Claims, Life Insurance
Genpact | November 30, 2023
Genpact a global professional services firm focused on delivering outcomes that transform businesses, announced it is working with Amazon Web Services (AWS) and Amazon Business to introduce a transformed approach to property loss replacement and claims management.
Genpact is leveraging its extensive claims management expertise as well as Amazon Bedrock generative AI capabilities and Amazon Business procurement API integrations, including pricing information, to reduce the claims submission process from weeks to days. This initiative is streamlining replacement item identification and enabling more efficient and timely delivery of policyholder estimates. Amazon Bedrock is a fully managed service that provides access to foundation models (FMs) from leading AI companies through an application programming interface (API) to build and scale generative AI applications.
"AI is fundamentally reshaping the landscape of the insurance industry,"
said Sameer Dewan, Global Operating Officer, Genpact.
Our Genpact AI-driven automated pricing workflow, powered by AWS, is transforming the research, significantly reducing the time adjusters spend investigating by as much as 75 percent. By automating routine tasks and enhancing decision making, our AI solution is empowering smarter pricing decisions, expediting claims settlements, and bringing about a profound transformation in the customer experience.
[Source - PR Newswire]
Genpact is committed to delivering measurable value to its clients through ongoing innovation. In the future, the company plans to integrate additional AI services into the automated workflow to introduce enhanced features. These include real-time summaries of market values for claimed contents and optimal action recommendations for further processing.
About Genpact
Genpact is a global professional services firm delivering the outcomes that transform our clients' businesses and shape their future. We're guided by our real-world experience redesigning and running thousands of processes for hundreds of global companies. Our clients – including many in the Global Fortune 500 – partner with us for our unique ability to combine deep industry and functional expertise, leading talent, and proven methodologies to drive collaborative innovation that turns insights into action and delivers outcomes at scale. We create lasting competitive advantages for our clients and their customers, running digitally enabled operations and applying our Data-Tech-AI services to design, build, and transform their businesses. And we do it all with purpose. From New York to New Delhi and more than 30 countries in between, our 115,000+ team is passionate in its relentless pursuit of a world that works better for people.
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Insurance Technology
Roadzen Inc | December 01, 2023
HCLTech, a global technology company, and Roadzen, a leading AI-driven auto insurance technology company, announced a collaboration to harness the power of AI and data engineering to deliver benefits to both auto insurance carriers as well as their customers.
This partnership will help auto owners preserve the value of their assets, improve safety and reduce insurance premiums. At the same time, it will help carriers with better insights into driver behaviors and improve loss ratios.
said Srinivasan Seshadri, Chief Growth Officer and Global Head, Financial Services, HCLTech.
Partnering with Roadzen aligns with our commitment to constantly evolve and offer unparalleled services to our insurance customers. We see AI as a transformative power in the insurance sector and believe the combination of HCLTech’s trusted delivery capabilities with Roadzen’s AI leadership creates a solution that all our clients will be excited to engage with, to redefine insurance experiences.
[Source -GlobeNewswire]
The HCLTech-Roadzen partnership underscores the significance of telematics, computer vision and AI in the auto insurance industry. The collaboration draws on and significantly enhances HCLTech’s domain expertise in auto insurance and related service offerings, positioning HCLTech as a forward-looking provider of next-gen insurance technology to clients.
"We are thrilled to collaborate with an industry leader like HCLTech. This synergy perfectly embodies Roadzen's mission to revolutionize insurance through AI and tech-forward solutions," said Rohan Malhotra, Chief Executive Officer and Founder of Roadzen.
HCLTech was positioned as Leader in the Everest’s Insurance Business Model Innovation Enablement Services – PEAK Matrix Assessment 2021. It was also recently named a Leader and Star Performer in Everest Group’s Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023.
About HCLTech
HCLTech is a global technology company, home to more than 221,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending September 2023 totaled $12.9 billion.
About Roadzen
Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by AI. Thousands of clients - from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents - use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express.
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Risk Management
PR Newswire | October 12, 2023
INSURICA, one of the largest privately held independent insurance agencies in the nation, has selected Ascend, the leading financial operations automation platform, to advance their commitment to innovation, elevate the client experience, and drive increased efficiency across their operations.
As the industry's sole provider of financial operations automation software, Ascend will streamline INSURICA's billing, carrier payables, and financing workflows. By integrating Ascend's transformative technology, INSURICA aims to enhance their customer-centric approach while empowering their teams to dedicate more time to building valuable client relationships.
We are constantly re-evaluating the way we do business, striving to deliver exceptional customer service and optimize our operations, said Kylie Hubbard, Director of Innovation at INSURICA. Ascend is a groundbreaking solution that has truly revolutionized our post-placement lifecycle for policies. With seamless software and automation, we have significantly improved customer service and streamlined our processes.
Ascend's solution automates all accounts receivable (AR) and accounts payable (AP) tasks in the agency bill workflow. From invoicing to premium financing to carrier payables, Ascend simplifies the complex tasks associated with premium and commission management. This unified workflow provides real-time transparency and accelerates the speed at which INSURICA can bind and manage policies, all while prioritizing a superior customer payment experience.
We founded Ascend with the goal of partnering with leaders in the insurance distribution channel to optimize operational efficiencies and elevate the client experience through automation, emphasized Andrew Wynn, Co-CEO of Ascend. INSURICA's commitment to innovation aligns perfectly with our mission, and we are honored to collaborate with them in pushing the insurance industry forward.
About Ascend
Ascend is the industry-leading provider of financial operations automation software, dedicated to modernizing the insurance industry's financial infrastructure. Ascend is the only solution designed to enhance agency management systems by streamlining the insurance life cycle for agency bill processes. By eliminating manual back office accounting tasks, improving cash collection cycles, and providing a best-in-class customer experience, Ascend significantly increases the productivity, efficiency, and profitability of agencies and brokerages. To learn more about how Ascend can transform your business, please visit www.useascend.com.
About INSURICA
Placing over $1 billion in annual premiums for our clients, INSURICA is among the 40 largest insurance brokers in the United States and is currently the 24th largest privately held independent agency in the country.
INSURICA employs more than 600 colleagues in 33 offices located throughout Oklahoma, Texas, Arkansas, Kansas, Colorado, Arizona, California, Mississippi, Alabama, and Florida. We are constantly looking to expand our network with partners who bring additional value and expertise to the enterprise and our clients. Our focus on finding quality and experienced partners, coupled with the resources of Assurex Global positions INSURICA as one of the preeminent insurance brokerages in the country and further emphasizes our customer pledge that we "Specialize in You."
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