Gartner (News - Alert), in a recent report titled, “MarketScope for North American Property and Casualty Insurance Claims Management Modules,” has recognized Pegasystems Inc. for the effectiveness of its advanced customer-centric casualty insurance claims solution. Pegasystems (News - Alert) is one of the leading providers of Business Process Management (BPM) solutions.
In a release, Leo Sugg, insurance business leader for Pegasystems, said that, “We believe being listed by Gartner in this well-followed report affirms the many successes our insurance clients have achieved, including increased customer loyalty and faster, more efficient claims handling, from first notice of loss to subrogation. Our Build for Change technology drives a myriad of efficiencies for insurers, and those who take a customer-centric approach continually see improved and predictable business outcomes.”
Gartner research and client inquiry demand has revealed that North American property and casualty insurers are keen on deploying stand-alone claims management modules in place of their legacy claims systems to deliver support for commercial and personal as well as specialty lines of business.
The need is for a vendor who can deliver an innovative and scalable technology solution which supports easy deployment. The vendor should be able to ensure a commitment to continued innovation and product enhancement as business requirements expand.
The innovative customer-centric technology solution from Pegasystems offers insurers competitive advantages as it helps in optimizing operational efficiencies within the claims organizations. Customers of the company use its innovative claims solutions to bring enhanced efficiencies within their business structure, channels, and geographies. The end result is a reduction in leakage and indemnity costs with on-going improvements in service experience.
According to the report, “To achieve the most business value, claims management systems must support the entire claims lifecycle. This includes a set of functions, tasks and subtasks that handles first notice of loss (FNOL), claims setup, reserves, assignment, investigation, litigation, settlement, and administration and reporting... More advanced solutions include rule engines and workflow capabilities to automate activities, and they incorporate data and analysis from third-party systems and services to achieve faster, more informed decisions.”
In other news, Pegasystems Inc. recently announced that Texas County & District Retirement System (TCDRS) has chosen Pegasystems to modernize its legacy systems used to manage employer benefit plans. The multi-billion public trust will leverage Pega's dynamic case management technology to enhance services to members, respond more rapidly to customer needs, and improve information security and controls.
Edited by Jennifer Russell