Intelligent and Smart Digital Transformation for Insurance

AI and new age tech driving future of insurance with personalized risk and digital transformation.

Increased mortality risk, price correction, more than expected claims have all contributed to hike in premiums for Term Insurance. The point to be noted here is that lack of actionable data insights while predicting the mortality risk and expected number of claims has put strain on the profitability and sustenance of reinsurers which prompted them to revisit and modify risk assumptions thus revising cost-effective premiums. This highlights the need for accurate prediction of risk for determining insurance premiums and there by importance of “Intelligence” component to perform risk assessment basis historical and real-time data.

While investment motives used to be the key drivers in the insurance sector for consumer choice earlier, this trend seems to be going through downswing for the reasons including but not limited to:

·         Increased awareness on financial risk mitigation

·         Improved financial literacy

·         Effective distribution channels with touch of personalization

·         Digitization and disruptive technologies that introduced hassle-free claim processing and payout, automated and instant policy issuance, enhanced after-sales servicing etc.

With changing needs and motives, informed consumer choice plays a vital role in building competitive advantage in the business. Also, increase in the limit of Foreign Direct Investment (FDI) to 74% in Indian insurance companies is expected to bring in more capital into the sector aiding for greater insurance penetration in India. Thus, it is nothing but imperative for insurance companies to embrace Intelligent and Smart Digital Transformation to perfect the Customer Journey across the value chain.

We, at Artivatic, build intelligent products & solutions for insurance companies using AI/ML/Deep learning that encompass behavioral learning, trends and actionable insights, and decisions making power. We built 400+ APIs platform & 8+ core systems to enable next-gen insurance transformation for next-gen customers. Some of our state-of-the-art solutions across the value chain include:

·         Pre-purchase: Access to information is crucial for customers to make informed decisions. Our video enabled solutions help insurance businesses to video connect or chat instantly with potential customers. We also help build multi-channel communication via SMS, Email, Chatbot or WhatsApp offering end-customers an omnichannel experience. Our predictive analysis not only help insurance companies to recommend right product to the right customer at the right time but also suggest the best fit distribution channels for potential leads.

·         Customer Onboarding: We help in seamless digital onboarding of your customers using alternate data. These data points include KYC, identity verification, digital footprints, etc. This on-boarding process by Artivatic also builds non-invasive health model to calculate health related data points such as age, gender, BMI, smoking etc to provide instant on-boarding without any need for medical tests. Some of the expected outputs from the model are KYC Verification, Video KYC, AML Report, Risk report, Customer profiling report, a comprehensive risk score.

·         Smart & Personalized Underwriting Platform: AUSIS, our flagship AI First smart & dynamic underwriting platform, provides end to end policy risk assessment, decision making and instant issuance of policy under 60 seconds. It leverages AI & ML to build in-depth risk insights, fraud alerts, data insights from location, AQI, Weather, sanitation, devices, activities and more. It adopts continuous learning which can be transpired into personalized policy issuance.

·         AI Based Automated claims platform: Alfred, is an API driven end-to-end Health & Medical Claims Infrastructure which uses technologies, data to build claims assessment engine for pre-auth and post-discharge claims. Alfred enables claims to process under 15 minutes using OCR/ICR, Image Recognition, Medical Coding, Disease Mapping, Pricing Prediction Techniques, Evidence Based Claims Assessment, Risk & Fraud Intelligence.  It also facilitates customers to file claims via mobile or website by uploading their medical bills, KYCs, Policy details wherein system will automatically process and build claims profile and forward it for claims processing.

We ensure that whole insurance life cycle is looked upon holistically throughout the customer journey to bring in the much-needed in-depth multi source data focused intelligence. We take pride in demonstrating the following benefits to our esteemed clientele:

1.       90% reduction in turnaround time

2.       80% better fraud identification

3.       70% cost reduction

4.       Increased efficiency up to 50%

5.       40% better risk delinquencies identification and intelligence in near real time

6.       Enhanced customer engagement up to 60%

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This Article is written and Published by Srilalitha Putcha. She is handling customer relations and Inbound sales