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Insurance is one of the most aggressive adopters of digitalization. The lifecycle would be managed through integrated ecosystem, which may comprise of agile & innovative solutions.        

Insurance ecosystem has changed over a period of time, the environment has encouraged, digital sales channels, the agency moving towards aggregators model. the captive digital customers are targeted through new age partnerships. The operations becoming transparent and digital. Customer expectations claims processing have changed and have set new high standards. The landscape has pushed the organizations towards quick turn around and cycle time to market for new product roll outs.

 

The process & experience, as it may seem to be operating independently at different stages of lifecycle, however, in reality, it is an ecosystem of multiple interventions, processes & systems. 

 

    

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What we Do

  • Process Excellence: Mapping the value chain, processes & system usage. Identification of opportunity areas for current and future initiatives. Building the roadmap for process improvement, system environments.  

  • Customer focus: Building the customer journey to empower them through ease of self service options, improved response time through transparent and personalized processes. 

  • System Agility: Multiple product offerings, that shorten deployment cycles, offer system plug-ins, product development, simulation etc. through Low code-no code architecture  

  • Productivity:  Working on areas such as, product development, distribution, service processes, operations, persistency & claims management. Identification of productivity improvement areas 

  • Legacy Management:  Insurance companies have legacy systems with integration and data challenges, our solutions/ stack enable the legacy system modernization through plug and play Technological  approach.

  • Data Analytics & AI: Modern age AI tools  
    that enable data augmentation & rectification of data basis the machine learning capabilities. 

Work illustrations 

  • Actuarial processes: Usage of 3 bots, to reduce the process time by 3 days, with increased accuracy, no wait time

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  • Group Insurance: Group Core implementation for the following products - Group Term, Gratuity, Superannuation, Leave enhancement, Annuity, Savings linked, Voluntary retirement and social security products, implementation for one of the largest Life Insurance Company in the country. 

  • Personalized engagement portals, for high potential customers. India’s largest general insurer has built a digital channel that generates a new policy every minute. Entirely configured by NIA business users and personalized for the customer segment.
     

  • Health claims management: Data augmentation & simulations run across 2.4 Mn records along with 55 scenarios and brought ROI of 9x. Effective management of retrospective data to understand the correction possibilities through AI/ML. 

  • Persistency Management: Conversational AI & usage of bots have helped insurance companies to renew 300,000 + policies and collection of premium to the scale of $800M+ 

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