Driving Real Impact In The Insurance Sector

COVER STORY

ICON Ups RCI Insurance’s Claims Management System Efficiency By Over 30%

“For a major international insurance company like RCI Insurance that provides insurance solutions to over 2.5 million customers across seven European countries, delivering a claims management solution that truly delivers efficiency was a must. What we developed was a platform that resulted in an over 30% increase in productivity and a significant reduction in time to handle claims,” says CHRISTINE FALZON, Chief Sales Officer at ICON.

The digital transformation continues to reshape the current and future state of many industries and the insurance industry is no exception. This is the main reason companies must embrace change and rethink their business model to move towards more compliant and secure digital operations.

“We are seeing how more companies are now embracing the fact that new digital capabilities help them streamline the development of new products, digital experiences and helps them enhance customer and employee satisfaction,” explains Christine Falzon.

“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 relevant 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 wanted to achieve more efficient numbers, more costeffectiveness, innovation, and flexibility in the application of the new solution.

“RCI Insurance’s target was to achieve efficiency through a reduction of 20% in the length of their claims handling process. We managed to help them achieve over 30% reduction! We also managed to achieve 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-tomarket with new insurance products and/ or country deployments. Finally, they are

now also enjoying the flexibility they needed by being able to manage and support the system internally,” added Christine Falzon.

“Output is the most important thing when measuring success of any project. 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,” remarked Claudio Bovo, CIO & Business Development Officer at RCI Insurance.

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. This involved splitting the solution into minimal viable products to ensure business users are frequently reviewing, testing, and familiarising themselves with the solution, the identification of a pilot market with whom to test the solution and the creation of a communication strategy to keep all stakeholders informed and updated.

“One of the strengths of our service lies in the fact that ICON allocates a dedicated, multi-disciplinary team to every project. We sit with the client to understand what their expectations are, and we deliver solutions

We managed to help them achieve over 30% reduction! We also managed to achieve 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.

that are tailor-made to their requirements. More importantly, we work with the client’s team to ensure that knowledge is developed and retained throughout the process, giving the client ownership and the ability to run the solution,” added Christine Falzon.

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.

“Today our claim handlers are enjoying a modern and user-friendly dashboard to handle day-to-day tasks and process claims efficiently with a limited amount of clicks and page refreshes. The system also allows controlled access that is provided to claim handlers and employees directly from the administrator dashboard while authorised users can access the system from any device, any time without having to install the software.

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 multicurrency 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,” added Mr Bovo.

“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. RCI Insurance has definitely made ICON a more dynamic, versatile, and fast paced company.”

Besides achieving over 30% 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 fifteen to just seven.

RCI Insurance’s commissioning of a claims management platform was a one-off project but when the company recognized 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 6 weeks with the ability to change their requirements or re-prioritise the MVPs based on their business needs,” adds Christine.

“Today, ICON deploys our Claims Management System across our new markets, and they help us launch new insurance products. A very smooth synergy has been created by between our internal team of developers and business analysts and the team contracted from ICON who working hand in hand, have managed to create a ‘hybrid team’ that allows us the flexibility that they need,” adds Mr Bovo.

“Most importantly, our employees’ feedback has been most positive as they have told us that they are now enjoying a greater user experience. 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,” concluded Mr Bovo.