inflexible, complicated, and even obsolete legacy IT systems, it has created a reduction in efficiency and burden on the entire organization. These systems are not just expensive but also have caused many other issues such as longer cycle times for claims-processing and high unit costs of application processing. Customer expectations, regulatory compliance, and moderate premium growth have also compounded the erosion of many insurance companies’ competitive advantage.

In order for our clients to stay at the top of the insurance industry their IT legacy systems need to be up to par. The main criteria depend on the alignment between infrastructure modernization and modernization of the operational context, which should consider the likely long-term landscape of the industry, industry benchmarks and enterprise strategy. VIVEO CONSULTING plays a critical role in providing a set of business and technology components to improve modernization planning and design, make a more educated case for change, and optimize business value derived from modernization.