Insurance Process Management Services for Insurance Industry

Insurance industry is a very competitive industry where insurance companies are constantly trying to improve customer experience across insurance buying, policy servicing and claims settlement and processing.

Datamatics partners with insurance companies and helps them expand business operations across geographical barriers as well as stay globally competitive through digitization and automation. With ever-evolving requirements, business scenarios, and statutory mandates, the company strives to build potential BPM solutions towards insurance industry digitalization and business transformation. The company delivers solutions that have high traceability and visibility throughout the customer journey of the insured and their beneficiaries.

Datamatics supports insurance companies adopting the digital paradigm at an accelerated pace. The company offers BPM solutions for insurance companies and enables the insurance industry digital transformation across the entire insurance process value chain.

Datamatics equips insurance companies to launch better insurance products faster, improve underwriting speed, process and quality, speed up claims processes, reduce regulatory risks, eliminate frauds, reduce false positive and false negatives, improve claims settlement ratio, increase agent loyalty and lower operational costs.

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How does the digital Insurance Process Management platform facilitate underwriting?

Underwriting, a time consuming process in Insurance Process Management, is expedited with the help of the digital platform powered by cost efficient technology solutions. Detailed questionnaires about the Insured’s financial status & supporting proof documents, credit worthiness reports extracted from global monitoring agency portals, Robotic Process Automation, Intelligent Document Processing, AI/ML enabled Advanced Analytics, business rules, and workflow are instrumental in building the digital Insurance Process Management platform. Cloud extends the scope and reach of the platform, facilitating remote work across geographies.

Detailed questionnaires elicit the customer credentials
Intelligent Document Processing or Intelligent Data Capture extracts details from these unstructured questionnaire documents
Robotic Process Automation (RPA) extracts credit reports from official third party sites and transfers it to an on-premise or cloud-based, staging mechanism
Business rules and workflow move the data seamlessly between stakeholders
AI/ML powered Advance Analytics correlate the extracted data, provide a tabular assessment of the Insured, and expedite decision making
API integration integrates the data with core systems
RPA syncs the data with multiple systems

How are Insurance claim settlements expedited with a digital platform?

Insurance Process Management digital platform powered by Intelligent Document Processing, RPA, and AI/ML expedites the exhaustive processing of first notice of loss (FNOL), claims adjudication, and claims settlement as well as adds value across the entire insurance claim settlement value chain. RPA powered chatbot solutions provide the Insureds with the status of their current claims, the history of their earlier claim settlements, and their available insurance limit. The AI/ML layers intercept fraudulent claims while reducing percentage of false positives and false negatives. The technology enabled end-to-end automation platform improves the speed, efficiency, visibility, and process transparency while freeing more time to investigate, evaluate, and expand business.

How is Insurance KYC expedited with technology?

Know Your Customer or KYC is a paper-intensive statutory compliance in the Insurance sector. It is mostly associated with new business. It is followed up periodically through Re-KYC to update the latest information about the customer in the core systems and databases.

Intelligent Document Processing expedites the digitization and entry of loads of paper-form based information in the insurance systems and speeds-up customer onboarding.

How is the Insurance Process Management empowered by digital Insurance Agent onboarding?

Digitalization ensures high speed Insurance Agent onboarding and significantly improves the Insurance Process Management. It allows to sort and classify digitized application forms, extract information with help of Intelligent Document Processing, incorporate the information in HR databases with RPA bots, and view the output through visual, immersive dashboards. Customized workflows allow to route the information between different approving authorities and stakeholders. The digital Insurance Agent onboarding platform simplifies processes, reduces operational costs by 30%, and improves productivity by 70%.

How is new business in Insurance facilitated with technology?

New business and onboarding in the Insurance sector involves a lot of paper work. Intelligent Document Processing assures accelerated processing of the paper work, generates the digital policy documents, and delivers it to the Insured in a matter of couple of days.

What is Insurance Billing? How is it facilitated with technology?

Insurance Billing allows to track and process all receivables and payables through centralized operations.

An end-to-end technology enablement platform allows to keep all data for current billing and historical settlements in a centralized processing unit. It is facilitated by Intelligent Document Processing, RPA, AI/ML, and workflows.

How is the Insurance Process Management enabled with digital Policy Administration?

Digital Policy Administration allows end-to-end management of insurance policy products throughout their lifecycle. It allows insurers to expand their portfolio of different insurance products, such as property & casualty insurance, motor insurance, travel insurance, etc. It allows the insurance providers to compete in the ever evolving insurance landscape on a sure footing.