The multitude of disruptive forces in the business environment today is compelling organizations to embrace digital transformation at an accelerated pace. And in the quest to infuse enterprise-wide resilience in the post-pandemic era, business leaders are increasingly realizing the value associated with a digitally connected ecosystem. The future of the insurance industry too lies in digitally connected enterprises that enable seamless interaction across stakeholders, viz. customers, producers (agents), and employees. To be able to deliver a top-notch customer experience and reinvent offerings, insurance providers must overcome three hurdles:
- Lack of contextual engagement
- Pervasive information silos
- Inordinately high IT dependency
These bottlenecks inadvertently lead to higher turnaround time for customer service, delayed claims processing, mishandling of complaints, error-prone underwriting, growing operational costs, and dwindling customer loyalty.
Preparing for the Future with Digital-first
Insurance companies need to accelerate digital adoption, find creative ways to optimize all business areas and embrace the extended enterprise. Application of digital capabilities to products and processes not only addresses the existing business challenges mentioned above but also identifies new opportunities with effective risk management and efficient operations. Embracing a digital-centric approach with tools like AI, intelligent content services, and contextual automation of business processes can optimize every facet of insurance operation with speed and accuracy.
Newgen Is the Digital Partner of Choice for Insurance Providers
Newgen is a trusted technology partner for global insurance companies, with our platforms consistently recognized by leading industry analysts. They have been enabling insurance carriers across geographies to foster innovation and strategize their journey in a cohesive and sustainable manner. Newgen’s product suites are well-equipped to address two critical factors for the insurance industry: “speed of implementation” and “configurable applications.”
Recently a leading health insurance provider developed and launched a core health insurance system using Newgen’s digital transformation platform with low code capability. They were able to deliver on the customer’s expectations within eight months of expressing the need, even though most of their teams were working remotely due to the pandemic. The application has hundreds of screens, tens of processes, complex business rules, integrations, and adheres to security and compliance requirements. Traditionally, similar application development projects would have taken 2.5-4X the time and resources entailing massive code development, debugging, bug fixes, and back and forth. Their low code development methodology and its suitability for rapid application development and deployment perfectly suited this innovative case.
Newgen’s applications can be leveraged to overcome digital transformation challenges, drive continuous process improvement, optimize strategic insurance processes, and re-align core operations to keep up with the changing market dynamics. Our purpose-built applications drive end-to-end automation, deliver contextual content services, and provide omni-channel customer engagement for increased agility and a delightful customer journey.”- Anurag Shah, Head of Solutions Engineering, Newgen.
Their NewgenONE Digital Transformation Platform with low code capability provides a unified and agile interface layer that streamlines all processes and enables end-to-end automation of underwriting, claims processing, and policy servicing processes.
- The solution elevates the underwriting capabilities with automated risk segmentation, rules-based underwriting decisions, intelligent workflows, and case management features. It provides in-built dynamic rules to facilitate straight-through processing of low complexity submissions and automates key underwriting tasks
- The policy servicing solution efficiently transforms the operations digitally by handling all service requests—from simple endorsement requests like updating personal particulars to complex requests with financial calculations/contributions, underwriting, claims, and policy renewal processes
- The claims automation solution features a unified workbench—a framework that supports multi-location rollouts, integration with policy admin systems, tracking and status updates, real-time reporting, and much more. The solution allows auto-identification and smart routing of claims with the flexibility to add stakeholders like empaneled workshops, adjustors, claim officers, etc., to achieve a smooth claims journey.
Billions of documents digitized and archived for a global insurance provider
Newgen’s customers across the globe have been running award-winning operations. Below is a snapshot of real benefits accrued by one of their largest insurance clients
- New business, underwriting, claims, and policy servicing journey automation
- Solution accessed by thousands of users across branches
- Omnichannel requests initiation
- Easy scalability for handling high volumes of requests
- Reduced manual intervention due to auto-assignment and rules-based processing
- Effective registration, adjudication, tracking & management of claim submissions
- Reduced TAT due to automation of manual activities
- Generates millions of personalized communications per year in the forms of pdfs, emails, and SMSs
Newgen’s innovative and robust products have helped its customers to explore the opportunities in designing the roadmap for a frictionless customer journey, transform employee experience, enhance regulatory compliance, and multiply business growth. Innovation is a part of Newgen’s DNA and the company continues to invest in research and development. To stay competitive and keep delivering value to its customers, Newgen is looking to further enhance its solutions with cutting-edge technologies, including artificial intelligence, machine learning, and process analytics.