REIMAGINE INSURANCE
See P&C through a digital lens
80% faster customer quotes
By launching a mobile insurance platform, a leading carrier transformed its CX and accelerated sales in a competitive market.
Leading P&C carriers rely on continuous digital innovation to create value.
INSURANCE ECOSYSTEM
Streamline claims for a digital future
Who needs it
Organizations facing challenges with:
- Digitizing claims operations to accommodate future growth
- Suboptimal use of claims data to influence claims outcomes
- Paper-based intake of claim forms and documents
- Manual processes, including segmentation and adjustor assignment
- Complex, partially automated workflows
- Inadequate fraud detection
How we help
- Business consulting—defining the future of claims operations through scenario modeling, reimagining digital processes and identifying big bets (technology, skills and partnerships) to future-proof the claims organization’s operating model
- Data and analytics consulting—defining a roadmap to generate value from claims data and recommending high-impact areas to leverage advanced analytics, AI and machine learning
- Process consulting—claims process reengineering, RPA assessments, process consulting for workflow-based implementation and claims system envisioning
- Technology consulting—automated claims processing, insurance platform evaluation and application rationalization of claims portfolios
What you gain
- Influence claims outcomes and reduce claim costs
- Reduce cycle time through streamlined and intelligent processes
- Reduce work/case load balance across claims teams in different LOBs
- Increase claims auto-adjudication of simple cases
- Configure rules-based intake and processing
- Improve the customer claims experience and net promoter score (NPS)
Reimagine financial risk management
Who needs it
Organizations facing challenges with:
- Manual handling of complex submission forms and data
- Improving straight-through processing of standard risks
- Task management and submission routing to underwriters
- Improving quote acceptance rates
- Handling new sources of data and emerging risk information in risk analysis
How we help
- Business consulting—defining the future of underwriting software through scenario modeling and identifying key shifts in underwriter roles, skill sets, decision-making tools and capabilities needed to achieve insurance digital transformation
- Process consulting—processing reengineering, RPA & IPA assessments targeting specific parts of the underwriting value chain and workflow-based process redefinition
- Data and analytics—identifying decision-making using areas where advanced analytics, AI and machine learning can make a difference across the underwriting software value chain
- Technology consulting—insurance platform modernization and evaluation, and application rationalization of the underwriting portfolio
What you gain
- Free up underwriters’ time to focus on whole account solutions and portfolio management
- Increase straight-through processing in handling standard risks
- Speed response to demanding agent/broker submission requests
- Improve underwriter effectiveness through better risk selection
- Improve the customer, agent and broker experience
Envision new business models with digital tech
Who needs it
Carriers looking to:
- Accelerate business outcomes through rapid innovation
- Bridge the time gap between having a great idea and implementing it
- Navigate the future using emerging technologies
How we help
As the innovation arm of Cognizant’s Insurance practice, we help insurance companies innovate rapidly via a three-pronged approach:
1. Envision: Identify new business opportunities based on possible future scenarios, emerging technologies and disruptive business models. Ideation and opportunity identification typically take two to four weeks, leveraging tools such as:
- Future State Scenarios—encourages business leaders like you to poll a list of intentionally extreme future scenarios and arrive at a list of shared business priorities.
- Insurance Navigator—helps identify innovation opportunities at the intersection of exponential technology and business model disruptions. Shows how the global insurance industry is changing and helps identify innovation opportunities.
2. Experiment: Access our repository of storyboards and templates to accelerate concepts. Follow a structured prototyping process using agile product development and work with our full-stack engineers and technology specialists to build solutions. This phase of building prototypes takes six to eight weeks.
3. Expand: Leverage a ready-to-use IT environment powered by scalable assets and partnerships and integration with the application environment. Measure customer adoption rate and ROI from pilot to production.
SHOWCASE
THOUGHT LEADERSHIP
INSURANCE MANAGEMENT
Take the first step
Serving customers by looking forward as well as back is a big promise, but the power of today’s new digital capabilities is vast and growing.
Let’s talk about how digital can work for your business.