Optimize value chain by levaraging technologies such as RPA and AI
In Insurance market, RPA and AI are finding applications across the value chain to significantly expedite processes and explore new models of engagement. Insurance players can use bots to automate processes such as policy servicing and claims management and thus providing much faster and more personalized service to customers. In the front office, chatbots can be used to interact with customers to gain a better understanding of their needs so that the customer can be provided personalized quotes. In policyholder servicing, chatbots can be used to manage simpler queries about policies, claims and payments more cost-effectively and speedily. In claims management, bots can be used to asses and pay out smaller claims, which is cost efficient and can also considerably enhance customer experience at a vital touchpoint. RPA and AI can also act as the supporting tools for insurers to explore new offerings, exploring parametric forms of insurance in more product lines. The reduction of human labor and faster processing times can optimize cost and operational efficiencies.

Gain more insight from business analytics
The advent of dynamic risk modeling techiques, driven by real-time access to customer data and advancement in analytics capabilities are enabling new business models – such ad usage-based, on-demand, peer-to-peer insurance – which are transforming the way people consume insurance offerings. This new business models are focused on evolving customer needs, bridging the gaps in insurance offerings and catering to unexplored/underserved markets. Advances analytics tools enable insurers to effectively leverage internal and external data to carve-out granular insights that allow them to tailor services based on a customer’s situation, behavior, preferences and risk profile. With advanced analytics, insurers can develop a list of emerging risks, and develop as well as implement underwriting strategies accordingly to enhance firm competitiveness.

Enrich customer interactions
The way in which companies deliver customer service is changing. The rise of web, mobile, social media and the Internet of Things (IoT) means customers expect always-on, omnichannel interaction, on demand – and if they don’t get it, they are more than happy to let the world know in a matter of seconds. The changing face of customer interaction is making it increasingly difficult for companies to deliver the levels of service their customers expect – especially when a heightened competitive landscape makes cost reduction, flexibility, time to market and efficiency imperative. Enhanced customer experience is top on mind for insurance executives, embracing a customer-centric approach and transitioning to business models that allow easy access to services. ICG’s Software-as-a-Service (SaaS) solutions enable customer experience and customer service manager to analyze clients’ omnichannel interactions, position them on the market and offer concrete actions to improve performance.

Better manage risk & compliance
Risk mitigation and regulatory compliance are two critical elements for an organization, and often require complementary strategies. An effective risk plan ensures that you have a structured and categorized approach to identifying your vulnerabilities in an efficient and responsive manner, while a well-designed compliance blueprint will a strict adherence to government regulations while reducing the expenses of costly regulatory fines and audits. ICG’s Risk & Compliance experts work with your organization to address three critical areas of concern:
– Audit and compliance – Collect information on business and processes. Perform internal and external audits.
– Policies and standards – Ensure regulatory compliance, data protection and data privacy.
– Information security – Review and audit all business platforms, including: policies, new contracts, new technologies and initiatives.

Business process as a service (BPaaS)
ICG offers a group of delivery of business process outsourcing (BPO) services that enables Insurance players to grow your business while reducing operational costs. The BPaaS model is sourced from the cloud and constructed for multitenancy, so can be accessed via Internet-based technologies.
The pricing models are consumption-based or subscription-based commercial terms.
Our BPaas:
– Horus
– A-bot