(Image source: Alfresco homepage.)
Alfresco Software (Boston/Bengaluru), an open source content, process and governance software company, and Tech Mahindra (Pune), a global provider of digital transformation, consulting and re-engineering services and solutions, have announced their collaboration on four jointly-developed insurance solutions designed to help carriers achieve transformation. The collaboration combines Tech Mahindra’s insurance expertise and experience in the insurance industry with Alfresco’s Digital Business Platform to create solutions for risk management, automated underwriting, a self-learning chatbot, and intelligent claims handling.
“Insurance companies are constantly competing for new digital-native customers in order to gain more customers and create new revenue streams,” comments Gautam Bhasin, Global Head of Banking, Financial Services and Insurance (BFSI), Tech Mahindra. “To succeed, they have to reinvent their current offerings and offer modern solutions that appeal to both insurance policy holders and providers. Tech Mahindra’s collaboration with Alfresco, as part of our TechMNxt charter, has spawned four innovative applications that help insurance companies develop new products, optimize their current offerings, and provide customers with an enhanced experience.”
Alfresco’s cloud capabilities and digital business platform are synergistic with Tech Mahindra’s overall mission of serving the digital customer, according to Dineshkumar Shankarnarayan, Head of Digital Experience Offerings, Tech Mahindra. “Today’s announcement represents the expansion of our partnership to bring innovative digital solutions for Insurance companies,” he says. “We consider Alfresco to be one of our key partners in helping our customers transition seamlessly to cloud-based service by making applications more usable and enhancing their overall user experience.”
Cloud-Native Content Management Foundation
Tech Mahindra is using the Alfresco Digital Business Platform as the cloud-native content management foundation to offer insurance companies the following four solutions designed to can help them reshape their operations and enable them to better serve their customers. The vendor describes the solutions as follows:
Intelligent Risk Management Solution (IRMS): a risk management framework that incorporates all aspects of risk management into a single solution, including risk monitoring, profiling, exposure analysis and management. The framework is designed to integrate with different Policy Administration, Underwriting and/or Claims Systems to manage risk and provide insights into Underwriting as well as support loss control. Providers can use Sentinel to assess the coverage risk and claims for property loss, risk for life and property insurance using wearable products (or other IoT devices) coupled with analytics and artificial intelligence, and generate the possibility for new revenue streams using enhanced analytics.
Zero Touch Underwriting: a fully digitalized insurance underwriting approach that eliminates all manual touchpoints and offers insurance providers with direct selling and improved straight through processing across channels and intermediaries.
IntelliClaims: an AI-based automated claims processing solution that integrates with chat bots and backend documentation and processing systems, summarizes claims documents (including images), and suggests actions for Claims Handlers.
IntelliChat: a self-learning neuro-linguistic programming and AI-based enterprise bot that can act as a smart assistant to help potential customers discover relevant coverage, answer questions, act as an intelligent guide around a provider’s website, as well as help insurance agents with case creation.
“The transformative power of our advanced content, process, and governance platform enables insurance providers to achieve the full benefits of digitalization with real-time access to content—wherever it resides—and agile workflow development,” comments Jay Bhatt, CEO, Alfresco. “This, in turn, will enable them to operate more efficiently, offer new services, stimulate growth, and decrease customer churn by helping their customers find the coverage most applicable and appealing to them.”