Insurance industry is becoming technologically more advanced though the transformation is slow compared to other industries. Insurtech funding has increased by 60% in the US according to CB Insights. Insurers are changing their business processes to be more customer centric by activating and collecting the right data which helps them to better understand consumer needs and offer customized advice, coverage, and tailored pricing. Usage-based insurance policies, for instance, tap into customer data in order to charge users according to their specific needs and behaviors, putting the consumer in charge of their own fees. Such personalization and clever data-usage benefit both customers and insurers and for this to happen digitization is the key which facilitates customer satisfaction.
Digital transformation and data collection has enabled insurers to adopt disruptive artificial intelligence and machine learning techniques to run their businesses more efficiently. Specialized functions such as fraud prevention, anti-money laundering, underwriting, and pricing are set to be overhauled using this transversal tech. SoftSol has been closely working with the insurance industry for more than a decade and has offered innovative solutions to insurers to transform their businesses.
SoftSol Contribution
The SoftSol has been supported its Insurance clients in their critical enterprise wide initiatives over the past 2 decades. SoftSol has provided the solutions and services in two business areas Policy Systems and Claims Systems. Primarily our teams were involved in providing Legacy systems Analysis and Modernization of Electronic Claims File (ECF) system, Data scrubbing, cleansing, and migration, building external data interfaces and performed systems maintenance for meeting requirements in a constantly changing regulatory and legislative environment. All these activities were performed following stringent data confidentiality and privacy requirements.
SoftSol has also developed a solution to address fraud in the insurance industry and help SIUs work efficiently to detect fraud and reduce their overall cost. Aquila has been envisioned by a team of experts with over 20 years of experience in the insurance fraud domain and developed using cutting edge open source technologies. Aquila identifies fraud and suspicious behavior, accurately quantifies the impact, and provides actionable insights.
Success Stories
SoftSol assists largest workers’ compensation agency in California to automate retrieval and processing of information from semi-structured and un-unstructured data.
Highlights
- Processed over 10 million documents (PDFs, TIFF, JPEG, TXTs, HTML)
- Automated classification of document types using AI/ML
- Extraction of relevant data elements to provide actionable insights
- Customized interface for integration with external systems
SoftSol assists California largest Insurance agency to transform its mainframe/cobol based Electronic Claims Filing system to modern n-tired SOA based solution.
Highlights
- Redesigned the solution to meet the growing business needs of the organization
- Centralized Claims and Payments processing
- Redevelopment and Consolidation of multiple legacy applications
- Online access of Claim/Injured data for external access (Vendors and Employers)
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