McFadyen Digital Lead Business Analyst Interview Questions and Answers

Q1. Explain Claims Lifecycle
Ans. 
Claims Lifecycle is the process of handling insurance claims from start to finish.
• The process starts with the submission of a claim by the policyholder.

• The claim is then reviewed by the insurance company to determine coverage and validity.

• If approved, the claim is processed and payment is made to the policyholder.

• If denied, the policyholder may appeal the decision or take other actions.

• The process ends when the claim i...read more
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Q2. What are the important attributes that should flow from policy to claims system
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Attributes that should flow from policy to claims system
• Accurate policy information

• Clear coverage details

• Validated policy limits

• Proper claim adjudication

• Timely claim processing

• Effective communication with policyholders
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Q3. What according to you are the important considerations for a user story
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Important considerations for a user story
• Clear and concise description of the user's goal or need

• Specific acceptance criteria to define success

• Proper prioritization based on business value

• Inclusion of relevant stakeholders

• Testability and measurability of the user story
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Q4. Claims concepts like Subrogation, Salvage etc.
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Q1. 1. Agile ceremonies 2. Scenario based questions eg how to handle change requests etc 3. Questions on documents such as PRD, FRD etc
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English grammer test, Case study etc

Q1. Ovarall past experiance and collection process
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Q2. Tell about yourself in brief
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Q3. Why you went out from your last organization
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Q4. What are you achivements
Ans. 
I have achieved significant improvements in business processes and successfully led cross-functional teams.
• Implemented a new project management system that increased efficiency by 30%

• Led a team of analysts to identify cost-saving opportunities resulting in $1 million in annual savings

• Developed and implemented a data-driven strategy that improved customer retention by 15%

• Successfully managed the implementation of a new
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Q1. Last project briefings
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Q1. Salary negotiation
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Q1. Are you ready to upgrade your technical skills.
Ans. 
Yes, I am always eager to learn and improve my technical skills to stay current in the field.
• I am constantly seeking out new training opportunities to enhance my technical knowledge.

• I have a track record of successfully learning new technologies and tools in previous roles.

• I understand the importance of staying up-to-date with the latest industry trends and advancements.
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Q2. Tell me end to end flow of any of your project.
Ans. 
The end to end flow of my project involved gathering requirements, analyzing data, designing solutions, implementing changes, and testing for quality assurance.
• Gathered requirements from stakeholders

• Analyzed data to identify trends and patterns

• Designed solutions based on analysis

• Implemented changes in the system

• Tested the changes for quality assurance
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Q1. What is acrual?
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Accrual refers to the recognition of revenues and expenses when they are incurred, regardless of when cash is exchanged.
• Accrual accounting matches revenues with expenses in the same accounting period, even if cash has not been exchanged.

• It provides a more accurate representation of a company's financial position and performance.

• Examples include recognizing revenue when a service is performed, even if payment has not be...read more
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Q2. What is contra entry?
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Contra entry is a transaction that involves both a debit and a credit entry to the same account.
• Contra entries are used to correct errors, transfer funds between accounts, or record non-cash transactions.

• For example, transferring money from a savings account to a checking account would involve a contra entry.

• Contra entries do not impact the overall balance of the account, as the debit and credit cancel each other out.
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Q3. Entry for sale of goods?
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Entry for sale of goods refers to recording the transaction of selling goods in the accounting system.
• Record the sale in the sales journal or sales ledger

• Update the inventory to reflect the goods sold

• Calculate the cost of goods sold and recognize revenue

• Issue an invoice to the customer for payment

• Record any discounts or returns related to the sale
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