All insurance companies have to deal with closed book policies. While the company has to honor these policies, they face many challenges in doing so. These include high cost of maintenance including dealing with legacy systems and low returns.
Gradatim can play a significant role for Insurers by managing their closed books in a very efficient and cost effective manner. Gradatim’s platform based closed book administration services will help Insurers reduce costs and improve customer satisfaction.
Gradatim’s closed book administration platform is futuristic and incorporates the principles of Service Oriented Architecture. Various business functions are encapsulated in to well defined modules that make it easy to customize. It is effectively integrated with workflow and BPM components to improve process efficiency and facilitate process optimization.
Gradatim’s closed book services covers both the core as well as non-core process and addresses the following:
Core Processes:
Billing and Collection
- Invoice generation
- Payment receipting
- Reconciliation
- Follow up
- Lapse processing
- Payment accounting
Customer servicing
- Simple change requests
- Complex change requests (with Contractual and Financial Implications)
- Loans processing
- Fund switches / Fund re-direction
- Customer Enquiries (Non-voice related)
Claims processing
- Registration
- Follow up requirements
- Process claims
Non-core processes:
- Document Management Services (Scanning and Imaging)
- Reporting
Gradatim adopts a proven methodology for knowledge transition and migration of closed books on to its platform. Gradatim believes in establishing long-term relationships with its customers and to be a partner in their growth and success. Gradatim offers attractive and customized pricing models to its customers for closed book administration.
Gradatim delivers value by:
- Providing large domain expertise and knowledge of closed book administration
- Bringing in knowledge of local regulations and geography specific requirements
- Providing quality procedures meeting international standards
- Delivering tailored solutions
- Reducing cost structures, increasing operating efficiencies
- Bringing the administrative cost per policy down
- Releasing management time and capital
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