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
PR Newswire | October 05, 2023
MongoDB, Inc. (NASDAQ: MDB) today at MongoDB.local Boston, announced the launch of MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance, two new initiatives that help companies in these industries accelerate their pace of innovation and better serve end-users with modern, data-driven applications. MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance include expert-led innovation workshops, tailored technology partnerships, and industry-specific knowledge accelerators to provide customized training paths designed for a range of use cases that developers in these industries work with. To learn more about MongoDB Atlas for Industries, visit https://www.mongodb.com/industries.
Organizations in the healthcare and insurance industries depend on large volumes of highly sensitive data to make critical decisions about patient care and coverage policies for customers. However, these industries face challenges not only from legacy applications that rely on siloed data, but also complex networks of providers and organizations. These constraints prevent them from realizing the full potential of their data, said Boris Bialek, Field CTO of Industry Solutions at MongoDB. With the launch of MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance, we're alleviating these challenges by providing organizations with the tools required to build modern applications that increase operational efficiency and productivity. Deploying modern applications with MongoDB can help increase interoperability across entire enterprises that enable healthcare organizations to harness real-time patient insights and build personalized care pathways, and for insurers to capitalize on AI, machine learning, and advanced analytics to modernize their underwriting and claims processes.
MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance include solutions and capabilities that can help organizations reimagine how they interact with end users by deploying data-driven applications with the flexibility, security, and resilience the healthcare and insurance industries require:
Migrate and modernize legacy applications with minimal risk and zero downtime: For organizations in the healthcare and insurance industries that want to move from legacy relational databases to modern applications on MongoDB Atlas, MongoDB Relational Migrator reduces the time, cost, and risk typically associated with these projects–making it significantly faster and easier to optimize operations and accelerate innovation. MongoDB Relational Migrator analyzes legacy databases, automatically generates new data schema and code to operate migrated applications, and then executes a seamless migration to MongoDB Atlas with no downtime required. Organizations can run the migrated, modernized application in a testing environment before deploying to production to ensure it is optimized and performing as intended. MongoDB Relational Migrator provides companies in the healthcare and insurance industries with the flexibility to move to MongoDB Atlas quickly and efficiently, so they can focus on building and shipping world-class applications.
Protect sensitive data throughout applications: With MongoDB Queryable Encryption, healthcare and insurance organizations can ensure full-lifecycle encryption of sensitive data—including patient records, medical histories, and insurance claims—not only in-transit over networks and at-rest during storage, but also while data is in use during querying. MongoDB Queryable Encryption provides state-of-the-art encryption that helps reduce data exfiltration and operational risk with an easy-to-use capability organizations can use to secure highly sensitive workloads with no cryptography expertise required. With MongoDB Queryable Encryption, developers in these industries working with highly sensitive information can protect their data throughout its entire lifecycle when being stored, queried, and processed on MongoDB.
Run data-driven applications anywhere: MongoDB Atlas for the Edge enables organizations to deploy applications closer to where real-time data is generated, processed and stored, across mobile and IoT devices, on-premises servers, and multiple major cloud providers. For example, healthcare providers can seamlessly deploy applications across mobile devices and on-premises servers for interacting with patients and accessing medical records when internet connectivity is unavailable—while also ensuring data is synchronized with the cloud once connectivity is available. Insurance companies can also deploy applications across mobile devices for use cases that simplify underwriting, claims processing, and build new cross-industry products and services. MongoDB Atlas for the Edge enables organizations to build, deploy, and manage applications that are accessible virtually anywhere without the complexity typically associated with operating distributed applications at the edge.
Reimagine possibilities with innovation workshops: Both MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance include dedicated executive engagement with industry experts from MongoDB and the MongoDB Partner Ecosystem to ideate client-specific solutions using best practices developed through proven industry experience. Healthcare and insurance innovation workshops are tailored to address the unique challenges and opportunities that these organizations face so they can modernize their operations with security and compliance in mind.
Jumpstart application development: With MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance, organizations can engage with the MongoDB Professional Services team to take advantage of healthcare and insurance expertise and accelerate projects from concept to prototype to production in less time. Experts from the MongoDB Professional Services team can work backward from an organization's specific challenges to conduct architectural reviews, and help quickly prototype proofs of concept for ideation before moving new applications to production.
Upskill teams to quickly build modern applications: MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance provide tailored MongoDB University courses and learning materials, including unlimited access to curated webinars and solutions sessions, to help developers learn how to quickly build modern applications for the healthcare and insurance fields. Organizations can benefit from training new and experienced developers from the ground up on how to build modern, data-driven applications to modernize operations and reimagine end user experiences.
To get started with MongoDB Atlas for Healthcare, visit https://www.mongodb.com/industries/healthcare, and to get started with MongoDB Atlas for Insurance, visit https://www.mongodb.com/industries/insurance.
GE HealthCare is a leader in precision care, infusing innovation with patient-focused technologies to enable better care. "GE Healthcare turned to MongoDB to manage the lifecycle of our IoT devices, from deployment to retirement," said Emir Biser, Senior Data Architect at GE HealthCare. "MongoDB Atlas is a gamechanger. This technology stack is helping us streamline commercialization and bring market-ready solutions to deliver advanced healthcare. Some of the recent tests resulted in an 83% decrease in retrieval time for critical data elements."
Inovaare Corporation is a leading provider of AI-powered compliance automation solutions for healthcare payers. "Recognizing the significance of compliance in today's healthcare environment, Inovaare sought a solution that could not only help navigate the intricacies of this domain but also bring forth profound industry expertise into the mix," said Mohar Mishra, CTO and Co-Founder at Inovaare Corporation. "MongoDB Atlas fortifies our data infrastructure and enables streamlined data processing for robust analytics and reporting capabilities. Additionally, we rely on MongoDB Atlas Vector Search to deliver context-aware compliance guidance and real-time data-driven insights. MongoDB has been instrumental in helping us consistently deliver state-of-the-art compliance solutions that empower healthcare payers."
Redcliffe Labs is India's fastest-growing omnichannel diagnostics service provider focussing on providing quality-led conclusive diagnostics to Indian citizens. "We have been working constantly to improve customer experiences and convenience by embracing innovative technologies," said Prabhat Pankaj, Chief Technology Officer at Redcliffe Labs. "To achieve that goal, we have leveraged the adaptable document database model of MongoDB Atlas to power our Smart Health Report, a resource that summarizes a range of indicators and trackers along with health tips, and dietary recommendations to evaluate holistic health. We are confident that this partnership will enable us to provide our customers with effective services."
Helvetia is one of the largest Swiss insurance companies, serving over 7 million personal and corporate customers across Europe. "Insurance policies are composed of many diverse attributes, while customer data is hierarchically structured. Trying to fit these flexible structures into rigid rows and columns of a relational database would add a lot of friction to our developers," said Daniel Maier, Lead Solution Architect at Helvetia. "MongoDB Atlas Search is blazing fast! We can surface relevant results from data sets with tens of millions of documents in around 15ms. Atlas Search has also given us a cleaner and simpler architecture. We can create new indexes in a single API call, and data is automatically synced between the database and search index, giving consistent, high quality query results. Developer and operational overhead is reduced, creating cost and time savings which we can reinvest back into building products for our customers."
About MongoDB Atlas for Industries
MongoDB for Healthcare and MongoDB Atlas for Insurance are both part of MongoDB Atlas for Industries, a program that helps organizations accelerate cloud adoption and modernization by leveraging industry-specific expertise, programs, partnerships, and integrated solutions. To get started with MongoDB Atlas for Industries, visit mongodb.com/industries.
About MongoDB Atlas
MongoDB Atlas is the leading multi-cloud developer data platform that accelerates and simplifies building applications with data. MongoDB Atlas provides an integrated set of data and application services in a unified environment that enables development teams to quickly build with the performance and scale modern applications require. Tens of thousands of customers and millions of developers worldwide rely on MongoDB Atlas every day to power their business-critical applications. To get started with MongoDB Atlas, visit mongodb.com/atlas.
About MongoDB
Headquartered in New York, MongoDB's mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, our developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today's wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visit mongodb.com.
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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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