WizVision Insurance Claims Solution for China Pacific Life
Insurance Co., Ltd.
1 February, 2004
Original article from sina.com is available
here.
China Pacific Life Insurance Co., Ltd (CPIC Life), one of the top 3
insurance agencies in China, has engaged WizVision to develop an
electronic car insurance claims system.
Wiz-Insurance, WizVision’s solution is designed to enable any mobile
squad or repair shop to submit car repairs claims online via Internet,
which has an embedded system to detect any attempts of frauds. In the
event of an accident, the car owner can dial the insurance hotline and
the call centre will, with the technology of GPS, send a mobile squad
or assign a nearest workshop from the accident place to assist the car
owner.
Wiz-Insurance enables CPIC Life to engage in real-time processing of
claims, as a result of online submission, reducing greatly the
processing time and paper work. In the year 2003, CPIC Life had
processed a total of 10,000 claims with a team of 20 employees. With
the new system, Wiz-Insurance, in place, the company can now process
up to 150 cases per day (5 times of the average 27.3 claims per day in
2003) with a team of just 4 employees. The overall number of mobile
squad vehicles that the company maintains has also been reduced by 16
vehicles.
CPIC Life is able to drastically reduce the incidents of fraudulent
claims as Wiz-Insurance is designed to remove this type of loopholes
in the previous claims system. Any alterations to digital photos
(which are submitted as evidence of the damages and are part of the
claims process) can be instantly detected by Wiz-Insurance. As a
result, CPIC Life can now refuse to compensate any parties who are
suspected of submitting false claims.
Wiz-Insurance is expected to help CPIC Life to save at least RMB 1.8
million on annual operational costs and further losses through
fraudulent claims.
About China Pacific Life Insurance Co., Ltd.
Founded in 2001 in Shanghai, China Pacific Life Insurance Co., Ltd (CPIC
Life) is a nationwide shareholder owned commercial life insurance
company offering customers with a variety of life products. Its
predecessor is the life division of the China Pacific Insurance
Company (Group), Ltd. CPIC is headquartered in Shanghai providing
quality services to customers through its branches and distribution
units across the country, as well as its subsidiaries and
representative offices in Hong Kong, London and New York. CPIC Life
has developed over 100 products including life, annuity, health and
accident life insurance. CPIC Life is also striving to improve its
emergency assistance system and its 95500 call centre service. For
more information, please visit the CPIC's Web site at
http://www.cpic.com.cn.
About WizVision.com Pte Ltd
WizVision is a technology company providing end-to-end
solutions for payments, bill presentation and online banking. With
clients that include leading international banks, payment processors,
large enterprises and government agencies, WizVision has consistently
delivered significant and quantifiable benefits to our clients through
the innovative use of technology. For further information, please
visit the WizVision.com Pte Ltd homepage at
http://www.wizvision.com.
Editor
Contacts:
Ms Diane Bun
Email:
diane@wizvision.com
Tel: +65 6336 2981
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