Insurance
At ExecIdeas, we make digital transformation faster, smoother, and efficient for insurance companies.
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Technology is an integral part of the insurance industry these days. Paper-based transactions are things of the past. To gain a competitive advantage in the market and to provide a seamless digital experience to the customers, insurance companies leverage technological disruptions at a much faster phase.
With our deep expertise in emerging technologies, we will make your digital transformation faster, smoother, and efficient wherever you are in your transformation journey. We have experience in developing end-to-end software systems for insurance companies.
As a technology company that has a deep understanding of the industry and its business models, we have been collaborating with many insurance companies for building technology solutions, which enable them to quickly respond to the changing market demands. The solutions we build are centered on the following aspects:
Customer expectations:
Customers increasingly expect a mobile-centric and Omni-channel experience. They expect more choices for interaction.
Regulatory compliance:
Insurance companies need to comply with any new regulations.
Efficiency
Automation is the key to achieving efficiency.
Faster turnaround time:
Customers expect a faster turnaround time on applications, decision making, and closure. Technology is an enabler for cycle time improvement.
Solutions for Application Processing
The transformation from paper-based application processing to digital application processing gave a refreshing experience to the customers. They expect to be asked with the minimal required information. Also, they hesitate to provide the same information multiple times.
To meet these demands and expectations, we build application processing solutions with these capabilities:
- Web portals and mobile applications: Data collection through web portals and mobile applications make it easy for customers to share information. The system auto-populates the information about the existing customers.
- Data collection: Our solution enables service providers to pull customer data from approved third party agencies.
- Omni-channel: Our solution allows the customers to start the process in one device and complete it on another.
Solutions for Decision Making and Closure
While customers expect faster decision making, insurance companies wanted to simplify and automate the decision-making process. Leveraging AI/ML, we help insurance companies automate the decision making and claim settlement process.
To meet these demands, we integrate the following capabilities in our solutions:
- Digital Document Management: This allows the service providers to digitize the paper documents and it comes with pattern recognition to automatically identify the document type. We make sure to comply with regulatory requirements and other standards.
- Predictive Analysis: Predictive analysis helps the insurance companies predict user behavior. This predictive system can be used for anticipating trends, identifying the risk of fraud, sorting claims, selecting pricing, etc.
- Automated Rules Engine: We integrate the decision engine with our solution to provide an automated decision.
The time between decision and closing must be quick. Also, customers want to track their application status. To meet these demands, we integrate the following capabilities into our solution:
- Auto clearing of claim settlement
- Claim trackers
- Alerts and notifications
Customer Care through Chatbots
We build an intelligent chatbot that can elevate the overall customer experience. The presence of virtual assistants reduces human interference, which can be utilized for complex cases. This makes customer care more effective and available 24/7.