By using Beyontec Solutions’ claims management system, motor TPA Invita Claims Management Company is able to process a motor claim request from days to a matter of hours for insurers in Bahrain.
Just like in any other industry, the global insurance business too is undergoing a sea change in the way technology is being used to increase the insurance value chain. This global phenomenon has now reached the shores of Bahrain where insurance companies are looking to enhance customer experience and lower operational costs.
One of the six GCC countries, Bahrain is credited with being the first to begin oil exports way back in 1934 and became a buzzing financial centre by the 1970s. This in turn led to the rise of a vibrant insurance sector.
Introduced in the early 1950s, automobile insurance sector grew at a rapid pace in Bahrain, where motor insurance is mandatory, and became one of the most important regional insurance markets, second only to the UAE in terms of the total number of active underwriters. Today, it is the single largest class of business, generating gross premiums/contributions amounting to BHD78.88m ($209.23m) in 2016 compared to BHD76.16m in 2015, an increase of around 4%. Motor insurance accounted for 29% of the total premiums/contributions written by insurance market in Bahrain in 2016.
While the industry picture looked rosy, with high demand and consumption, it became a hyper competitive market where premiums were compromised to win business, making insurers bleed with loss-ratios in the 75-80% range. The biggest need of the hour was to put some checks and balances in place as the motor portfolio in Bahrain steadily deteriorated with the lowering of premiums and rising cost of claims.
Problem solving
One of the areas that insurers were looking to beef up efficiency levels and save on costs was in the claims management and administration services. A possible solution seemed to be the setting up of a third-party claims administrator (TPA) for the motor portfolio. While TPA administrators existed in medical insurance, it was never tried out for motor, as none was willing to take the initiative, even as Bahrain Insurance Association had concluded a study on the need for a motor TPA. Until Invita came along.
The Bahrain Kuwait Insurance Company (BKIC) supported Invita’s eagerness to establish motor TPA services in Bahrain. Invita, a wholly owned subsidiary of BBK (Bank of Bahrain & Kuwait), is one of the largest call centres and BPO services companies in Bahrain.
Invita took the lead and set up Invita Claims Management Company (Invita Claims) as a subsidiary, with other leading Insurance companies such as Bahrain Kuwait Insurance Company, Takaful International Company and t’azur Takaful Insurance Company as stakeholders.
In 2017, Invita Claims was licensed by CCB (Central Bank of Bahrain), as an insurance ancillary services provider – a TPA. The main focus of Invita Claims is claims management in motor. It offers core claims management services, as well as add-on services like roadside assistance and vehicle replacement. Invita Claims, which focuses on the B2B2C segment, will soon move into a dedicated facility in Manama, serving some of the largest insurance companies as its customers.
Efficient process
So, what makes Invita Claims unique? To begin with, what would have taken days to process a motor claim request will now be completed in just a matter of hours, thanks to Beyontec Suite, a core solution provided by Beyontec Solutions, a leading insurance technology service provider. Using Beyontec Suite, Invita Claims will now be able to offer economies of scale, lower cost of operation, centralisation of data and delegation of power, leading to reduced turnaround processing time, faster approval process and improved customer service for insurance companies in Bahrain.
Mr Jose Jorge Menezes, general manager, Invita Claims Management Company, believes claims-related customer service determines how a customer views his insurer. Invita Claims will focus on simplifying the claims process to provide value to the insured and the insurer.
Global expertise
Beyontec Solutions was chosen as the partner for growth as it has deep global insurance industry expertise and its core solution, the Beyontec Suite, addresses all aspects of insurance business including general insurance, takaful, life insurance, medical insurance and insurance broking. The Suite is a workflow-driven solution designed to provide cost-effective alternatives by focusing on customers’ requirements and business challenges. Supported by experienced insurance professionals and support centres equipped with secure infrastructure, Beyontec Solutions will provide Invita Claims with world-class service and support 24/7.
Beyontec Suite met 80% of the companies’ business requirements which meant very little customisation was needed. This put Invita Claims at an advantage and made it market-ready fast.
Beyontec’s claims management solution minimises manual intervention by using workflow features, automated business rules and smart indexing of files, documents and images. It ensures complete transparency by storing claims information in a secure, central repository, accessible to authorised users. The questionnaire-based process, automated workflows, and its dynamic diary with escalations encourage timely processing, enabling managers to track productivity and to keep the policyholders updated and insurers in compliance.
Cost effective
Beyontec claims solution gives instant access to the First Notice of Loss (FNOL), adjusters’ reports and other claim-file components Insurance TPAs will need to be responsive to claimants. Beyontec’s workflows allows it to create new processes or match existing ones, eliminating the costly delays associated with paper files. This rolls out a goldmine of an opportunity for Invita to fulfil the TPA motor claims needs in Bahrain and to traverse beyond Bahrain into other GCC countries in the near future.
Mr Vivek Sethia, co-founder at Beyontec Solutions DMCC, said they were pleased to have been chosen as a strategic technology partner by Invita Claims for its motor claims management initiative. He is confident that his companies’ solution, Beyontec Suite, will be able to drive operational efficiencies and administer and respond to the go-to-market needs of ICMC with minimal customisation.
With robotics and automation taking deeper roots in the automotive sector, Invita Claims hopes to use technology to help it shift gears and stay ahead of the curve. M