The Insurance industry is one of the most digitally undergoing entity in the whole business space. Being in the most competitive industry, companies have to focus on digitally advanced solutions to fulfill customers expectations, compliances, government regulations and most importantly profitability. The only feasible way to achieve it is to cut down the manual process as much needed, and adapt to a technology that can be easily integrated with other applications and future changes.
MobiSprint being a techno solution leader in Insurance Industry helps businesses to renovate old process, automate the manual clutter and optimizes the work to be done by least manual resources needed with the help of Machine Learning, Artificial Intelligence and Business Intelligence.
Background & Challenge
- Competitors overhead offering better solutions in lesser price
- Customers need service & disaster resolution in the least time possible
- Strict regulatory practices and submissions on time
- Big amount of human resource allocation to process a huge amount data
- Costly Manpower to be maintained and overhead competition
Approach & Recommendations
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Considering the challenges, MobiSprint provides Technology Solutions to insurers to enable them deal with complex business challenges such as operational costs, tough regulatory norms, customer expectations and intense competition. MobiSprint emphasizes on delivering customized solutions as per the changing needs.
End to End Solution for Every Insurer
Automating regulatory compliance requirements
Insurance companies have to constantly deal with maintaining regulatory compliance. Automating the regulatory compliance requirements helps in eliminating the risk of non-compliance and human error. A Robotic Process Automation (RPA) software is used to extract data, process documents and generate reports.
Risk Assessment and Management
Risk assessment, also known as underwriting, is the process of assessing the risk associated with an insurance policy. It is used to evaluate, price, negotiate and finalize the services provided to the insured. An underwriting platform and system is used in automating, collecting, combining and reviewing documents thus saving a lot of time which gives insurers enough time to actually asses and manage risk.
A cloud is a network of remote servers on the internet to store, manage and process data. This technology helps in achieving higher efficiency by preserving data for audits, lowering costs, centralized customer data, enabling billing and underwriting and getting real-time data.
Big Data Analytics
Insurance companies rely on consumer data to be able to understand trends and changes in demands. Analyzing actuarial data claims and risk data helps in delivering services to maintain loyalty. It also helps in preventing and reducing fraud.
Mobile Apps provide convenience to the consumers like requesting policy quote, calculating premium or locating an agent.
It helps insurance companies in saving money and at the same time provides an enhanced customer experience. Customers can file a claim, pay premiums and enter other useful information.