Transform To Perform
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.
Insurance application forms and service requests processed
Precision deliveries to ensure statutory compliance in a timely manner
Audit trails with high visibility and traceability
Insurance documents including New Business application forms, servicing change request forms, claims application & other request forms processed per year
Automated and digitized across insurance process management value chain for customers
Delivered BPM solutions in the insurance industry and automation projects by using point solutions as well as end-to-end automation models across geographical barriers
Dedicated resources team for insurance business process management and insurance business process automation, both in-house as well as on consultant basis, to deliver precision solutions in a timely manner
Digitalize and automate the new business origination and onboarding, minimize risk due to manual operations, and improve time for case opening through the following touchpoints:
Improve customer satisfaction and engagement through insurance digital transformation, seamless digital experience, and fast turnaround time at each level of customer interaction:
Institutionalize the digital paradigm and facilitate transformation at each and every touch point in the Insurance financial operations and collections cycles:
Ensure high levels of visibility and transparency at each stage of the claims processing. Eliminate fraud and instances of malpractices throughout the claims processing lifecycle.
Improve the turnaround time of insurance claims settlement, increase customer satisfaction, and hence the net promoter score for a digital engagement in:
Improve the ancillary support throughout the lifecycle of the customer lifecycle of the insured and their beneficiaries through insurance digital transformation:
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.
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.
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.
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%.
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.
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.
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.
Head Collection Strategy Analytics & QA
Company size: 500 Mn - 1 Bn USD
Industry: Finance
Brijesh Mehta
Senior Vice
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Kashyap
Head - Underwriting & Claims, Kotak Life Insurance
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Datamatics is a technology company that builds intelligent solutions enabling data-driven businesses to digitally transform themselves through Robotics, Artificial Intelligence, Cloud, Mobility and Advanced Analytics.