Insurance Process Management - Streamlining the Insurance Industry for the Digital Age
The insurance industry is a fiercely competitive sector, with companies constantly striving to enhance customer experiences throughout the insurance buying, policy servicing, and claims settlement processes.
Karma Global collaborates with insurance companies, aiding them in expanding their business operations beyond geographical boundaries while maintaining global competitiveness through digitization and automation. In response to ever-evolving requirements, business scenarios, and statutory mandates, the company endeavors to develop cutting-edge BPM (Business Process Management) solutions for insurance industry digitalization and business transformation. These solutions ensure high traceability and visibility throughout the customer journey of the insured and their beneficiaries.
Karma Global has positioned itself as a key driver in accelerating insurance companies’ adoption of the digital paradigm. The company offers comprehensive BPM solutions tailored for insurance companies, enabling the entire insurance process value chain to undergo a seamless digital transformation.
Advantages of Karma Global's Solutions:
Precision Deliveries
- With a rich history in the industry, Karma Global brings a wealth of knowledge and expertise to the table.
High Visibility and Traceability
- The company is proficient in delivering intelligent solutions tailored to meet the unique needs of banking and financial services enterprises across both international and domestic markets.
Automated Processes
- Karma Global boasts an impressive track record, processing millions of accounts annually, ensuring efficiency and reliability.
Geographical Reach
- Karma Global has successfully implemented automation projects, spanning point solutions to comprehensive end-to-end automation models across geographical boundaries.
Dedicated Resources
- Precision and accuracy are paramount, and Karma Global excels in ensuring compliance with statutory regulations on time.
Insurance Process Management Offerings
Financial Operations & Collection
- Institutionalize the digital paradigm in Insurance financial operations and collections cycles, optimizing efficiency at every touchpoint.
- Services encompass cheque processing, mandate attachment and de-attachment, electronic clearing service (ECS) changes, refund processing, and premium collection.
Customer Support Services
- Elevate customer satisfaction and engagement through insurance digital transformation, providing a seamless digital experience and fast turnaround time at each level of customer interaction.
- Services include client-level changes, policy-level changes, reinstatement, payout processing, and ULIP investments.
New Business Insurance
- Embrace digitalization and automation for new business origination and onboarding, reducing risks associated with manual operations and expediting case opening.
- Key touchpoints include tab-based log-in, scrutiny and case verification, case preparation, medical data capture, pre-printing quality check, and customer and agent on-boarding.
Ancillary Services
- Bolster ancillary support throughout the customer lifecycle of the insured and their beneficiaries, leveraging insurance digital transformation.
- Services include voice call audits of agents (call centers), customer email audits, voice of customer (VOC) investigation, pick-up and drop facility, mailroom, scanning, and printing of letters, ad hoc resource support onsite, and other support functions.
Claims Processing
- Ensure utmost transparency and visibility throughout the claims processing stages. By eliminating fraud and malpractices, Karma Global streamlines the claims processing lifecycle.
- Enhance the turnaround time of insurance claims settlement, thereby increasing customer satisfaction and net promoter score for digital engagements. Covered areas include health claims, death claims, group/partner claims, unclaimed payouts, and claim investigation.
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