Digital transformation continues to reshape the current and future state of many industries, and the insurance sector is no exception. This is the main reason companies must embrace change and rethink their business model in order to move towards more compliant and secure digital operations.
“For a major international insurance company like RCI Insurance, which provides insurance solutions to more than 2.5 million customers across seven European countries, coming up with a claims management solution that delivers efficiency was a must. What we developed was a platform with over 30 per cent increase in productivity and a significant reduction in time to handle claims,” Christine Falzon, chief sales officer at ICON, says.
Christine Falzon, chief sales officer at ICON“We are seeing how more companies are now embracing new digital capabilities that help them streamline the development of new products, digital experiences, thus enhancing customer and employee satisfaction,” Falzon adds.
“So, when RCI approached us with their brief, they were very clear: they wanted a solution that reflected their mission to always achieve the best possible outcomes for their clients. In ICON, they found a digital solutions partner with experience and expertise in the insurance industry to develop a highly customisable and future-proof insurance software solution for their company.”
Through this project, RCI Insurance were after achieving more efficient numbers, more cost-effectiveness, innovation and flexibility in the application of the new solution.
“Their target was to achieve efficiency through a reduction of 20 per cent in the length of their claims handling process. We helped them achieve over 30 per cent reduction. We also achieved cost-effectiveness through a reduction in the overall running costs of the insurance claims management software, applying a highly innovative and customisable solution that has now increased the speed to go-to-market with new insurance products and/or country deployments.
“Companies are now embracing new digital capabilities”
Finally, they are also enjoying the flexibility they needed by being able to manage and support the system internally.”
Falzon explains that output is the most important thing when measuring success of any project.
Claudio Bovo, CIO and business development officer at RCI Insurance“We are proud to have had the opportunity to work so closely with a partner like ICON, whose dedicated multidisciplinary team of experts understood our pain points from the very beginning and worked hand in hand with our team to execute their brief in line with our vision,” Claudio Bovo, CIO and business development officer at RCI Insurance, says.
Guided by constant consultation with ICON, RCI Insurance opted for a custom-built claims management system which was to be supported by pre-built software components.
“One of the strengths of our service lies in the fact that ICON allocates a dedicated, multidisciplinary team to every project. We sit with the client to understand what their expectations are and we deliver solutions that are tailor-made to their requirements,” Falzon comments.
The insurance management software included key capabilities that empower RCI Insurance with the ability to rapidly launch new products, improve their claims handling process and increase their operational efficiency. A key feature of ICON’s platform is its flexibility as it allows our business users to quickly adapt to market changes.
The system is also multilingual, supports multi-currency and can be configured to support various insurance products, workflows and reporting metrics. The platform is also interconnectable with both internal and external software systems to ensure data consistency and a real-time view of a customer’s claims process. And given the highly regulated industry we operate in, key importance was placed to ensure the system meets the regulatory requirements across the different target countries,” Bovo adds.
“Collaboration with RCI Insurance has been a great opportunity and a learning curve for ICON. Our tech team unlocked the potential of the latest technologies and delivered a solution that achieves modularity, scalability and performance efficiency. On top of that, working with RCI Insurance not only improved our understanding of the insurance industry but also gave us the ability to cater for multinational business needs.”
Besides achieving over 30 per cent increase in staff productivity, ICON’s solution also meant a more streamlined system for the submission of claims where total clicks have been reduced from 15 to just seven.
RCI Insurance’s commissioning of a claims management platform was a one-off project but when the company recognised the value of its relationship with ICON, the agility in execution and the flexibility we offer, they switched to ICON’s framework agreement.
“What this essentially means is that at the beginning of the year, RCI Insurance provides us with their high-level vision which we then transform into tangible MVPs which we release every six weeks with the ability to change their requirements or re-prioritise the MVPs based on their business needs,” Falzon notes.
Bovo concludes: “Today, ICON deploys our claims management system across our new markets and they help us launch new insurance products thanks to the between our internal team of developers and business analysts and ICON’s team. My advice to anyone thinking of undertaking a digital transformation project would be to find a partner who collaborates closely with you from the beginning to get the best solution out to the market. We found this in ICON.”