Reduced costs, improved customer service and competitive differentiation through claims processing

Cordys, a leading provider of software for business process improvement, has announced the launch of a new family of solutions for the insurance industry.

Under the “Industrialize Insurance” banner, the first capability to deliver improved claims processing to the General Insurance market is launched this week. Built on previous customer implementations in the industry, insurance organizations will be able to use the Cordys capability to improve claims processing, reduce indemnity, improve customer service, drive more value from existing policy systems and legacy, reduce turn-around time and launch new products and services to market faster.

According to the CEA European Motor Insurance Market Report published in February 2010, the number of motor insurers in Europe has been decreasing steadily and totalled fewer than 1100 in 2007. However, competition between insurance companies has remained intense in what is the largest motor market in the world, with more than 315 million vehicles.

Commenting on the report Matt Davies, Cordys Director of Product Marketing said “While the number of insurers has been decreasing steadily, competition between insurance companies has remained intense. Insurance companies have to deal with challenges such as increased competition and price sensitivity of the customers. The Claims Processing solution provided by Cordys is aimed to improve the efficiency of claims processing, reduce operational cost and indemnity and reduce fraud. By combining out of the box claims capability with easy configuration and assembly of these new applications, insurance organizations can really impact the way they do business in difficult, competitive times.”

Hans De Visser, Chief Marketing Officer of Cordys said “This approach of delivering out of the box industry capability together with the enabling of the subject matter experts in an organization to build their processes, their way, with their existing systems and approach in the way they want is fundamental to Cordys. With regards to insurance we believe that this unique combination of capabilities will allow organization to industrialize their general insurance claims and dramatically impact their business operations. Cordys have previously delivered substantial business benefit to insurance organization such as Axa, Aegon Religare, Fortis and ASR to name just a few. ”