Insurance process transformation with Intelligent Automation
Every insurance organization is presently facing strong headwinds due to declining margins and ever-increasing competition. The need to balance regulation and ensure optimal customer experience increases the complexity of managing global operations in a commoditized industry. We believe that these challenges are key to unlocking value through transformation of insurance operations and leveraging digital to not only cut costs but also grow market share and secure the future. The era of labor arbitrage is almost over, it is time that we turn to digital arbitrage. Combining our organizational penchant for automation with our extensive domain expertise, we are uniquely placed to deliver digital insurance operations for our customers.
Life & Annuity
Life and Annuity (L&P) insurers are facing considerable challenges in managing their operations. With the new wave of digital competitors, it is essential that L&P insurers brace for change. Strategic investments are limited by high operational costs such as those of policy servicing, resulting in delaying forays into Machine Learning, Artificial Intelligence and customized products. These technologies can unlock a treasure trove of insights and value, which will help in creating the insurer of the future.
Our capabilities touch claims, billing, policy administration, sales, service, support, analytics and other areas across the L&P lifecycle. We are also adept at providing shared service solutions that can help insurers focus on their core business. Our service delivery is characterized by extensive domain expertise, a willingness to automate intelligently, bringing in process excellence and analytics to drive value.
These levers help in driving close to ~40% savings for insurers through a mix of nearshore operations and intelligent automation.
Property & Casualty
Property and Casualty (P&C) insurers are facing multiple challenges, be it competition or customer retention. It becomes absolutely crucial to retain and attract new customers. The key to this lies in shrinking the time to market, customized products and uncovering insights that could increase market share. Insurers must invest in analytics and other emerging technologies such as RPA, Machine Learning and Artificial Intelligence while providing a consistent and excellent Omnichannel customer experience.
With our considerable experience, extensive domain expertise, commitment to automation and global presence, we are uniquely placed to assist our clients in their digital transformation journey. We have capabilities across the entire value chain be it sales, support, administration, claims, billing, insurance agency systems, etc. This has enabled us to help our clients create a strong customer experience and drive digital transformation.
For example, at a leading European insurer, we have implemented an Automation COE, leading to a 38% reduction in the cost of the insurance operations.
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