Enable Data-Driven Digital Transformation
in Insurance industry
In the recent times data is driving innovations and the adoption of a slew of exponential technologies in the insurance industry. Artificial intelligence (AI) and analytics technologies are leveraged to gather, process and decipher structured and unstructured data and the intelligent automation technologies are automating the voluminous, labour-intensive processes.
Challenges for the Insurance Companies
The insurance industry heavily relies on collecting different types of data, both electronically and on paper. Mixed data formats mean that employees in insurance companies need to spend a lot of time in data entry jobs, which can make it very challenging to handle the information efficiently and even cause manual errors sometimes. Using legacy applications can also lead to operational inefficiencies in the modern-day scenario for insurance providers, not to mention the additional costs of managing administrative roles. As insurance companies need to deal with several repetitive back-end processes, it can be very labor-intensive and time-consuming, leading to decreased employee morale and low productivity.
Harnessing the Emerging Technologies
It is established that most of the manual processes in the insurance industry can be digitalized to improve the operational efficiency of the company. Adopting technologies like Artificial Intelligence (AI) and Robotic Process Automation (RPA) especially can be a game-changer for insurance companies and help them to revolutionize customer experience, deliver fast and efficient service, and increase their profits. Automation solutions can replace the need for managing repetitive manual paperwork for policy issuing and claims processing. Smart media readers empowered with RPA and AI can extract relevant information from scanned documents on the go, which eliminates the need for manual data entry into the systems. That will free various resources for the insurance company that can be used for other vital aspects of the business.
What We Do
We at 10xDS help insurance companies find the best solutions for improving their business processes. Our goal is to provide the right technologies to meet the various demands of our clients, be it for automating monotonous data entry tasks or finding a reliable solution to address their customer needs. We also help insurance providers to implement chatbots for managing their customer grievances and queries, which can further pave a way for analyzing the market and modify their product offerings. 10xDS also provides the best assistance to insurance companies to employ different modern technologies that will help them to stay compliant with the regulatory norms of the industry.
Our Solutions
Explore how 10xDS streamlines the key processes, empowering insurance companies.
Compliance
The regulatory compliance standards and laws undergo constant updates and implementations in the insurance domain. 10xDS intelligent automation solutions is non-intrusively and efficiently works on top of the existing systems to seamlessly handle the changes, reducing the overhead expenses for incorporating them.
Claims processing
Faster and efficient claims processing is fundamental to the profitability of any insurance company. 10xDS intelligent automation solutions help automate the rule based repetitive and labor-intensive claims processing tasks enhancing the process efficiency, increasing cost savings and bringing drastic reduction in errors.
Policy issuance
Policy issuance is a highly manual and time-consuming process requiring customer data updates to multiple systems. 10xDS automation solutions streamline the repetitive tasks in the process, incorporating several validation checks.
Underwriting
Underwriting requires huge amount of data to evaluate and analyze the risk and exposure of potential clients. The process is time consuming and it adversely affects the customer satisfaction levels and sales conversion rate. 10xDS automation solutions streamlines the process, enabling sending information to clients faster.
Policy Cancellation
Policy cancellation is one of the insurance process areas where automation solutions are widely deployed.10xDS software bots efficiently performs the back-office system entries and updates, significantly reducing the processing time and cost.
Risk Assessment
Data generated from various sources such as from sensors, wearables, geographical and others are analyzed and modelled to give meaningful insights. 10xDS analytics solutions leverage advanced techniques such as predictive modelling to help insurers calculate the risk probability and the policy premiums for defined customer segments.
Fraud detection
Fraud detection and prevention capability of insurance companies is significantly enhanced by the claim history data management and predictive modelling. 10xDS analytics solutions help insurance companies analyze the past data of fraudulent claims and such learnings can help them easily identify future fraudulent claims from the patterns.
Sales and marketing
Insurance companies are adopting advanced marketing strategies to gain competitive advantage, to increase customer acquisitions and customer retentions. 10xDS analytics solutions leverage data from various sources- demographic, social media, and other trends to analyse customer buying pattern, and help design successful targeted marketing strategies.
Intelligent virtual assistants
With the advancements in machine learning and natural language processing technologies, 10xDS helps insurance companies deliver improved customer experience using the new and advanced Intelligent Virtual Assistants to engage users by providing intuitive, context-driven responses.
Claims prediction
Accurate claims predictions enable the insurers to properly manage the claims and counter the impact of unexpected surges in claims affecting the bottom line. 10xDS AI solutions leverage advanced machine learning technology to process numerous variables to expertly predict the probability of claims, enabling the insurers to offer competitive pricing and policy features to select customer segments.
Customer management
Customer data is generated at every digital touch point and powered with advanced AI technology, 10xDS solutions help companies gain insights on customer behavior, buying patterns and lot more. This information can be effectively utilized by the insurers for managing the customer portfolio better.
