Toronto-based life insurer ivari Canada ULC has partnered with Montreal-based software provider Equisoft Inc. to adopt a new platform that will help to improve the insurance claims process.
The new claims platform, which is based on the Oracle Insurance Policy Administration (OIPA) system, went live this month. It replaces ivari’s legacy system and supports claims processing for ivari life, accidental death and critical illness products.
“It makes the whole process faster and better,” says Olivier Lafontaine, vice president of insurance at Equisoft, in an interview with Investment Executive.
Under the old system, Lafontaine explains that claims adjusters were required to enter policy information manually in order to process claims. As the new platform is integrated with ivari’s policy administration system, those details are now transmitted automatically.
“Now, everything is integrated; and so, it’s automatically bridged from their policy admin system into the claims area,” Lafontaine says. That helps ivari to access the relevant information more quickly and improve responsiveness when the insurer receives an inquiry from a claimant.
“It improves the quality of customer service during the claims process,” he adds.
The new platform also enables ivari to automate the processing of more types of claims, including compassionate assistance claims that let policyholders who are diagnosed with a terminal illness take a loan against the death benefit of their policy. Whereas those claims were previously processed manually, they can now be handled on the new platform.
“Equisoft has in-depth knowledge of the insurance space and we believe their solution will improve our customer experience during the claims process,” said James Betton, senior vice president, chief investment officer and life operations at ivari, in a statement.
Equisoft is an OIPA integration partner for approximately 20 insurance carriers globally.
Photo copyright: liorpt/123RF