Hyderabad: Pegasystems Inc., 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 insurersfrom 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.