EIQ Platform for Hyperautomation in Insurance
Hyperautomation Enablement Platform for Insurance
Digital Native Insurance Solutions
Hyperautomation in insurance is transforming the industry by enabling AI-driven digital solutions that enhance efficiency, streamline processes, and drive cost savings. It automates tasks, analyzes data, and integrates systems, empowering insurers to thrive in an evolving landscape.
How does it work?
- Build omnichannel user interfaces that leverage existing core systems in weeks.
- Seamlessly integrate with industry best-in-class systems such as Guidewire using pre-built connectors.
- Leverage existing templates for standard processes from Underwriting to Policy Administration to Claims Processing.
- Implement end-to-end process automation to ensure downstream activities are executed in real-time.
Real-time, Customer Churn Propensity Driven CRM
Harness the power of a hyperautomation enablement platform for insurance to gain deep insights into customer preferences and revolutionize policy renewal rates. With hyperautomation, insurers can proactively engage with customers and increase retention rates by providing tailored solutions that meet their specific needs and preferences.
How does it work?
- Integrate disparate customer-dependent processes through the customer lifecycle.
- Predict churn propensity in real time by assigning customers to specific call-center agents.
- Improve claims management and renewal rates.
Intelligent First Notification of Loss (FNOL)
With the implementation of hyperautomation in the insurance industry, experience unified omnichannel interfaces for reporting and tracking claims. The hyperautomation system streamlines the claims process, automating data collection, verification, and updates.
How does it work?
- Authentication and deriving policy numbers from registration numbers and date of birth.
- Complete the FNOL details using a combination of mobile, voice, and computer vision.
- Built-in claim validation of claims and screening for frauds using Machine Learning and features like IP / geo-tagging.
Core Process Automation
Adopting a hyperautomation enablement platform for insurance needs enables the implementation of end-to-end automation for core processes, resulting in enhanced operational resilience and significant productivity gains. By leveraging advanced AI and automation technologies, insurers can automate manual and repetitive tasks across the insurance value chain.
How does it work?
- Blockchain-based Smart Contracts for Risk Syndication and Policy Management.
- Machine learning-based reconciliation with brokers and other counterparties to reduce manual effort.
- Build solutions for core functions, including automated renewal and continuous underwriting.
Talk to us today to learn how a leading vehicle insurance company was able to improve their customer lifecycle journeys using the EIQ platform.
Real time Churn Propensity Driven CRM
Client Context
A UK motor vehicle insurance company wanted their agents to have a deeper understanding of their customers when they interacted for customer service requests like claims and renewal processing.
Business Process Area
Insurance Renewal Processing
Value Delivered:
- 60% Reduction in customer churn
- 30% Improvement in Customer Experience ratings