Today the insurance industry across the globe is facing multifarious challenges on account of both dwindling premium receipts (due to a highly competitive market) and rising operating costs, increased cost per member/policy holder and higher loss ratios, fragmented and broken processes resulting in duplicate & missing records, use of legacy systems increasing manual interventions, lack of skilled resources to manage and handle seasonal fluctuations for any spikes in new business inflows and increasing pressure and strictures from the regulatory & compliance authorities. It has therefore become imperative for the insurance carriers and the third party administrators to look for more cost-effective options to improve the diminishing bottom-line and operational efficiencies.
iGATE offers innovative and highly competitive solutions for business process outsourcing for all types of insurance offerings – Life & Annuities, Property & Casualty and Health Insurance – spread across the entire value chain from new business to policy administration to claims processing. iGATE suite of comprehensive service offerings have helped several clients to deliver a high quality of service, significant cost take-outs, improved process efficiencies and compliance to regulatory guidelines. We leverage deep domain expertise, seasoned experts experienced in proven Third-Party Administration and 'back office' capabilities, due diligence and stringent monitoring practices to deliver strategic business value to our global clients – all this backed by a strong Six Sigma driven migration and process improvement methodology.
Click here to enlarge the image
- Full service TPA and BPO services
- Demonstrated capabilities in near end-to-end administration of Medicare Advantage Plans, amongst others that includes mail room operations, enrollments, claims processing, claims adjudication, premium administration, provider updates and other back-office processes.
- Integrated IT-BPO solutions bringing in highly efficient technology solutions like smart enrollment framework for Medicare, Fax Server for speedy document receipts, in-house workflow distribution capabilities for claims adjudication
- Experience on multiple administration platforms – Facets, QNXT, LuminX, Diamond, AmiSys, El Dorado, etc.
- Team of functional experts for Health, Life and P&C Insurance
- Strong understanding of regulatory compliance requirements.
Select Success Stories
Set up an offshore delivery center for a leading US based Health Insurance Carrier providing “end-to-end” services from onshore mailroom to offshore processing of enrollments & eligibility, claims processing (data entry, ANSI X12 837, re-pricing, adjudication), provider maintenance & agent servicing, long term care management; delivering significant and sustained cost savings to the client with an established CoE leveraging our domain expertise, technology solutions, transition methodology and flexible staffing model.
Providing integrated IT & BPO business solutions to a Third Party Administrator in “Processing Health claims for the leading US Health Insurance majors having more than 80 client acquisitions and over 8 million customer engagements.
Established a back-office claims processing unit offshore for a Fortune 500 Insurance company catering to student insurance, successfully implemented ANSI X12 837 mapping and NPI changes. Our continuous efforts to maintain accuracy over 99.9% and turnaround time of less than 24% have helped the client significantly in improving their bottom lines.