Pune headquartered Zensar Technologies has announced a strategic partnership with San Antonio, Texas based software firm Claimatic to offer digital solutions to insurance companies.
The information technology (IT) services firm plans to combine its strategic consulting, enterprise delivery, and implementation services with Claimatic’s intelligent decisioning software, a statement said. The latter's software helps property and casualty (P&C) insurers streamline and automate claims management and assignment using real time, dynamic data.
The aim of the firms, the statement said, is to leverage each other’s strengths and drive value for their respective businesses as well as mutual clients.
“This collaboration will enable us to offer insurers digital solutions that will help them remain competitive and differentiate themselves. We look forward to mutual success and growth from this partnership,” Ajay S Bhutoria, CEO and managing director of Zensar, said.
In effect, the collaboration will solve two key problems faced by insurance companies -- adjuster assignment delays and high volume of claim reassignments.
An adjuster is assigned by an insurance company to investigate claims and determine the extent of its liability for settlement. However, due to various factors such as workload, availability, experience, certification and location, the task of assigning could get delayed, resulting in sub-par experience for the end-customer.
Claimatic’s next-gen intelligent decisioning engine has been solving this problem, and now, with this collaboration, it will take all the information from Zensar’s First Notice of Loss (FNOL) system and match it with the best available adjuster resource (by considering various factors) in seconds. The engagement will give their mutual customers a chance to get an edge over the competition and ensure a smooth claims experience.
“Partnering with Claimatic to deliver true claims automation allows our clients to automate the very beginning of their claims process, and then continue to build out enhanced functionality downstream,” Nachiketa Mitra, executive vice president and global head for BFSI at Zensar, said in the statement.
“Working in collaboration, we will unlock the full potential of a best-in-class claims automated management system, to place our clients on the best path for success by improving customer experience while materially lowering loss adjustment expenses (LAE),” he added.
For the quarter ended December 31, 2020, Zensar Technologies posted a profit of Rs 98.7 crore, up over 2X from Rs 38.3 crore a year ago.