Maximizing value with long-term AI strategies
The insurance industry is going through an exciting phase where technology is shaping the way it operates. Artificial intelligence (AI) and machine learning (ML) are disrupting the insurance value chain, covering all possibilities and challenges, and mapping them to future business goals. Its applications include, but not limited to,
- Chatbots that provide product recommendation and manage customer service queries
- Sales & distribution of insurance products
- Analysis of a broad array of external data sources to analyze the risk from an underwriting perspective
- Automation of claims processing to analyze the claims for claim adjudication and payment of claims
For AI/ML, data is a key input for today’s fast-changing insurance world. When responding to the ever-changing business landscape, data comes to the rescue by providing information that matters the most for the business. However, the common challenge is getting the right data insights. For instance, a major challenge for property and casualty (P&C) insurers is the lack of data insights during new business generation or policy renewal.
Overcoming challenges with Coforge AI/ML solutions
Ease your data woes with Coforge’s proprietary framework that identifies, extracts, and processes semi-structured and unstructured data from multiple sources into meaningful data. These insights can be ingested into underlying systems of agent/broker portal, underwriting workbench, policy administration system, claim processing systems, etc.
Coforge’s AI/ML-based proprietary framework relies on artificial intelligence, machine learning, natural language processing to help customers reach the data that empowers them to take strategic decisions and jumpstart the business. It helps insurers in discovering meaningful data to transform business digitally. It automates the tasks and provides the much-needed resource–time to be utilized to create higher value in the insurance workflow.
Many of the operational tasks of the insurers are repetitive, manual-intensive, time-consuming, and incur high operation costs.
Coforge’s AI & ML framework is helping insurers:
- rethink every facet of their organizations right from their front office to back office,
- reduce costs by automating their entire journey,
- enhance the customer experience by providing personalized product recommendations, rapid underwriting, and quick resolution of claims
Coforge’s AI/ML solutions help you leverage data smartly to enhance customer experience, improve service efficiency, reduce costs, and boost sales in all segments of insurance. For instance, AI can help you gain a better customer experience and coverage personalization with a user-friendly customer onboarding system. Chatbots are employed to recognize users: personalizing sales conversation based on advanced image recognition, social data, and buying history.