Cognizant Solutions Overview

Rapid Claims Innovation Solution Overview Rapid Claims Innovation Solution Overview 1 PB

Rapid Claims Innovation Solution Overview

Everything you need to rapidly transform your claims business. Wherever you want to go with your claims business, Cognizant can take you.

Cognizant Solutions Overview

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Solution Overview: Driving rapid claims innovation.

Step into the claims process of the future. Where natural language generation systems work alongside intelligent data extraction algorithms to write claim summary reports while adjusters focus on the more complex aspects of each case. Where the most junior adjuster is able to handle complex field assignments because they can collaborate in real time with an experienced mentor via video to answer any questions or concerns. Where a customer can get an estimate based on a photo sent from their smartphone.

Claims processes of the future are available today, thanks to rapid developments in technology and services. And it has the potential to vastly reduce your claims handling time and costs.

There have never been so many ways in which IT innovation can be applied to help reduce the cost of claims handling. For example, you can:

• Combine process automation with specialized business process services, eliminating manual activities while shifting the balance to appropriately skilled and valued resources, driving a 30%-plus expense reduction.

• Hasten workers’ compensation settlements through worker, employer and physician collaboration to reduce time away from work.

• Assist recovery using big data techniques to spot additional opportunities for subrogation.

• Conduct key word search at the time of claim notification to flag high priority claims.

Cognizant is one of few organizations that can offer end-to-end management consulting, preconfigured claim solutions, data analytics and business process services for its clients.

Many of our solutions can be rapidly deployed or taken for a test drive to prove out business benefits. With Cognizant, you get a holistic approach that encompasses:

ACCELERATORS

Rapid stand-up of preconfigured solutions, many offered on a software-as-a-service basis, to Accelerate claims performance improvement. Benefit from Cognizant’s intellectual property and our strategic alliances with world-class organizations. We are eager to explore concepts jointly with claim organizations like yours.

BUSINESS CONSULTING

Claims process and operating model redesign and change management expertise. Redesign processes, roles and responsibilities alongside the deployment of Accelerators. Architect and manage proof of concept to ascertain the business benefits and impact of technology prototyping.

INCATALYST

Test drive Cognizant, crowd-sourced concepts and partner claims solutions or, on a project basis, conduct an integrated proof-of-concept. Our rapid prototyping framework can reduce prototype delivery cycle and prototyping cost by 50%, and increase scalability.

DATA AND ANALYTICS

Removing variability, predicting complexity, and identifying optimal handling procedures, given a claim’s unique set of characteristics, has long been a holy grail for claim executives. Accelerate claims business intelligence and predictive analytics journeys with Cognizant’s BigDecisions™ and Cognizant SightPrism™ platforms.

BUSINESS PROCESS SERVICES (BPS)

Comprehensive property and casualty (P&C)service portfolio focused on outcomes.Harness unique capabilities to combine process automation, data analytics and BPS. Servicing end to end claims operations, as well as, high-skilled roles (e.g., clinical services, attorney). Strength in medical management BPS.

Gain rapid innovation opportunities with our combined capabilities

Business Consulting

Accelerators

INCatalyst

Business Process Services

Data and Analytics

Cognizant Solutions Overview

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BE AT THE CUTTING EDGE OF ‘INNOVATION IN PROCESS’ WITH INCATALYST

Cognizant invests heavily in innovation where we incubate the most promising ideas across new technologies, new delivery models and new markets. Solutions all follow a similar lifecycle: concept, ideation, prototyping, proof of concept and deployment.

We are a leader in rapid prototyping infrastructure and services. Through the Cognizant INCatalyst Marketplace, we can give you the ability to test drive many of our solutions and reduce your prototype delivery cycle and costs by at least 50%.

If you are looking to be at the cutting edge of innovation, then join us to pilot the working prototypes we have developed.

REDUCE WORKPLACE INJURIES

Cognizant’s SafetyNow, an innovation-in-process solution, is a workers’ compensation and risk management platform that proactively anticipates, identifies and prevents losses at the workplace. A ‘telematics’ for business solution that captures workplace data

(e.g., worker, machine, and environment) and aggregates the data for use by safety managers, line supervisors, workers, loss control consultants and insurers. Foster a workplace culture of safety now.

FIND IT IN THE WORDS

The First Notice of Loss Speech App, an innovation-in-process solution, developed in collaboration with Uniphore, searches for keywords and phrases in real-time to flag high-priority claims. Detects, for example, subrogation opportunities where verbal cues (e.g., ‘recently repaired’) might go undetected by less experienced call center representatives, allowing for the preservation of scene and evidence.

IDENTIFY LEAKAGE BEFORE IT OCCURS

Claims leakage, the difference between the actual claim payment and the amount that should have been paid, is estimated by the industry at over 7%. Most claim organizations detect leakage after the fact through closed file reviews. Leakage is often attributed to missed information, a stagnant view of the claim, lack of adherence to best practices across the claims lifecycle, or potentially a build-up of mis-steps over time. Cognizant’s approach is an innovation-in-process data and analytics solution to identify variables in the claim life-cycle that will lead to an outlier paid loss amount and prompt claims professionals prior to settlement. Join us in piloting this and other innovation concepts.

BENEFIT FROM PREPACKAGED ACCELERATORS FROM COGNIZANT

Our preconfigured solutions to Accelerate claims performance improvement allow you to rapidly standup new services, many on a software-as-a-service basis.

CUT RETURN TO WORK DELAYS

Cognizant WorkActivate™ is a Return to Work (RTW) solution designed to drive early and on-going collaboration between program stakeholders including employees, employers, insurers, physicians and RTW coordinators. Allows RTW coordinators to manage case details, while keeping the injured worker motivated and focused on return to work.

MANAGE MEDICAL LEAKAGE

Cognizant OptimaMedWise™, a combined technology and business process service (BPS) medical necessity review solution, has proven to drive medical cost reduction in excess of 5%. Treatment plans are created for each claim. Both medical bills and records are reviewed systemically for unrelated, pre-existing and co-morbid conditions. Our clinical services team reviews exceptions not in compliance with the treatment plan and provide recommendations in consideration of the unique aspects of each claim.

GAIN ACCESS TO ‘UNLIMITED STAFF’

Advancements in robotics enable claim organizations to automate the most cumbersome and manual processes (e.g. policy search, lost wage calculation, forms and letters). Cognizant’s approach to intelligent process automation (IPA) is to replicate user actions, and interface with other applications at the presentation layer. Cognizant IPA solutions do not require changes to core applications

or underlying data stores, allowing design to implementation to be done in as little as six to eight weeks. Gain access to unlimited staff and align resources to the right work.

TAKE ADVANTAGE OF OUR WORK WITH PARTNERS

We have formed partnerships and strategic alliances with world-class organizations to expand our Accelerators and simplify access to innovative claim solutions.

DIGITAL FIELD INSPECTIONS

The generation which grew up on the internet are now car owners and employees. They expect easy access to mobile apps to provide claim notification and submit images of vehicle damages to accelerate the handling of their claim. Jr. field adjusters look for the ability to collaborate in real-time in a secure environment with subject matter experts who can provide guidance and resolve issues. For claim organizations it represents the opportunity to transform the field inspection operating model and reduce costs. White-labeled, rapid to deploy customer self-service and B2B collaboration applications are made available through our partner relationship with Eviid. Test drive the digital inspection model with Cognizant.

APPLY ARTIFICIAL INTELLIGENCE TO REPORT WRITING

Natural Language Generation systems, such as Narrative Science’s Quill™ are being utilized in financial services to examine specific sets of data, establish what is interesting about that data, and communicate those findings in language tailored to a specific audience. Automate the generation of claim trend analysis reports for key accounts, and expand this value added service to a broader array of clients.

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World Headquarters

500 Frank W. Burr Blvd.Teaneck, NJ 07666 USAPhone: +1 201 801 0233Fax: +1 201 801 0243Toll Free: +1 888 937 3277

European Headquarters

1 Kingdom Street Paddington Central London W2 6BD EnglandPhone: +44 (0) 20 7297 7600 Fax: +44 (0) 20 7121 0102

India Operations Headquarters

#5/535 Old Mahabalipuram RoadOkkiyam Pettai, ThoraipakkamChennai, 600 096 IndiaPhone: +91 (0) 44 4209 6000Fax: +91 (0) 44 4209 6060

About Cognizant

Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world’s leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 221,700 employees as of December 31, 2015, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.

HOW TO CHOOSE WHAT’S BEST FOR YOUR BUSINESS?

With all of these options, and more, available to improve your claims business, it can be hard to work out which innovations to adopt and which to ignore. We can help, based on experience that spans more than 110 insurance clients including seven of the top 10 global insurers.

LET’S TALK

As a first step in your journey towards claims transformation, contact us now for a customized Cognizant Claims Ignite Workshop that showcases emerging trends within your business or functional area, through art-of-possibility sessions and demos.

Contact Claimsinnovation@Cognizant.com.

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