The Insurance industry is dominated by large national brands and legacy products that have not evolved much in decades. Insurtech companies are the emerging players in this business who are expected to disrupt the established norms. To thrive in today’s insurance marketplace, incumbent insurers need to offer differentiated products, available through numerous channels, to customers who want convenience and personalized services. At the same time, insurers need to bring down costs, closely manage risks, and ensure compliance with a wide array of regulations.

Many insurance activities are repetitive and prone to manual errors. Many a times, lower cost and high-volume policies are missed or delayed due to manual intervention, leading to lapsed coverage or customer abrasion. The initial data entry process, data integrity and non-standard processes also contribute to high turnaround and customer efficacy gaps.

Artificial Intelligence (AI) in Insurance Industry:

The widespread adoption of AI, Blockchain, ML (Machine Learning) and other solutions have just started making their mark. Insurance companies are mostly using these technologies in three broad areas:

  1. Insight led personalized offerings

To succeed in the next decade’s Insurance markets, insurers will have to rapidly evolve from cohort-based pricing to personalized pricing and build efficient customer facing, middle and backoffice operations. Insurtech companies using IoT are capturing personalized data and helping in designing usage-based insurance policies. Safer drivers pay lesser for an auto insurance and people with healthier lifestyles pay lesser for health coverage. Insurance companies are coming out with completely DIY on-demand insurance and peer-to-peer insurance models allowing customers to select the appropriate premium for claim settlement. The Insurance industry’s ability to leverage the technology is aimed at delivering sustainable growth. This has multiple implications -Insurers can offer innovations even before the customer asks for it and at a time when he needs it the most.  AI, ML and other technologies give insurance companies the added advantage of being flexible and driving transparency.

2. Build a beautiful customer experience

Customers often wait for long hours to get their queries addressed which could lead to dissatisfaction. AI powered chatbots facilitate users to interact directly with the business and address their queries in a more personalized manner. Chatbots are replacing humans to deliver efficient and timely customer service. They assist customers in answering basic queries and guide them to buy the right products. This reduces cost to customer and serves their needs optimally. Insurance companies are realizing the benefits of deploying chatbots to enable a seamless automated customer experience

3. Smooth & efficient Policy Life Cycle processing

Speed and accuracy in settling claims will become more pronounced in the coming years. Although less reliant on manual processes than they once were, Insurers still rely heavily on the same to collect, update and analyze information. Automated policy processes can be used to enable self-administration and enhance customer delight. With more than 70% of the policies being automatically renewed each year without additional documentation, automated policy checking, and renewal can be beneficial for both policy holders and insurers. Newer technologies like Robotic Process Automation (RPA), machine learning (ML) and rule-based algorithms can seamlessly automate the renewal process. These technologies also enable companies to use analytics to deepen customer engagement and process management. Digitization of middle office and interfaces with AMS (Agency Management Systems) will help insurers save more money.  RPA, AI, BOTs and ML can drive smarter automation and help insurers reallocate their human capital to new elements of business. Process automation leads to elimination of human effort and error proof the process. AI and other technologies enable people and processes to accomplish more, win back customers through better and faster services at lower price points.

ExdionPOD:  A smart, affordable disruptive innovation

Exdion has developed an Artificial Intelligence led solution to offer seamless policy review. Exdion Policy Checking on Demand (ExdionPOD) involves Robotic Process Automation (RPA), Analytics and Cognitive Computing to transform the “manual” renewal process to an error-free intelligent and automated process. Exdion has developed eBOTS which are software programs that automatically match the current term policy against the prior term or proposal. eBOT driven automatic approval enables code-driven continuous delivery of policy renewal, eliminating the need for a dedicated FTE (Full Time Equivalent) to manage the same.

ExdionPOD offers brokers the flexibility to customize their policy renewal process and issuance to accomplish a complete end to end business-specific policy renewal. ExdionPOD enables brokers to configure custom business process for renewal, including the capability to configure selection criteria for policy for renewal, one-time or multi-year recurring execution with comprehensive auditing and error-free capabilities.

With ExdionPOD, insurers gain a channel to serve low value high volume policies and pursue right cost-based delivery mechanisms to target different customer segments. This would enable brokers and underwriters to spend more time on higher risk and more profitable business. With ExdionPOD, policy administration and renewal stops being just a system of record but a system to engage customers.

On a closing note, the exponential growth in technology has myriad applications in the Insurance Arena. AI and bots will not replace people but shall complement the high-level tasks in customer engagement. With increased adoption of AI in everyday activities, disruption of the conventional policy service engine is happening rapidly. Digitally active organizations now need to think of effective change management to be able to realize the digital transformation benefits.

Leave a Reply

Close Menu

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.

Find Us

AMERICAS
EUROPE
ASIA

Talk to Us

+1 646 257 3490

Drop us a Line

info@exdion.com