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.

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.

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