The insurance domain is on digital crossroads and looking keenly for digital transformation. With over a decade of experience in software development for insurance companies, Czario helps P&C and life insurance companies redefine their business workflows and operating models to position themselves strategically in the market.
As disruption plays a key role in challenging the insurance domain, the power of technology is being harnessed to seize new opportunities.
We equip our insurance solutions with the power of AI, RPA, cloud, and IoT to realize the full potential of technology in insurance. Our target users include P&C insurers, life carriers and reinsurers for whom we implement our solutions. We help improve their core operations, develop new sources of revenue growth, and pivot ‘new’ capabilities cost-efficiently.
We assist insurers become more relevant to customers, more agile, and more secure in the face of cyber-threats and dynamic environments.
With automated digital solutions, paper-intensive back-office work can be handled by digital assistants. Customer profiling and segmentation is another area where our digital solutions play a pivotal role.
Our RPA solutions provide high-growth response to the dynamic needs of the Insurance sector while optimizing costs in the following departments.
RPA implementation in the insurance realm helps in gaining more visibility into insurance workflows while catalysing continuous process improvement.
Digital environments have empowered consumers who are now in a position to demand prompt and personalized services from anywhere and for unpredictable needs. To sustain profitability in this scenario, insurers need to lay key focus on boosting retention rates through enhancement of customer service. To enhance customer experience across different touch points, carriers must effectively leverage social media, mobility, and data analytics.
Czario’s Customer 360-degree View solution aggregates data from multiple sources (customer records, accounts, insurance company databases, etc.) to create a comprehensive, single view of the client. Our comprehensive solution handles both structured and unstructured data, from external and internal sources, to generate actionable insights through analytics which reflects on a user-friendly dashboard.
Our offering captures attributes like individual risk profile, profitability, policy coverage, claim and engagement history, and social interactions. These data sets are processed using analytics tools, to generate actionable insights and unique plans that are based on customer preferences and sentiment. Our solutions can recommend predictive customer service initiatives, and proactively offer personalized products and services.
We help insurance companies deal with the drawbacks of legacy systems with our transformational programs that enhance customer experience at reduced costs. Due to the sheer size and complexity of legacy applications, it is often difficult to extract the business rules that define and drive the insurance business. Lack of system documentation and unavailability of experts are major roadblocks in the transformation journey.
Our offering provides a structured and automated approach to Business Rule Extraction in order to isolate the rules that are directly related to business processes.
Our methodology involves identifying the complete inventory of components, extracting technical conditions from source code, and translating them into business terms. The translated business rules are further classified and rationalized, based on individual insurance policies. This is supported by our mature, proprietary tools and enablers, developed based on our past experience and in-house expertise.
We identify and extract the business logic embedded in legacy code, leveraging tools to expedite the extraction. Our next-gen products encompass product, underwriting, document, process, and interface rules.
Two major hurdles that affect the growth of insurance businesses are modernization and shorter go-to-market timeframes. Large volumes of existing forms and documents that need to be converted to digital formats, structured data based on the insurance company’s offerings, and legacy platforms that use tightly-bundled code for form generation rules, triggers, and display make it challenging to introduce new insurance products and services or revamp exiting ones. New levels of agility through a scalable and flexible forms solution is the need of the hour in any type of insurance be it life insurance, health insurance, vehicle insurance, property insurance, etc.
Our Forms Modernization solution enables insurers to derive more from legacy resources. Our solution provides a consistent customer experience driven by branding, quicker time to market for products, and reduced maintenance cost.
Our modernization e-solution (a combination of AI, RPA, and Machine learning capabilities) has all the necessary ingredients to manage the experience, actuate the transformation, and streamline the operations. We have a highly evolved methodology that has been proven in multiple projects which ensures successful implementations and encompasses:
Globally, customer loyalty is diminishing for the auto insurance industry while profit margins are slumping. Consequently, companies need to identify new solutions to improve driver safety, establish clear product differentiators, and control claims inflation and pricing. While telematics is vital for insurers to remain relevant, the installation and maintenance costs are high. Additionally, growing privacy concerns prevent insurers from harnessing the full potential of this solution.
Our Digital Insurance Telematics solution effectively converts smart phones into telematics devices that offer the same functionality as in-vehicle devices.
By eliminating the dependency on expensive ‘blackbox’ telematics, our solution ensures a smooth flow at entry levels by adopting to technology while delivering data quality with a big data analytics platform. With our solution, you engage your customers, and gather driver and behavioral information to gain insights into driving schedules and patterns. The application transforms the way you engage with your customers by transitioning from the traditional, reactive touch points that occur mainly after accidents, towards proactive and preventative interactions.
Chatbots provide an effortless working scenario in a simulated environment that facilitates prompt conversations with human users to enhance the customer experience. With the use of Chatbots, responses to policy status information, payments and auto-renewals, can be provided instantly. RPA bots also generate alerts for any pre-loss warnings based on the data and accordingly guide them for preventive adjustments& maintenance. They also do a comparative analysis of peer insurance provider policies and highlight the benefits of the best option.
With artificial intelligence and analytics playing pivotal roles in insurance, better insights relating to risks can be derived based on historic records and policy patterns. This will help in designing personalized and flexible covers that fit an individual’s budget and ensure optimal risk mitigation. Our solutions can also analyze previous claim history reports and make predictive analysis for upcoming claims or policy selections.
Our solutions enable transparency in the system with in-built efficiencies in the claiming process. Claim processing involves deriving value from voluminous information that has to be processed manually verified, validated, secured, and settled. This leads to a longer turn-around-time with increased possibilities of errors or reclaims. With the help of De-dup and AML, the right data can be pulled out by avoiding any suspicious or duplicate data. It provides a customer self-service solution that can cater to all situations while raising timely notifications for prompt actions.
We embrace business processes and their compliance functions in our solutions to make the best of human capabilities and machines for getting an advanced insurance solution. By using AI-integration in the system, the compliances can be well-regulated while keeping processes well-alignedto needs. The standards on how customer records need to be maintained, how threshold levels are reviewed and handled, and how internal audits are done before external audits are conductedcan be met through system alignments to tax laws, PCI standards, and HIPAA privacy rules. Periodic system updates or improvements in line with these regulations are ensured by Bot processes without letting the business suffer.
Want better customer interactions, automated processes, and an edge over competitor insurers? Call us today to get the best insurance solution integrated to your existing system or revamp your system to handle modernized processes.
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