Insurance is one of the most lagging behind industry in terms of Innovation but for last 3 years, Insurance sector is seeing the growth. In recent times, the awareness for insurance among the millennial population is steadily growing. While earlier people used to shy away from insurance, today, individuals are choosing to insure their life, health and other belongings through different life and non-life insurance plans. While motor insurance is compulsory, term insurance, ULIPs and health insurance products are also finding favour among many. That’s why the Indian insurance market has seen a positive growth over the last years. Even within the last year itself, insurance companies have posted impressive growth in the total amount of premium collected by them.
In the digital age, Insurance processes are needed to be redefined and need to launch solutions that are quick, easier and efficient. Simplified, real-time and efficient #customerservices with lowering the cost of #communication infrastructure will play a key role in the success of #insurance business.
To have same vision, Artivatic has end to end Insurtech solutions to enable Insurance companies, brokers and individuals to change the way they think, buy, asses risk and get claims.
Some of the Artivatic’s Solutions are here:
KYC & On-boarding
Customer 360 Profiling
Alternative Data & Digital Customer Profiling
Claims Automation: Life, health & General Insurance
Health & Life Claims
Vehicle Accidental Claims
There are many other solutions like Signature Verification, Invoice Processing, Financial Analysis, Health analysis, Document reading, fraud detection, risk profiling, IoT based insurance, Facial Recognition, Fire/Property Claims, Survey process, Point of sales and more.
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These solutions can be used as APIs, SDKs as well on-premise.
The important aspect of these new age innovative solutions are to enhance the way insurance value chain operates.
- Customer Experience
- Operational Efficiency
- Low cost
- High Penetration
- Instant Insurance Issuance
- Automated Claims
- Increase in conversion
- High ROI
- Digital & Data driven processes
- New age product planning
- Reduction in risk & fraud
- On-demand health premiums
- Preventive Healthcare for Insurance
Artivatic.ai has developed Insurtech AI infrastructure for Insurance, brokers and others to utilise full-stack or APIs driven solutions to launch data driven products & processes efficiently at scale. If you are an insurance, broking & distribution company, Let’s talk. You can reach at [email protected] or call at 080 41502526
Original Article can be viewed here: https://www.linkedin.com/pulse/insurance-from-legacy-innovation-experience-layak-singh