Insurance brokers conduct their business in a fiercely competitive market environment. Insurance brokers need to digitize operations, both internal and customer facing to reduce cost and improve revenues. Digital technologies help alleviate challenges on customer acquisition and engagement front. Insurance brokers have invested in large teams for annual policy renewal. Now, we shall take you through the challenges of the policy checking and comparison process, and provide some insights on how to address the same using technology. Policy verification process is one of the first steps in an Insurance policy lifecycle and includes the following:

  1. A detailed comparison of Insurance policy with the proposal reflecting the benefits promised to prospective clients
  2. A meticulous review of every policy document for correctness (identifying errors)
  3. A comprehensive check of the policy document for completeness (identifying missing data)
  4. Verifying the accuracy of coverage details
  5. Reporting variances and following up for rectification
  6. Comparison of renewal policy with prior term policy
  7. Verification of endorsements and cancellations
  8. Checking for compliance with industry and company standards
  9. Ensuring that the final policy document is devoid of any discrepancy

The above process is largely people-driven with all the associated challenges that come from human enabled process. Attrition, training, information loss, human errors are issues Insurance brokers have to grapple with. The small window of renewal period also poses the additional challenge of managing for a short duration peak demand.

Insurance brokers are increasingly finding it difficult to tackle the procedural mistakes being made routinely in their offices every day. The large number of policies being handled every day, accompanied by their varying complexities proves to be a cumbersome task for Customer Service Representatives (CSRs) to review them in an efficient and timely manner. A CSR takes 40 minutes on an average to just check one policy and might skip some information due to oversight. Unidentified mistakes in the policy might prove very costly to brokers since they can lead to large E&O claims. Industry estimates approximately 5-10% of all E&O claims are attributable to human enabled policy checking environment.

Considering the challenges and complexities involved in manual policy checking and comparison, Exdion has developed a cloud-based smart Insurtech platform – Exdion.POD, which uses Cognitive Computing, Artificial Intelligence, Robotic Process Automation, Machine Learning and Deep Learning to address these challenges. While taking only a few seconds to run through the entire policy document, Exdion.POD efficiently clones the manual process of policy checking and eliminates the need for dedicated resources, thus enabling CSRs and Client Service Managers to focus on more critical activities.

For brokers’ convenience, the platform is available on a pay-per-use model. Brokers and agencies can avail customized pricing packages, depending on the size of agency and the volume of documents to be processed. To safeguard customers’ data, Exdion.POD processes all policy documents on a highly scalable and secure Amazon Web Services (AWS) platform. To learn more about the product, a free demo can be scheduled with Exdion’s Insurtech experts on request.

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Job title: Digital Marketing Specialist

Reporting to: Manager, Marketing

Experience required: 0-3 years

Primary Responsibilities:

  1. B2B Social Media Marketing

 

Platforms: LinkedIn / Twitter / Instagram / Facebook / Google+ / Quora / etc.

 

  1. B2B Email Marketing

 

Tools: Mailchimp / Constant Contact / SendGrid

 

  1. Internal & External Communication

 

  1. Website(s) Management

 

Tools: Google Analytics / WordPress / Yoast SEO / etc.

 

  1. B2B Market Research

 

  1. Miscellaneous

 

Brownie points for:

 

 

 

Company Description

Exdion Solutions is a global B2B tech-led consulting & product organization specializing in the healthcare and insurance domains. We build & market, state of the art technology (AI, ML, NLP, etc.) products & and have offices in US & India.

Manager Business Development

Summary

Experience:

9-14 years of experience in sales of Technology Product Selling

Experience in selling IT products in North American market essential

Experience in selling IT products related to Insurance Industry will be advantageous

Education:

Job Description

Ideal Candidate Profile

Compensation

Will be commensurate with the experience level and internal benchmarking

Apply Now

AR Caller- Job Description

Hiring No. :5

Summary

Will be involved in calling the US insurance representatives for analyzing the Claims and updating the Claims status.

Experience –Minimum 6 months to 3 years of experience in AR calling/Analyst.

Duties and Responsibilities:

Mandatory Skills:

EDUCATION

Graduates preferred / 10+2, PUC also can be considered if they have sufficient experience.

GENDER SPECIFICATION:

Any

CTC (Based on Experience and Interview)[Including benefits]

SHIFT TIMINGS

Note:  Preferably candidates located in North Bangalore if not, willing to relocate.

Work Location

Exdion Solutions Pvt Ltd
STC Trade Centre,
5th Floor, Nandini Layout,
Bengaluru, India – 560096.

Ph No: 080 46585000

Apply Now

L.S Ram

L.S Ram: Managing: Director & CEO

Ram is one of the co-founders of Exdion and has served as President and CEO since inception. Under his leadership, Exdion has consistently set new standards in the field of process management and quality excellence. He brings over 30+ years of experience and holds a post-graduate degree in Computer Science and is a Chartered Accountant. He is also a Certified Information Systems Auditor from ISACA, USA and a Certified Associate of Insurance Services awarded by “The Institutes” (AICPCU), USA.

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