L&T Infotech, a Mumbai, India-based global IT services and solutions provided, has introduced Claims Optimization Services. The new service, supported by L&T's Claims Accelerator Toolkit (CAT) and pre-defined business components, allows for "incremental transformation" of a carrier's existing claims systems, according to an L&T Infotech press release.
L&T Infotech executive vice president for insurance Avinash Lele suggested in the press release that more wholesale claims system 'overhauls' are inherently risky and costly. "As against the conventional 'rip and replace,' our approach guarantees incremental improvements, lower initial spend, quick payback and reduced risk for carriers," Lele said.
The vendor's Claims Optimization Approach assesses an insurer's existing claims platform from both a business and technical perspective, company sources said. A modernization roadmap is then instituted, leading to component-based solution implementations to enable more straight-through processing (STP), collaboration, performance management and content management, according to the release.