P&C insurance
Finding the balance between serving dynamic customer requirements and following rigorous processes is crucial to profitable business growth.
Characterized by predominantly annual contracts and ever increasing Churn, P&C insurers operate in a data environment that is, apart from being vast, very diverse viz. multiple data formats and multiple data sets. AI offers considerable promise in Auto Insurance Marketing, Servicing, Claims and Fraud prevention. The challenge is to unlock value buried in this data to select and manage appropriate risks, retain the better customers , accelerate claim payments, reduce fraud, match changing business needs, price competitively and maintain regulatory compliance.
Autonomous systems shall be able to learn complex features across multiple dimensional data sets and assist P&C insurance business to match customer requirements, while efficiently and comprehensively monitoring associated risk regime.
Improve effectiveness of customer communication to build engagement, boost conversion rates, and decrease churn.
Sharper Customer acquisition and enhanced customer experience
Automate customer selection and retention methodologies using Assistive AI module, that can learn more granular features across dimension and evolve along with the data
Automate customer selection and retention methodologies using Assistive AI module, that can learn more granular features across dimension and evolve along with the data
Uplift in conversion rates and overall ROI from the sourcing channel
Nudge the sales teams towards profitable customers and most suitable products
Increase Share of Wallet from channels by running optimized micro-strategies
Enhance opportunity to Upsell and Cross sell using Nudges form Assistive AI
Acquire risks from the market at the same speed as new using the power of AI and eliminate leakages and frauds at the same time
Underwrite new and rollover cases vehicles on the go
Dig deep into to accumulated organisational memory to categorise rollover vehicles for acceptance or raise suspicion at an early stage
Enhance ability to categorise risks at inception
Eliminate frauds , misrepresentations at customer acquisition stage
Improve distribution efficiencies and channel loss ratios
Handsfree Auto claims settlement which is data-driven and standardised. Earn your Sales channel's delight and improve settlement ratios
Settle Auto claims without human intervention
Create an automated claims settlement mechanism which will provide approval decisions on the fly
Reduce manual dependence on worthy claims
Standardise claim settlement decisions and reduce decisioning variance.
Improve channel satisfaction by reduced TATs. Increase stickiness.
Reduce leakages and improve loss ratios
Increase investigations hit rate by XX through enhanced organisational ability to identify and eliminate frauds thereby improving loss ratios and reducing leakages
Eliminate frauds through sharper investigations
Arm the investigator with AI enabled triggers, Reduce losses and flag suspicious dimensions including claims, providers, intermediaries and stakeholder
Avail advantage of predictive fraud triggers at the earliest stage in claims cycle
Improve claim settlement efficiencies with ample time on hand for investigations
Track investigator efficiencies through a workflow and course correct where required
Improve loss ratios and reduce claims costs by more successful investigations
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