It is well known that retaining existing customers is always more cost-effective than acquiring new ones. The claims experience is pivotal to customer retention. The claims strategy has three fundamental pillars: claims efficiency, claims effectiveness and customer service. With legacy infrastructure where various systems are distributed heterogeneously and working in silos, it is hard for insurers to provide customer claims efficiently and in short time. Customers are always eager to know the status of claims as soon as possible. With systems which are not synchronized quickly, it is almost impossible for the insurer to provide an accurate status of claims to the customer.
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March 16, 2018