(Image credit: Dollar Photo Club.)
Mindtree (Bangalore, India and Warren, N.J.) a services and software vendor focusing on digital transformation, has launched its Loss Control Platform, which the vendor describes as a cloud-based solution for transforming the underwriting and risk assessment process for insurers and risk management companies. The solution aims at reducing business exposure by enabling more optimized risk selection and lower claim incidences, according to a Mindtree statement.
Mindtree describes the Loss Control Platform as designed for the end-to-end life cycle of loss inspection and control. This solution covers request management, assignment, risk assessment, tracking and publishing. It enables what the vendor characterizes as seamless collaboration among risk managers, risk engineers, underwriters, claims handlers, customers and other stakeholders. The solution is part of a broader set of cloud-based offerings of the Platforms Solutions Group that the vendor markets as helping to accelerate digital transformation and core systems modernization.
“Loss control processes are manual and time consuming—absence of automation and inconsistent assessment methods used by risk teams are inefficient to support the high level of agility required to handle today’s more complex environments,” comments Gaurav Johri, senior VP and head of Mindtree’s Platforms Solutions Group. “Our solution automates the loss control processes, provides automated insights during risk assessment and reduces cycle time up to 30 percent.”
The solution is built using flexible, secured architecture and responsive design to deliver on-the-go services such as risk assessment, progress tracking and risk grading, according to a vendor statement. The architecture extends loss control services to new user groups, locations, and external vendors. The Loss Control Platform uses what Mindtree calls robust controls, data security and data isolations specific to region, location and line of business.
Unified Common Workbench
“Our solution offers a unified common workbench for insurers, brokers, managing general agents and risk management companies,” comments Girish Joshi, Program Director, Loss Control, Mindtree. “It offers process configuration and flexibility to design templates, questionnaires and service level agreements for any line of business and generates automated recommendations for improving underwriting discipline.”