Polaris Financial Technology announced the launch of Life Claims in the Cloud at the ACORD LOMA Systems Forum in Orlando, Fla., this morning. The vendor says that the new offering will help life, annuity and health insurers take advantage of the efficiencies of cloud computing to run a claims solution for as low as $10,000 per month without lead time to deploy.
Polaris touts the benefit of the new offering as permitting claims managers to focus on processing claims quickly and enhancing customer experience rather than spending long cycles on limitations of the claims process and IT provisioning.
“Understanding the value of cloud options and considering how they can be deployed effectively to solve existing business problems should be part of every insurer’s strategic plans,” comments Matt Josefowicz, managing director, Novarica.
As insurers expand their product offerings in disability, critical illness and annuities, they will experience increased claims volume, accompanied by increased expectations of successful interaction from their customers, according to Pranav Pasricha, CEO, Polaris insurance. “Forward-looking insurers will add a higher quality customer experience to their list of outcomes,” he comments. “The challenge for carriers is to maintain profitability while remaining competitive and relevant to the needs of the market. With Life Claims in the Cloud, they can achieve their goal to elevate customer experience with easy and effective claims processing at a fraction of the cost and without having to worry about IT issues.
Key benefits to insurers from Life Claims in the Cloud include the following, according to Polaris:
- Better claims outcomes;
- Simplified claims operations;
- Enhanced customer experience;
- Regulatory compliance;
- No up-front IT investment
- Easy integration with backup and recovery functions.