Polaris Software Lab, a financial technology company, has launched Intellect Claims, the ACORD standard compliant claims processing system designed for Indian health insurance companies. The solution will help insurance carriers enhance customer centricity and reduce claim processing cost.

Accoring to Polaris Software, the new claims solution is built using SOA components and ACORD standards. The solution addresses the standardization of claim data exchange between the TPAs, providers and insurers.

In addition, the other two features are ability to manage multiple policies by a subscriber and the Fraud Early Warning System (FEWS) module for controlling fraud and wrong claims.

Ramaswami, partner of Polaris Software and CEO of Intellect SEEC, said: We are glad to bring Intellect Claims for the Indian market, a solution that is ACORD compliant and built on the foundation of proven library of Business component Services. This product is designed keeping in mind the needs of the Insurance industry in India.

“The solution will enable insurance companies to achieve ‘6 dimensional’ benefits in their business operations viz. the ease of operation, reduced cost of processing claim and delays, decision support using analytics, early warning with fraud detection, flexibility of technology and enhanced customer satisfaction.”