Digital Transformation - a new catalyst for Insurance
Insurance is among the most regulated industries globally. The kind of compliances that need to be met, the competitive intensity, everything adds to the complexity of the business. Digital transformation helps in trying to address these issues. Like using automation to build compliance reports or to do customer ‘on-boarding”. Similarly, analytics and AI can help to reduce fraud.
Some of the trends being seen in Insurance companies are –
- Long-term cloud strategy
- Predictive analytics
- Low Code application development
- Intelligent automation
- Digital labour or BOT’s
Our Offerings
Cloud-First Adoption Policy
By adopting a cloud-first policy, insurance organizations can modernize and optimize their legacy, on-prem infrastructure. A cloud-based infrastructure, allows insurance teams to develop and roll out new products or facilities for customers, more quickly and achieve faster time-to-market.
In the long term, the cloud is the key to modernizing enterprise application platforms and help insurance companies successfully implement digital transformation initiatives.
At DCM, we help insurance companies with a smooth transitioning, from on-prem to cloud, with both lift & shift as well as application modernisation.
Intelligent Business Insights
The insurance industry faces a high level of fraudulent activities. Traditionally, Insurance companies have long been dependent on the usage of statistics to drive their decisions. There’s been a paradigm shift in the working of insurance industry, with the incorporation of advanced analytics to achieve their business goals. Advanced analytics helps to mine through huge disparate data-sets for actionable insights which can be used for a plethora of business use cases. Insurers are increasingly using advanced analytics to not only protect their businesses from risks but also identify new growth opportunities using customer information. Few use cases of advanced analytics –
- Detection of fraudulent claims
- Customer behaviour patterns
- Innovative marketing strategies
- Claims prediction
At DCM we help accelerate your BI journey, from data discovery, creating ETL pipes, creating data lakes and building dashboards to getting insights- we have you covered all the way.
Read moreRevolutionizing Apps low code application development
Agility has become a true benchmark of competitiveness in today’s insurance space. In the old days, insurance companies would follow elaborate SDLCs. A new release could take 3-6 months. With growing competition companies need to utilise agile development methodologies and LoCode/NoCode platforms to quickly build applications. At DCM we work on different Lo Code / No Code platforms from different vendors.
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Automation
Intelligent Automation & Robotic Process Automation in insurance helps companies, automate time consuming tasks such as data entry, record maintenance, transaction facilitation as well as build compliance reports, etc. and enhance their workflow. Insurance companies rely on a mix of legacy applications and modern systems to run their business. With DCM’s deep expertise of integrating applications we can integrate IA/RPA with these disparate systems, for a successful deployment.
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Successful Insurance Use Cases
Automating Insurance Claim Processing
Collecting data from multiple channels in various formats and processing claims manually requires significant time. However, automation can expedite the claims process by 75%.
Query Resolution
Unlike other industries, the insurance industry receives infinite volumes of customer queries waiting to be resolved. Providing on time resolution is important for customers and that’s where automation in insurance comes to the rescue.
Dynamic KYC Platform
The insurance sector can utilize the eKYC and biometric authentication technology to verify online users during the application process and subsequent transactions to onboard new customers remotely and securely.
AI/NLP/VR assisted digital assistant for personalized experience
Whether your customers reach out via phone, email, a contact form, or live chat, they increasingly seek the convenience of self-service. Waiting for days to get a reply to an email or sitting on hold for an insurance agent, doesn’t meet the expectations, of today’s digitally enlightened consumer. Putting a virtual assistant powered by AI/VR/NLP at the forefront of your customer support helps you automate the routine requests while providing a path to your customer service agents to deal with more complex customer issues. Our AI/NLP virtual assistants , can help insurance companies deliver superior customer experience. By integrating the Virtual Assistants with backend workflow applications, you can speed up the processes.
Client’s Success
