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Insurance

In the recent times data is driving innovations and the adoption of a slew of exponential technologies in the insurance industry. Artificial intelligence (AI) and analytics technologies are leveraged to gather, process and decipher structured and un-structured data and the intelligent automation technologies are automating the voluminous, labor intensive processes.

Explore how 10xDS streamlines the key processes, empowering insurance companies.

Key Automation Areas

Intelligent Automation

Compliance

The regulatory compliance standards and laws undergo constant updates and implementations in the insurance domain, increasing the cost of system upgrades and training resources. 10xDS intelligent automation solutions non-intrusively and efficiently works on top of the existing systems to seamlessly handle the changes, reducing the overhead expenses for incorporating them.

Claims processing

Faster and efficient claims processing is fundamental to the profitability of any insurance company. 10xDS intelligent automation solutions help automate the rule based repetitive and labor-intensive claims processing tasks enhancing the process efficiency, increasing cost savings and bringing drastic reduction in the number of errors.

Policy issuance

Policy issuance is a highly manual and time-consuming process requiring customer data updates to multiple systems. 10xDS automation solutions streamline the repetitive tasks in the process, incorporating several validation checks.

Underwriting

Underwriting requires huge amount of data to evaluate and analyze the risk and exposure of potential clients. The process is time consuming and it adversely affects the customer satisfaction levels and sales conversion rate. 10xDS automation solutions streamlines the process, enabling the insurer to provide faster information to clients.

Policy Cancellation

Policy cancellation is one of the insurance process areas where automation solutions are widely deployed.10xDS software bots efficiently performs the back-office system entries and updates, significantly reducing the processing time and cost.

Analytics

Risk Assessment

Data generated from various sources such as from sensors, wearables, geographical and others are analyzed and modelled to give meaningful insights. 10xDS analytics solutions leverage advanced techniques such as predictive modelling to help insurers calculate the risk probability and the policy premiums for defined customer segments.

Fraud detection and prevention

Fraud detection and prevention capability of insurance companies is significantly enhanced by the claim history data management and predictive modelling. 10xDS analytics solutions help insurance companies analyze the past data of fraudulent claims and such learnings can help them easily identify future fraudulent claims from the patterns.

Sales and marketing

Insurance companies are adopting advanced marketing strategies to gain competitive advantage, to increase customer acquisitions and customer retentions. 10xDS analytics solutions helps insurers leverage data from various sources such as demographic, social media, and other trends to analyse customer buying pattern, and help design successful targeted marketing strategies.

AI

Intelligent virtual assistants

With the advancements in machine learning and natural language processing technologies, 10xDS helps insurance companies deliver improved customer experience using the new and advanced Intelligent Virtual Assistants to engage users by providing intuitive, context-driven responses.

Claims prediction

Accurate claims predictions enable the insurers to properly manage the claims and counter the impact of unexpected surges in claims affecting the bottom line. 10xDS AI solutions leverage advanced machine learning technology to process numerous variables to expertly predict the probability of claims, enabling the insurers to offer competitive pricing and policy features to select customer segments.

Customer management

Customer data is generated at every digital touch point and powered with advanced AI technology, 10xDS solutions help companies gain insights on customer behavior, buying patterns and lot more. This information can be effectively utilized by the insurers for managing the customer portfolio better.

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