28-10-2014, 12:41 PM
Abstracts: The field of insurance has taken a giant leap at the threshold of twentieth century. Insurance have become an integral part of life of manall over the globe. The proverb ‘Need is the mother of invention’ is proving equally correct in case of insurance Insurance have already had aconsiderable impact on many aspects of our society Claims managementis another important aspect on insurance. It is complex in nature that istrue but it is a driving force to plant confidence in the hearts of people. Claims Management is one of the most challenging business processes in the insurance industry. With the number of stakeholdersinvolved, the dependencies and the logistics, there is a need is toeliminate manual interventions.For many organizations, claimmanagement and administration is viewed solely as a service operation.Claim management is expected to run the claim process efficiently andkeep expenses low, but little attention is given to leveraging high-impactopportunities afforded through effective data management. In fact, thedata captured in the claim process, which all too often are underutilized,are rich in valuable information for those who know how to extract and anylzer it. This project is just a gist about how the insurance companies settlethe claims, the procedure that is followed, the intermediaries that areinvolved in the process and so on. This project throws light on variousaspects on claims management and the problems faced by them.