(Image source: Atidot homepage.)
Atidot, a Tel Aviv-based provider of big data and predictive analytics tools for the life insurance industry, has announced its Policy Reassignment Management solution, powered by Microsoft Azure, designed to help life insurance providers more effectively manage orphaned and reassigned insurance policies.
Life insurers are well aware of the challenges they face with orphaned and reassigned policies, as it represents a significant part of their business, according to Dror Katzav, CEO and Cofounder, Atidot. “For a provider with one million policies, approximately 300,000 will be orphaned or reassigned and attempts to reassign them can result in the lapsation of 50,000 policies,” Katzav comments. “We are transforming an unavoidable high-risk interaction point into a highly beneficial one, ensuring that orphaned policies get assigned to the best agent to service and update the policy.”
An Atidot statement notes that lack of policy management can quickly lead to outdated policies and insufficient coverage for the policyholder. Unfortunately for providers, even when orphaned and reassigned policies are assigned to a new agent, policy lapse rates can more than double, putting millions of dollars of premiums at risk annually.
The vendor says that Azure gives it the ability to scale easily and efficiently with a strong micro-service architecture including, Azure Kubernetes Services, Azure Cosmos DB and Azure Machine Learning. Powered by Azure AI and data-services the Policy Reassignment Management solution ensures that the policy is assigned to the most relevant agent profile to best serve the policyholders specific needs, the vendor asserts. This improves customer satisfaction, creates an opportunity to up-sell and enhance policy coverage, and reduces the risk of lapsing, according to Atidot.
Computing Power with Ease of Use
“Microsoft Azure AI and Azure data services help Atidot provide its insurance customers with enhanced insight and data analysis to more effectively manage insurance policies, comments Dennis Vanderlip, Director, Insurance Industry Solutions, Microsoft Corp.
“The level of computing needed for our analytics required us to step away from legacy systems and look to the cloud,” said Barak Bercovitz, CTO and Co-founder, Atidot. “We decided to go with Microsoft Azure not only for the capabilities we would be able to access and utilize but for the ease of use as well. We need to feed the results out into a CRM-type system and using Microsoft Dynamics 365 allows us to demonstrate real-time results in a format that is compatible with our business partners and clients.”