Business Operations-2

In the insurance market, RPA and AI are finding applications across the value chain to significantly accelerate processes and explore new engagement models. Insurance operators can use robots to automate processes such as policy management and claims handling and thus provide a much faster and more personalized service to customers. In the front office, chatbots can be used to interact with customers, to get a better understanding of their needs so that the customer can be provided with personalized quotes. In assisting policyholders, chatbots can be used to handle simpler policy queries, complaints and payments more cost-effectively and quickly. In claims management, robots can be used to assess and pay claims simpler, more efficiently and with less cost, while also greatly improving the customer experience at a vital touchpoint.
Finally, RPA and AI are fundamental support tools for insurers, through which they can evaluate new offers, exploring parametric forms of insurance in multiple product lines. Reduced human labor and faster processing times can optimize costs and operational efficiencies at every level.

The advent of dynamic risk modeling techniques, driven by real-time access to customer data and advancement in analytics capabilities, is enabling new business models – on-demand, pay-per-use and peer insurance. -to-peer – who are transforming the way people experience insurance. These new business models are focused on evolving customer needs, filling gaps in insurance offerings and providing services to unexplored or underserved markets. Advanced analytics tools enable insurers to effectively leverage internal and external data to derive granular insights that enable them to tailor services to a customer’s situation, behavior, preferences and risk profile. With advanced analytics, insurers can develop a list of emerging risks and develop and implement appropriate underwriting strategies to improve the company’s competitiveness.

The way companies deliver their service to policyholders is changing. The rise of the web, mobile devices, social media and the Internet of Things (IoT) means that customers expect omnichannel interaction that is always on demand, and if they don’t get it, they are more than happy to introduce the world the question in seconds via social media. The changing aspect of customer interaction is making it increasingly difficult for companies to deliver the levels of service their customers expect, especially when an increased competitive landscape drastically impacts cost reduction, flexibility, time-to -market and efficiency. A better customer experience is the priority for insurance executives, who embrace a customer-centric approach and transition to business models that allow for easy access to services. ICG’s Software-as-a-Service (SaaS) solutions wink at customer experience and customer service, allowing you to analyze customer omnichannel interactions, position them on the market and offer concrete actions to improve performance.

Risk mitigation and regulatory compliance are two critical elements of an organization and often require complementary strategies. An effective risk management plan ensures a structured and categorized approach to identifying vulnerabilities in an efficient and responsive way, while a well-designed compliance project will strictly follow government regulations while reducing the expense of extremely expensive fines and audits. ICG’s Risk & Compliance experts collaborate with organizations to address three critical areas of interest:
– 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 control all company platforms, including: policies, new contracts, new technologies and initiatives.

ICG offers a large number of business process outsourcing (BPO) services that allow insurance players to grow their business while reducing operating costs. The BPaaS model is cloud-based and built for multi-tenancy, so it can be accessed via internet-based technologies.
Pricing models are based on consumption or subscription.