Redefining the Operational Structure of a Leading Claims Management Company with BRIM

Insurers today should find ways to establish successful strategies and pursue innovative business models. Developing flexible product solutions suitable for a challenging business landscape has become imperative. They should achieve operational efficiency and flexibility to succeed and gain a competitive edge. In this case study, you will discover how Mobolutions had helped an internationally renowned insurance company in its billing management journey.

Key Takeaways

  • Learn how we successfully implemented SAP BRIM solutions and effectively eliminated the process silos, manual workarounds, and inaccurate billing processes.
  • Find out how we built streamlined billing capabilities, which in turn helped the company optimize their current core business activities.
  • Discover how we reorienting their business capabilities and insurance offerings with collective billing, revenue recognition, and reconciliation processes.
  • How Mobolutions was a key player to help the company augment their own product, service offerings, and improve their overall customer-service propositions.
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The challenges they faced

  • The insurance company’s Master Data was stored in multiple, disparate systems. The process of collecting, storing, analyzing, distributing, and using data was performed with outdated methods, making quick access difficult.
  • The client was looking to bring their insurance products to market rapidly and modify product attributes as they refine the offering. But their legacy infrastructure lacked flexibility and was burdened with dated databases and architectures.
  • The company’s desire to integrate key enterprise components such as CRM, Finance into their business ecosystem was met with delay due to manual processes.
  • Most of the 30+ application interfaces were predominantly fraught with manual processes. The company lacked end-to-end process visibility and suffered under manual, spreadsheet-based procedures.
  • The company had a complex monetization model that incurred inconsistent rating rules and led to revenue leakage. Inaccurate accounting due to a lack of reconciliation reports was another major flaw in their systems.
  • The client found it difficult to review hundreds of thousands of invoices with different terms, rates, and formats to identify inconsistencies and perform billing reconciliation.

Mobolutions’ solutions through SAP BRIM

  • By tightly integrating SAP BRIM, we provided a trusted financial and management reporting system. The company could engage with customers through real-time interactions aided by relevant and accurate information.
  • SAP BRIM’s focal point was legacy modernization across core administration systems. With streamlined process orchestration, we could help them with real-time transactions and a digital experience.
  • SAP BRIM helped the client to build customer relationships in the digital landscape with a systematic integration. This led to major improvements in ROI and generated significant business value.
  • SAP BRIM effectively eliminated process silos, manual workarounds, inaccurate processes with an integrated insurance workflow that created operational efficiencies and reduced manual processes.
  • By leveraging SAP BRIM, we helped them with the instant generation of collective billing based on the usage data, revenue recognition, and reconciliation processes.
  • The company’s core billing processes were re-engineered with SAP BRIM as we did address instances of over and under billing.

The business benefits

Taking billing and revenue automation from proof of concept to large-scale deployment helped the client step towards building a sustainable business.

We optimized their claims managements processes with flexibility and scalability to support various monetization models. The business expanded its services through increased consistency and accuracy of information.

From usage telemetry and mediation and rating to billing and invoicing, we helped them with agile billing through real-time monitoring and collection of usage data.

The company was empowered with greater visibility into their revenue and reduce reliance on offline data sources. They could manage configurable billing entities based on products and customers.

The clients could not only bundle services and insurance offerings, but the transition to a flexible consumption allowed them to collaborate with better-automated insurance management functionality, leading to higher profitability, streamlined workflows, and lower risk.

Client:
Sedgwick Claims Management​ Services, Inc​

Industry​
Insurance​

Products & Services
Claims Management, TPA​

Employees​
27,000​

Headquarters​
Memphis TN, USA​

Website​
www.sedgwick.com​

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