Cholamandalam MS General Insurance Company (Chola MS) Ltd., which is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan, has recently been awarded "The Innovation Heroes - Achievers Series 2013" for its end-to-end automated motor claims settlement process.
Sundar Venkitakrishnan - Sr. Vice President - I.T & Operations collected the award on behalf of Chola MS.
The award has been instituted by DynamicCIO.com.
The company has informed that Chola Motor Claims Connect - the automated claims settlement process has helped to reduce the Claims Settlement Timeby more than 20%. This has also resulted in 20% reduction in the average claims handling cost and improved the customer satisfaction significantly.
S. S. Gopalarathnam, Managing Director, Chola MS said "This is very proud moment for us. This end to end technology enabled process has been implemented successfully and has helped us achieve 95% of claims settlement ratio."
The Claims Connect Workflow, the end-to-end process automation of the Claims process, eliminates paper work and manages the process online.
The workflow built on the BPM Cordys platform provides an interface to our corporate clients for online registration of claim.
The application also integrates with the mobile "Survey On-the-Go" application and also to the Core Insurance application.