Benefits Of Paying Death Claim Proceeds Between The Annuities And Insurance Divisions

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One of the most glaring opportunities identified by the Leveraging Opportunities organization was around the process of paying death claim proceeds between the Annuities and Insurance divisions. By analyzing thousands of lines of consumer behavior data, the team found a significant pain point in one of the most critical functions in the business. In the past, if a client had multiple polices with Prudential, a separate claim form and death certificate copy was required to be submitted for each contract. This made the process to file claims very labor intensive, and in many scenarios redundant, since at the enterprise level we were requesting the same information multiple times unnecessarily. In many scenarios, a beneficiary would need to provide us with their signature, address, and social security number multiple times even though we may have had that information held in another department! To address this challenge, the claims process was centralized into one processing area. All of the forms required to file a claim by Prudential was combined into one easy to use document. By doing so, the company made the claims process easier to complete for beneficiaries, and reduced the number of forms needed to file, which in turn resulted in cost savings along with a reduction of cases received “not in good order.” How does your company create competitive advantage with analytics? Much of Prudential’s analytical capabilities are renewable. This can be attributed to one of
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