Insurance becomes more customer-centric.
Not that it was not before! For Insurance companies generating and nurturing customer relationships and managing risk are key to running a successful venture. Companies have started leveraging digital channels powered AI and Machine Learning and reaping benefits with improved customer loyalty and at the same time well managed risks, resulting in significant bottom-line results. iLink with its deep expertise in the Insurance industry can show you how to deliver solutions that are transforming the Insurance industry in the modern age.
Key Pains / Challenges
Product innovation and services are becoming more and more challenging in the Insurance industry. Companies need to be on top of information to gain an advantage over the others. Common business challenges include:
- Legacy application software and infrastructure
- Multiplicity of systems and interfaces
- Data integrity issues as a result of duplication
- Lack of end-to-end business process support
- Growing chasm between modern insurtech companies and the traditional ones
- Increasing quality of service demand from digital native customers
- Expectations for a true omni-channel experience to drive business results
- Product and platform innovation to target millennials
Use Cases & Business Outcome
Target the millennials and take your products and services where your customers are, by adding new delivery channels in the popular social messaging platforms and smart speakers. Suggest ways to save money and proactively notify them on renewals.
Anytime Information Access
Provide instant answers to your customer queries with an AI powered virtual agent, reducing high touch call volumes and free up your high valued human resources for other value-added services.
Faster Claims Processing
Provide the best in class support in the moment of crisis to your valued customers by way of a virtual agent that offers instant answers to their claims and service, 24×7, in the language they speak. With a customer first approach, the smart agent can proactively send updates about claims or complete a documentation requirement.
Understanding Insurance can be tough for your customers, especially during stressful times – when they have a medical emergency or a natural disaster. Demystify your insurance policies, coverages, inclusions and exclusions via a conversational agent with easy to use multi-media content.
Personalize Insurance buying experience with a recommender that understands and recommends the best insurance coverage tailored to the customer needs. Cross-sell and Upsell related products, suggest add-ons to coverage based on the customer interactions and household information.
Intelligent Virtual Agent (IVA)
Transition from traditional IVR based customer service to an AI powered Virtual Agent that can provide the first level of support. With smart hand-offs, your Smart Virtual agent can seamlessly hand-off to a human agent with all the required context to keep the conversation engaging.
Add a conversational layer to the insurance buying journey and improve the customer experience and expectations. Seamlessly extend the conversational experience across channels like Alexa or Google Assistant or Siri.
Machine Learning and AI are ideally suited to detect and alert potential frauds. Machine learning models can be used to automate claims processing and flag the suspicious ones for fraud patterns, thereby reducing the costs of insurance providers.
Insurance industry involves heavy usage of paper based documentation and OCR based applications enables automated document onboarding and makes business workflows more efficient and effective and also improving the customer experience.
iLink has a deep understanding and experience in the insurance domain. We are not only help solve these common Business Challenges, but can also provide the agility needed to support evolving business demands. We have domain expertise to
- CRM implementations custom made for the Insurance industry
- Leads generation using modern Conversational AI design approach
- Reimagine customer service with an Intelligent Virtual Assistant (IVA) implementation
- Simplify data collection with OCR and Image processing techniques
- Enhance fraud detection and save costs with Machine Learning based approaches
- Transform your claims processing system
- Improve operational efficiency with Service Level Management reporting
- Enterprise data management and architecture to support multiple data handling use cases including Regulatory Reporting, BI and Data Science
- Complete design, construction, testing, and implementation of archival, retrieval and purge functionality
- Automated Archival, Retrieval and Purging across policy and billing applications
- Production support and maintenance of your claims processing system
Data Architecture & BI Reporting
What can we do for you?
- Provide executive reporting with consistent tabular and graphical analysis
- Insurance KPIs to manage fiscal integrity, reserves, profitability, rate structures, and marketing effectiveness
- Consolidate insurance data into consistent, actionable information
- Correlate data across claims and policy administration
- Data warehouse for reporting from data in multiple systems
- Reports with appropriate security parameters
- Design and development of web-based end-to-end solution frameworks
Value to Optimize and Modernize
- Time to market
- Total cost of ownership
- IT simplification
iLink’s consultants can help with:
- IT Strategy and Consulting
- Business Process Management
- Business Solutions
- Products based development
Team Structure – Flexible Staffing Model
- iLink’s Flexible Staffing Model – A mix of Core team members and a pool of buffer team members to address varying resource demands.
- Core team members remain constant throughout the engagement ensuring continuity, smooth execution and successful transition
- A pool of competent and excellent buffer resources to aid in satisfying varying demands of resource needs and to achieve optimal resourcing.
iLink goes above and beyond, working around the clock, to make sure our site is up and running properly. They concern themselves with our overall functionality and have even alerted us when other systems/vendors have failed. They set the standard.
iLink has done a fantastic thorough work and met very tight timelines. I will use their services again and I am one happy client.
iLink understands agile software development. They put together an excellent team for our project and quickly delivered a fully functional product. I am happy to recommend iLink for their product development expertise.