Areteans | All Things PEGA

Insurance

Personalize insurance and drive value for your customers

Insurance

Personalize insurance and
drive value for your customers

How do you reconfigure your systems to add functionalities and product updates without significant overheads? In today’s world of fierce competition and surmounting market forces, innovation calls for flexibility in incorporating new technologies, tools, platforms, and methodologies that best suit your organizational requirements while cutting down response time. 

Your insurance company need not face an uphill task with customers demanding new applications, lower costs, and higher quality of service. At Areteans, we partner with you to remove inherent errors in manual processes with custom software, data integrity, and security that improves productivity and increases ROI remarkably.

Capabilities

Smart claims management

Drive efficiency, detect fraud, and deliver satisfaction by automating verification, evaluation, and settlement processes. Customer-centricity is the new way to do business. We help you meet your customer needs proactively winning their loyalty.

Dynamic underwriting

Transform your underwriting with responsive and efficient automation. Our channel agnostic solutions are designed reduce turnaround time and eliminate errors. We help you switch to a data-driven model that uses real-time information in assessing risk, making decisions more efficiently and accurately.

Intuitive engagement

Offer hybrid experiences are a combination of digital and physical touchpoints that allow customers to interact with your business at their convenience. To create true loyalty and positive interactions with customers, make information available to customers wherever they want it and whenever they need it.

Scalable services

Accelerate your growth with our built-in artificial intelligence capabilities optimized for high scalability for insights and predictions of fraudulent claims based on data patterns. The benefits of improved customer experience and cross-channel touch points are well known, we take it to the next level.

We deliver. You excel.

Latest trends in insurance

Personalized Products

In contrast to traditional insurance carriers that delivered services on a one-size-fits-all model, the digital e-commerce players of the industry are changing the face

of insurance by designing their products around customers’ demands, needs and specifications. Customers now opt for more flexible and case specific cover options. 

With the abundance of customer data, analytical tools, and marketing technology, insurance companies today understand the customer behaviour and assess individual risk more accurately to reach customers with targeted messaging, offers, and right pricing at just the right time.

Personalisation and customisation in product designing and marketing has led to visible growth in insurance industry’s revenues and overall customer satisfaction. Customers expect personalised services and are at the liberty to shop and choose what suits them best with ease. This makes it mandatory for the insurer to develop products that fit the consumer need and at the same time examine the risk. 

Automation for Faster Claims

Technologies such as Robotic Process Automation (RPA) and AI, driven by newer data channels, better data processing capabilities and advancements in AI 

algorithms are proving to be critical contributors in the automation journey of the insurance industry. 

Structured automations can result in increased efficiency and cost control as it eliminates middle-men and paperwork. AI plays a critical role in automation by extracting data from the documents related to the claim and using it to automatically decide whether to approve or reject a said claim. This saves time, effort and cost of human reviewing for every single case and instead be reserved for a few edge cases. 

Benefits of automation in insurance are many but to list a few:

  • More accurate data—faster. 
  • Better customer communication. 
  • Enhanced underwriting. 
  • Faster claims processing.
  • Reduced costs.
  • Improved customer service.
  • Increase in policyholder retention.

Advanced Analytics

Undeniably, Insurance is a data intensive industry.  Harnessing data to provide critical insights on an individual or a firms’ risk profile assumes significant

importance.  Data churned out through tech-enabled data such as IOT, mobile enabled InsurTech apps and wearables provide personalized views helping determining premiums, a win-win for both the customer and the insurance company.  Leveraging predictive analytics to model complex customer behavior, helps achieve enhanced pricing accuracy and significantly reduce decision time.

Data Analytics leveraging CRM helps insurers right through lead generation to acquiring customers.  These systems help analyse user behaviour, decision making patterns that enable the marketing department to provide targeted proposals.

Fraud prevention and mitigation is another area that data analytics comes very handy to insurers.  History of fraudulent cases stored in data trends helps insurers carefully check on repeat cases and identify potential fraudulent cases.  Predictive analytic models can detect individuals who have more odds of submitting fraudulent claim reports.  

Analytic models also help predicting accurate risk for under writing. For example, a higher premium can be proposed to an individual having higher traffic tickets.  Revenue leakages can thus be prevented as decisions are taken based on data. 

Embracing data analytics hence helps insurance companies drive strategic decision making across claims management, underwriting, adjusting policy pricing, identify new growth opportunities, plugging revenue leakages resulting in a great competitive advantage over those using traditional ways of conducting business.

InsurTech Partnerships

Insurtech companies blend deep insurance domain knowledge with cutting edge technology to help insurance companies and brokers become highly successful and efficient.

These companies leverage technologies like AI and Analytics to personalize plan options to each customer need right through the process from prospecting to enrolment.

Applications in the Healthcare domain leverage Machine Learning Algorithms to match consumers with tailored healthcare plans.  Perhaps the highest penetration has been in the Auto industry where auto companies connect car owners with insurance options, secure coverage and 24/7 claim administration services.  There are multiple Insurtech that use AI technologies in their risk prediction platforms to help insurance brokers better anticipate losses and better protect policy holders from cyber threats. InsurTech companies are offering services across multiple users viz., realtors, law firms, home buyers and sellers, title companies and lenders.

Strong growth in this area will stimulate traditional insurers to either acquire technology capabilities or partner with InsurTech companies.  In a complimenting situation, traditional insurers will benefit from faster results in establishing tech culture and InsurTech companies will get access to larger customer bases, funding and domain expertise giving rise to newer models and revenue streams for higher profitability and reduced operational costs.  

Mainstreaming Blockchain

Blockchain offers huge potential for enabling digital contracts and transactions with integrity amongst multiple interfaces and stakeholders to be executed in a secure,

transparent and auditable way. Streamlining communication and transactions improve industry processes and provide better insurance services to customers.  

Blockchains will enable Event triggered smart contracts resulting in automatic claims, self-executing contracts, reduced fraud and on spot insurance leading to improved customer experience. Blockchains will help to better price and assess risks as a result of automatic identity validations through real time individualized data insights.  

Blockchains in insurance have potential for positive impact across the entire value chain right from product development & distribution to pricing/underwriting, payment & collections, claims and policy administration.  Blockchain is a reliable registry for on-demand / usage-based insurance or micro insurance.  Blockchain can be used as payment infrastructure especially across multiple countries.  Leveraging blockchain for information about insured goods and events assist in fighting frauds.  In policy administration, blockchain helps in instantaneous onboarding new customers via automatic verification of policy holder identity.

The above trends indicate that new value worth billions of dollars can be created for the insurance industry. The key is to understand how and when to tap into this potential leveraging existing and new technologies.

Our Thoughts

We help your organization streamline processes for endorsements, escalations, and deviations for amplified performance with greater
transparency among customers, agents, and internal users.

Our real-time analysis and tailored systems provide accurate auto-approval of claims, authorization, and audit trail collection. With our resilient solutions, our clients have onboarded products seamlessly in significantly reduced go- to-market time. So can you.

Our Leaders

Sanjeev Singh

Executive Vice President,
Technology

Jatin Patel

Senior Vice President & Regional Head of Europe

Gaurav Saxena

Assistant Vice President – Digital Transformation

Reeti Saha

Senior Director – Delivery and Customer Success

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Accept
Privacy & Cookie policy
Privacy & Cookies policy
Cookie name Active

What personal information do we collect from the people that visit our blog, website or app?

When ordering or registering on our site, as appropriate, you may be asked to enter your name, email address, mailing address or other details to help you with your experience.

When do we collect information?

We collect information from you when you fill out a form, Use Live Chat or enter information on our site.

How do we use your information?

We may use the information we collect from you when you register, make a purchase, sign up for our newsletter, respond to a survey or marketing communication, surf the website, or use certain other site features in the following ways:
  • To allow us to better service you in responding to your customer service requests.
  • To send periodic emails regarding your order or other products and services.
  • To follow up with them after correspondence (live chat, email or phone inquiries)

How do we protect your information?

We do not use vulnerability scanning and/or scanning to PCI standards. We only provide articles and information. We never ask for credit card numbers. We do not use Malware Scanning. We do not use an SSL certificate We only provide articles and information. We never ask for personal or private information like names, email addresses, or credit card numbers.

Do we use ‘cookies’?

We do not use cookies for tracking purposes You can choose to have your computer warn you each time a cookie is being sent, or you can choose to turn off all cookies. You do this through your browser settings. Since browser is a little different, look at your browser’s ‘Help Menu’ to learn the correct way to modify your cookies. If you turn cookies off, some of the features that make your site experience more efficient may not function properly that make your site experience more efficient and may not function properly.

Third-party disclosure

We do not sell, trade, or otherwise transfer to outside parties your Personally Identifiable Information.

Third-party links

Occasionally, at our discretion, we may include or offer third-party products or services on our website. These third-party sites have separate and independent privacy policies. We therefore have no responsibility or liability for the content and activities of these linked sites. Nonetheless, we seek to protect the integrity of our site and welcome any feedback about these sites.

Google

Google’s advertising requirements can be summed up by Google’s Advertising Principles. They are put in place to provide a positive experience for users. https://support.google.com/adwordspolicy/answer/1316548?hl=en We use Google AdSense Advertising on our website. Google, as a third-party vendor, uses cookies to serve ads on our site. Google’s use of the DART cookie enables it to serve ads to our users based on previous visits to our site and other sites on the Internet. Users may opt-out of the use of the DART cookie by visiting the Google Ad and Content Network privacy policy. We have implemented the following:
  • Demographics and Interests Reporting
  • We, along with third-party vendors such as Google use first-party cookies (such as the Google Analytics cookies) and third-party cookies (such as the DoubleClick cookie) or other third-party identifiers together
  • We use them to compile data regarding user interactions to sell that data to interested parties.

Opting out:

Users can set preferences for how Google advertises to you using the Google Ad Settings page. Alternatively, you can opt out by visiting the Network Advertising Initiative Opt Out page or by using the Google Analytics Opt Out Browser add on.

COPPA (Children Online Privacy Protection Act)

When it comes to the collection of personal information from children under the age of 13 years old, the Children’s Online Privacy Protection Act (COPPA) puts parents in control. The Federal Trade Commission, United States’ consumer protection agency, enforces the COPPA Rule, which spells out what operators of websites and online services must do to protect children’s privacy and safety online. We do not specifically market to children under the age of 13 years old. Do we let third parties, including ad networks or plug-ins collect PII from children under 13.

Fair Information Practices

The Fair Information Practices Principles form the backbone of privacy law in the United States and the concepts they include have played a significant role in the development of data protection laws around the globe. Understanding the Fair Information Practice Principles and how they should be implemented is critical to comply with the various privacy laws that protect personal information. In order to be in line with Fair Information Practices we will take the following responsive action, should a data breach occur: We will notify you via email within one business day. We also agree to the Individual Redress Principle which requires that individuals have the right to legally pursue enforceable rights against data collectors and processors who fail to adhere to the law. This principle requires not only that individuals have enforceable rights against data users, but also that individuals have recourse to courts or government agencies to investigate and/or prosecute non-compliance by data processors.

CAN SPAM Act

The CAN-SPAM Act is a law that sets the rules for commercial email, establishes requirements for commercial messages, gives recipients the right to have emails stopped from being sent to them, and spells out tough penalties for violations. We collect your email address in order to: • Send information, respond to inquiries, and/or other requests or questions To be in accordance with CANSPAM, we agree to the following: • Not use false or misleading subjects or email addresses. • Identify the message as an advertisement in some reasonable way. • Include the physical address of our business or site headquarters. • Honour opt-out/unsubscribe requests quickly. • Allow users to unsubscribe by using the link at the bottom of each email. If at any time you would like to unsubscribe from receiving future emails, you can email us:
  • Follow the instructions at the bottom of each email.
  • we will promptly remove you from ALL correspondence.

Contact Details

For questions or concerns about this Policy, or to ask questions or express concerns about our collection, management and processing of personal information, consumers may contact us by sending an email marked for attention as below. Attn: Grievance Officer – Agniswar Chatterjee Email Address – [email protected]
Save settings
Cookies settings