Chola MS has recently been awarded “The Innovation Heroes – Achievers Series 2013” for its end-to-end automated motor claims settlement process. Sundar Venkitakrishnan – Sr. Vice President – I.T & Operations collected the award on behalf of Chola MS. This award has been instituted by DynamicCIO.com.
The company has informed that Chola Motor Claims Connect - the automated claims settlement process has helped to reduce the Claims Settlement Time by more than 20%. This has also resulted in 20% reduction in the average claims handling cost and improved the customer satisfaction significantly.
S. S. Gopalarathnam, Managing Director, Chola MS said “This is very proud moment for us. This end to end technology enabled process has been implemented successfully and has helped us achieve 95% of claims settlement ratio.”
The Claims Connect Workflow, the end-to-end process automation of the Claims process, eliminates paper work and manages the process online. The workflow built on the BPM Cordys platform provides an interface to our corporate clients for online registration of claim. The application also integrates with the mobile “Survey On-the-Go” application and also to the Core Insurance application.
The stake-holders the Customer, the Call center executive who is the first touch point for the customer after an accident, Chola Claims Assessor, Garage servicing the accident vehicles, Claims processors, Banks and even IRDA are connected through an automated work-flow with an in-built escalation matrix to ensure faster and efficient claims settlement.
Claims are now intimated immediately, frequent updates on the claim status are sent to customer, garage and assessor through SMS and email alerts. This has ensured a faster turnaround to the customer and hence better customer retention. The company now has a single snapshot and single point of truth regarding the status of a claim, and it can also prevent fraudulent commercial vehicle claims.
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