Personalize insurance and drive value for your customers
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.
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.
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.
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.
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.
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.
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:
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 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.
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.
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.
Executive Vice President,
Senior Vice President & Regional Head of Europe
Assistant Vice President – Digital Transformation
Senior Director – Delivery and Customer Success