Partnership to tackle costs, fraud and leakage in the insurance sector

Logica, a business and technology service company, is pleased to announce a partnership agreement with General Insurance software provider, IT-Freedom, to help insurers address the challenges created by aggregators, reduce the costs of processing claims and tackle fraud.  Under the partnership Logica will provide, consultancy services to ensure business processes are optimised; implementation services to make sure the project is delivered on time and within budget; and migration skills for effective transfer of data from legacy applications.

The partnership will enable insurance companies to buy advanced automated policy and claims software while at the same time benefiting from Logica’s financial services experience and implementation skills. The impetus for the partnership has been largely driven by the need for insurance companies to reduce costs in the wake of the recession, fierce online competition and increased levels of fraud.

IT-Freedom’s flagship product, ICE Claims, enables customers to register online and track their claim throughout its lifecycle. In addition, new processes can be quickly configured for the system by business users without requiring specialised programming skills, ensuring that insurers are not locked into expensive technical support agreements.

According to Andrew Lloyd, Director – Insurance & Wealth Management, Logica, “The insurance market is continually looking to improve its customer services but at the same time improve upon efficiencies – and technology vendors such as IT-Freedom can help insurance providers adapt and take advantage.”

Andrew Lloyd added, “IT-Freedom has created products of real quality that will have a positive impact for customers and providers. The truth is that market forces mean that insurers cannot stand still, and unless they innovate they will become uncompetitive. As an enabler, the process-led design of technology solutions such as ICE Claims allows insurance companies to augment a sustainable business model that addresses current and future challenges.”

Mick Sargeant, Managing Director, IT Freedom comments, “The new reality is that customers no longer remain loyal to a particular insurer. Instead, they search for the lowest premium using aggregator websites. Along with the need to deal with an increase in fraudulent claims, insurers must dramatically reduce the high cost of processing claims if they are to remain competitive.”

He goes on to say, “Logica’s proven implementation and consultancy skills combined with the ICE products from IT-Freedom will help deliver a more streamlined and transparent process for the claimant and one that is less costly for insurers, freeing up capital to enable the business to grow.”