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Automation in Insurance

Drive Intelligence, Acceleration and Cost Efficiency

Automation can be a game-changer strategy for insurance companies. Emerging technologies such as Software Robotics, Machine Learning, AI and Cognitive Solutions, offer exciting ‘Automation’ possibilities for Insurers, to dramatically improve their profit margins, as well as transform customer experience. Far sighted insurers are already experiencing success in deploying the automation strategy to their business, especially in areas such as New Business Processing, Claims Processing and Finance – and it is fast becoming mainstream.

Insurers are turning to digital solutions to stay profitable as they battle stringent regulatory norms, while managing complex portfolios in a persistently low interest rate environment. They realize the need to forge better relationships with customers to stay competent. Companies are leveraging emerging technologies, including drones, Big Data and Analytics to transform claims processing, enhance risk management and streamline overall operations.

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    BUSINESS AUTOMATION FRAMEWORK

    New Business Submission

    New Business Submission

    Automated Submission Intake across Channels
    Automated Indexing & Routing
    Pre-qualification Checks and Scoring

    Underwriting

    Underwriting

    Automated Risk Data Collection
    Cognitive Intelligent Assistant for Underwriters
    Risk Quality Prediction & Pricing

    Policy Administration

    Policy Administration

    Automated Renewal / Non-renewal
    Continuous Underwriting
    Automated Cancellation / Mid-term Processing

    Customer Service

    Customer Service

    Chatbot-based Service Agent
    Attrition Management
    Automated Service Intake & Processing

    Claims Processing

    Claims Processing

    Automated Claims Intake
    Straight Through Processing
    Fraud / Subrogation Management

    Regulatory Compliance

    Regulatory Compliance

    Automated Data Preparation
    Regulatory Report Scheduling & Transmission
    Deviation Management