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Insurance

Leverage AI-driven data assurance solutions for the insurance industry.

Inaccurate data hampers risk assessment, underwriting decisions, and detection of false claims, leading to financial losses and inefficiencies.

Overview

Insurance companies often have multiple sources of customer data, such as policy applications, claims data, and customer interactions. These data sources may contain incomplete, inconsistent, or duplicate information, making it challenging to have a comprehensive and accurate understanding of each customer.


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Functions

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  • Standardized customer data fields speed up the new business and policy issuance by pre-filling information for applications.
  • Trusted customer data helps accurately match applicants to existing policies during underwriting to establish overall risk.
  • Golden customer records enable consistency checks and data validations to improve quality control during onboarding.
  • Unified customer profiles give underwriters a consistent single view to correctly evaluate qualifications, history and information provided across proposals.
  • Complete data coupled with analytics helps underwriters identify patterns, fraud risks and make informed decisions tailored per customer segment and product type.
  • Master data management ensures high integrity applicant data flows seamlessly across the applicant, agency, and underwriting systems enabling straight through processing.
  • Complete data insights help claims agents spot suspicious patterns across policies to prevent fraudulent payouts.
  • Integrated customer profiles aid in applying appropriate fraud rules and risk models tailored to customer segments.
  • Documented customer data processes ease insurance audits required for financial crimes and data privacy regulations.
  • Standardized customer data helps map information to required compliance reporting fields across geographies.
  • Timely master data updates ensure adherence to changing local and international insurance regulations including guidelines for AML
  • Customer data integrity controls and audits prevent regulatory penalties around handling of sensitive information.
  • Complete customer insights help agents sell targeted, additional insurance products aligned to existing portfolio risks.
  • Unified customer profiles support consistent omni-channel campaigns optimized to different life stages and risk appetites.
  • Integrated data platforms provide a single view of customer interactions to deliver personalized messaging.
  • Timely updated customer data ensures accurate issue resolution without repetitive communication gaps.
  • Complete customer records enable agents to quickly grasp policy contexts for better customer experience.
  • Resolving data quality issues and exceptions prevents service errors and risks of mis-selling policies.
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    Challenges in Insurance

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    Risk Management

    Understanding legacy claims and general insurance fraud detection.

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    Marketing

    Matching products with customers and campaign management.

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    Compliance and customer due diligence

    Screening customers against watchlist.

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    Analytics

    Classification of policies, risk calculations and getting insights in a real-time scenario.

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    Customer experience

    Understanding customer pain points and creating relevant products to personalize the products according to the customer experience.

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    Time-consuming processes

    Verification, compliance checks and matching processes take a long time and are time-consuming steps that need to be automated.

    How PrimeMDM platform can help?


    • Single view of the customer:

      A single view of customer with his network associations can give a complete prospect profiling for Direct Marketing campaigns.

    • Compliance reporting:

      Classification/ segmentation of customers under urban and rural regions for compliance reporting, servicing of policies, etc.

    • Real-time integration:

      Can be integrated with real-time core business applications that are scalable: Can handle solutions for high volumes of customer data.

    • Data-driven insights:

      Classification of policies can be done using our well-trained ML algorithms that can give insights in a real-time scenario.

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    • Accurate data:

      One-time bulk de-dupe of entire customer base involving millions of real-time integrations with the existing core business application.

    • Automation:

      Our automated solutions can cut down on months of verification, compliance checks and matching processes to less than a week.

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