Pegasystems’ New Claims Servicing Backbone Eliminates Silos, Improves Process Efficiencies
Cambridge, Mass. and Las Vegas NV – May 13, 2008 – Pegasystems Inc. (NASDAQ: PEGA), the leader in Business Process Management (BPM), introduced its new Claims Servicing Backbone (CSB) framework at the ACORD LOMA insurance industry forum today. This new framework increases productivity in the claims process by automating what has traditionally been a manual procedure handled by multiple departments utilizing multiple systems. Pega’s CSB provides intelligent claims processing through its end-to-end management, tracking, and reporting on policyholders’ requests for payment, along with real-time metrics and analytics. By automating the process and ensuring the flow of work across departmental silos, CSB dramatically reduces claims processing times and expense, while improving accuracy, compliance and customer experience.
Pegasystem’s architecture provides unique capabilities that enable a carrier to initiate business process change selectively and in targeted areas, and then expand across the organization. For example, a Personal Lines Carrier might start with an improved process for settling towing claims, then expand into glass replacement. Eventually, at the discretion of management, the system could move into more complex areas – creating an enterprise solution without disruption.
Pegasystems’ CSB provides the industry’s most comprehensive automated approach to claims processing. Insurance carriers will enjoy significant operational improvements, including:
- Improved service levels and compliance documentation through the elimination of paper forms and manual decision making
- Linkage to all systems of record, tying a claim to the in-force policy from the moment of inception.
- “Straight-through processing” of first-party claims such as glass replacement and towing
- Intelligent underwriting through powerful real-time metrics, analytics and tools that feed claims data back into the underwriting process.
- Full-featured tracking and reporting of regulatory and internal controls across business functions, with secure segregated access for auditors and examiners to monitor controls and review suspicious activity.
- The ability for carriers to capture and integrate intellectual capital and internal best practices into the business processes, ensuring that management intent is achieved and can be monitored across all activities.
“The most successful carriers are those that have achieved cohesive visibility across many different departments. Their processes are linked, measured, controlled and more intelligent,” said Gary Kirkham, director of insurance industry solutions, Pegasystems. “Pega’s sweet spot is in helping executives in the complex insurance business do work seamlessly across silos and apply data from one part of the business into another to make intelligent decisions. Our CSB solution is designed to unify processes and improve visibility across the organization.”
Pegasystems also announced its CPM for Insurance solution, a new contact center framework which provides an intent-driven approach and all of the capabilities needed to operate a highly efficient multi-channel customer service center. For more information on both products, visit Pega at the ACORD LOMA event, booth number 350.
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.
All trademarks are the property of their respective owners.
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.
Lisa Pintchman Rogers
VP, Corporate Communications
Director, Corporate Communications
Sr. Manager, Public Relations
Director, Corporate Communications
+44 (0) 118 9651 660
PR & Communications Manager
+44 (0) 118 9398 584
One Rogers St.
Cambridge, MA 02142
Phone +1 617-374-9600
Fax +1 617-374-9620