Insurers Deliver More Accurate Life Claims at Lower Costs with Pegasystems

CAMBRIDGE, Mass. – May 23, 2011 Pegasystems Inc. (NASDAQ: PEGA), the leader in Business Process Management (BPM) software for customer centricity, today unveiled an updated solution  to help insurers drive down operational costs while delivering superior customer service. Pega Claims for Life Insurance sets a new standard for the insurance industry by significantly reducing long claims cycle times and expenses while simultaneously increasing claimant satisfaction.

The solution also empowers insurers to more effectively address regulatory compliance.  Pega Claims for Life Insurance automates the entire range of life claims – Whole Life, Universal Life, Fixed Annuities, Term Life, Group Life and Variable Annuities – and manages highly cumbersome processes that leave no margin for error.  The solution frees insurers from searching disconnected and rigid systems including paper archives and microfiche for relevant information. This newfound agility results in lower costs and elimination of bottlenecks and delays in resolving claims.       

Pega Claims for Life Insurance provides intent-led automation that manages any loss event from inception to close.  Pega takes the most complex life claims process and orchestrates its entire lifecycle.  Its unique process-driven approach and dynamic case management capabilities allow insurance examiners to focus their talents on critical needs while improving visibility and overall flow of claims across the organization.  Less complicated claims can be resolved without human intervention, thanks to straight-through automated processing.

This solution, an extension of Pega Claims for Insurance offering, also enables insurers to better evaluate the current financial needs of beneficiaries and claimants so they can provide suitable financial and service offers tailored to their specific needs.  Pega solutions are now in use at many of the world’s best-run insurers.

Pega will demonstrate the solution’s capabilities at Booth #541 at the annual ACORD LOMA Conference on May 22-24.

 

Supporting Resources:

To see Pega’s claims offerings, visit: https://www.pega.com/solutions/by-industry/insurance/claims-processing  

 

Quotes and Commentary:

Matthew Josefowicz, Partner and Managing Director, Novarica 

“Life Insurance claims is an area that's been under-invested in over the past decade as life insurers have focused on other needs.  However, the emergence of more complex life products with multiple living benefits and riders means the claims process is becoming more of a focus of customer experience, with a bigger potential impact on customer retention.  This increased need combined with the emergence of new solutions that leverage modern information technology capabilities and principles creates a new impetus for life insurers to revisit their strategies in this area.”

Leo Sugg, Insurance Business Leader, Pegasystems

“Though it’s a core process for life insurers, the area of Life Claims has historically been underserved by technology.  Yet the changing demographics and increasing focus on service and retention of assets has prompted many insurers to take a closer look at making strategic investments in improving operational efficiency. These improvements will help life insurers differentiate themselves, while also cutting costs, addressing compliance, and streamlining operations.”

 

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About Pegasystems

Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at www.pega.com.

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The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.

 

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Lisa Pintchman Rogers
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+1 617-866-6022

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Jon Brigden
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Pegasystems Inc.
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U.S.A.
Phone +1 617-374-9600
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