Twice the Success with CaseWare Monitor
When your organization is one of the oldest insurance groups in the Americas and operates in 22 countries, it’s a given that it processes tens of thousands of insurance claims each year. This is reality for Sagicor Life Jamaica Ltd.—a branch of Sagicor Financial Corporation. A full-service life insurance company that helps its clients make wise financial decisions, Sagicor is tasked with managing internal spending while also contending with the increasing cost of providing benefits to their customers.
This challenge threatened to overwhelm Sagicor and increased the risk of revenue leakage. The tools and resources the company had at its disposal allowed it to analyze only 1% of claims and associated transactions—a sample size so small that it was deemed to be statistically irrelevant. This, in turn, led to reports being generated that were simply not comprehensive enough to include important information regarding relevant anomalies within the company’s business processes.
Sagicor realized that it needed to be able to quickly identify abnormal payments and any claims that didn’t fall in line with insurance policy requirements. They had several other essential requirements needed to solve their problems:
- Their solution of choice would need to integrate with their existing IT environment
- 100% of all claims and payments would need to be monitored—not only 1%
- Overpayments and duplicate payments needed to be identified quickly
- Exceptions needed to be flagged early so there would be enough time to address issues—before they became losses
Sagicor turned to CaseWare Monitor to meet these needs and more. CaseWare Monitor was integrated into the organization’s IT environment and now monitors every single transaction and claim handled by the company to quickly reveal any errors, anomalies or control breaches. All overpayments and duplicate payments are detected by the solution, helping the company stop the payments before they’re processed. Employees’ time is also freed to focus on high-priority issues the solution has identified and reported as exceptions.
As a direct result of implementing CaseWare Monitor, Sagicor’s operations have improved dramatically—so successful, in fact, that Sagicor Financial Corporation also chose the CaseWare for AML Compliance solution to help meet its investment brokerage’s anti-money laundering (AML) compliance requirements. Sagicor’s compliance department now uses the solution to easily monitor 100% of transactions, to meet Know Your Customer (KYC) requirements and to automate regulatory reporting.
To learn more about how CaseWare Monitor and the CaseWare AML Compliance solution helped Sagicor improve its business operations, read the full success story here. Want more information about how our continuous monitoring solutions can help your organization reduce revenue leakage and meet compliance requirements? Contact us.
About Anu Sood:
Anu Sood is the Director of Product and Corporate Marketing at CaseWare Analytics and is responsible for the company’s global marketing strategy. Prior to CaseWare Analytics, Anu worked in various roles in the high-tech industry and her accomplishments range from writing software for telephone switches to launching a new global satellite communication service. Anu has extensive experience in strategic marketing, corporate communications, demand generation, content marketing, product management, product marketing and technology development.
Connect: Anu Sood